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April 22, 2010

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Marek Trundell

Looks like Sallie Mae has something new to dump millions of lobbying money into now. PIGS AT THE TROUGH.

Ron Tough

How are high interest non-dischargable student loans supposed to help the ailing housing market?

How can I buy a home when my wife and I already spend $1000 per month on student loans? Auntie Sallie gets my mortgage money while I rent a dumpy 2 bedroom apartment.

Bizzaro Watchdog

Ron Tough is the poster boy for PIGS AT THE TROUGH. We've got to let Ron skip out on his student-loan obligations so he can get a home? The entitlement society is here folks--hide your wallets! Ron and company use government to rob you blind. They're no different than Government Sachs or Government Motors. "When the people discover they can vote themselves money, that shall herald the end of the republic." God save us from Ron and his cronies.

Ron Tough

Bizzaro,

Maybe you misunderstood what I'm saying. I was sarcastically commenting that the banks have saddled my generation with so much credit that we cannot possibly service any more debt. I cannot afford to pay student loans AND pay for a mortgage.

Nor can millions of other 20 and 30 somethings up to their eyeballs in student loan debt. As such, I made a choice to pay student loans instead of a mortgage. And as a result, the housing market is in the toilet and will be for many years to come until my generation has enough money to .... service more debt.

I heard a story the other day: a father was online with his son and together they surfed to a website with the national debt calculator - that showed trillions of dollars in debt.

The father turned to his son and said "Boy, someday my generation will leave you with this debt to repay."

To which the son replied "Yeah right Dad, why on earth would my generation ever repay the debts you incurred?"

And there's so much truth to that. Blame the boomers and Obama and Bush and everyone else who've run up our debt with handouts to everyone and paid themselves unsustainable benefits and fought unjust wars abroad. If you think my generation, which has already suffered enough under the tyranny of the 'banksters' - is going to repay high interest, high free usurious private student loans - when there are no jobs for new grads - because you've shipped half of them overseas and your reckless lending caused the economy to crash - you need a reality check.

There's going to be lots of debt defaults for years to come.

Ron Tough

Here's an example of what I mean by the boomers saddling the younger generation with debt attitude - it's analogous to these out of touch 50 and 60 year old men on capital hill groaning about changing student loans:

in 2005, Bob Toll, the president of Toll Brothers - a major luxury homebuilder, said this as part of a new york times article:

"I asked Toll what our children - my kids are both under 8, I told him - would be paying when they're ready to buy. "They're going to live with us until they're 40," Toll said matter-of-factly. "And when they have their second kid, then we'll finally kick them out and make them pay for the house that we paid for. And that house will cost them 45 to 50 percent of their income."

Bob Toll, this a$$^&(&! - really believed that my generation of 20 and 30 something would be paying 40 to 50 % of our incomes to pay for his homes. With the housing market crash we all know how flat out wrong his misguided premonition turned out to be.

John Hupalo. Ramirez Capital Advisors, and the these congressman above, again, are these same crotchety old men - with all the money - who again have the the arrogance and audacity - to expect that my generation will be forced to pay and repay hundreds of thousands of dollars of debt that resulted from reckless lending.

Housing prices have crashed to affordable levels and families can finally buy affordable homes.

Let's let college tuition crash to affordable levels so students can finally graduate from college without burdensome debt loads.

20 years ago people graduated from college without the same burdensome debts - why should we be required to do the same today?>

Ron Tough

One last thing, the guy from Ramirez Capital who says that student loans shouldn't be dischargable at his previous job earned $868,000 per year.

This 49 year old bankster earned $868,000 per year by earning interest of my generation - from high interest, high fee, non-dischargable student loans - based was based on an inflated tuition that was caused by the very same reckless, high interest, high fee lending that he so recklessly engaged in.

Who here makes $868,000 annually? Does it makes you feel better to know that the $600 a month in interest you pay per month goes to his $868,000 salary? He doesn't have student loan debt - he just burdens everyone else with it.

No sympathy, this man should be scorned. He's the one who's no different than government sachs or government motors. He's the one who makes sure he gets his money - regardless of the borrower's situation. He's like the mob except he gets to hire lobbyists on capitol hill and i just have to work everyday to pay the interest on my loans from him.

http://investing.businessweek.com/businessweek/research/stocks/people/person.asp?personId=6886094&ticker=FMD:US

Bizzaro Watchdog

I feel bad for you insomuch as I think college is a rip off. The higher-ed "elite" have their own army of lobbyists who protect the status quo via those old men in DC. Even that blundering leftist Anya Kamenetz of "generation debt" fame has finally stumbled upon the truth that college is just as scarce a resource as the oil in the ground--and that spending vasts amounts of other people's money does nothing to make it more available to everyone. It does the opposite, as unfortunately you have discovered. The key to affordability and availability is to let people with entrepenurial drive do more with less of those limited resources--college included. But, our fearless leadership in Washington doesn't like anything that takes away from their power over the electorate...indeed, they become less useful if they let Americans solve their own problems. (This is too much for their ivy-league-superiority complexes to handle.)

But, you're responsible for your own actions at the end of the day Ron. And, although this is hard for you to hear, your situation is inferior to the poor bastards in this country who try to do the right thing while their neighbors do the wrong thing. They outnumber you 10 to 1. At some point, this country has to contain moral hazard, or, we're all going down with the ship. The lumbering giant of the silent majority now realizes this simple truth--which is why an ass-whipping of epic proportions awaits our current governing majority this November.

Ron Tough

Of course I'm responsible for my own actions. My other options were to dig ditches, work at wal-mart or be unemployed as our manufacturing base is shipped overseas.

My problem is that education costs so damn much - primarily because crabby old guys like the above flood the market with 'liquidity' - drive up the cost of education for everyone - and skim a large large portion of the liquidity for themselves. And then they force me to repay the debt for the rest of my life.

Do you know how RICH RICH RICH Al Lord of Sallie Mae is?

Bizzaro Watchdog

You class warfare clowns are really clueless. How's that Obama economy treating you? Let's talk in a few years when you're paying for the Baby Boomer's retirement, unfunded state and local pensions, GM's unfunded pension, and Obama's health-care mandate kicks in. You think you're destitute now? You ain't seen nothing yet Sonny Jim! You're going to get everything you wish for and more "Tough". Prepare yourself.

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