Student loans to be the next subprime mortgages?

With the funding for education shriveling up while costs skyrocket, borrowing is a necessity to pursue a college education. The student loan debt bubble is at $1.2 trillion and growing. Just like before, "when Wall Street speculators wanted a market for subprime mortgages, they created high-risk derivative securities that bundled the mortgages to sell as investments. The speculators have done the same for student loans."

Most of the loans are subsidized by the government and are now being packaged as SLABS, student loan asset-backed securities. Even more troubling "The income stream is nearly guaranteed to pay off because the loans are next to impossible to discharge in bankruptcy.."

As was noted in a recent post, Dept of Ed. hounding borrowers for loans the admit are illegitimate, even bogus debts have no means of being discharged. So go get an education, ranked as a high school equivalent compared to other developed countries, and start off with a nice heavy set of debt slavery chains weigh you down in a cubi-kill or some other soul-draining employment.

Montreal police disperse hundreds of protesters with tear gas, stun grenades

After $7 billion in cuts to Quebec economy over the years students have taken to the streets in an unpermitted demonstration. $700 million in cuts are being taken to take the government out of the red prompting this recent protest. The police have responded with full force it seems, even shooting a tear gas canister in the face of one woman. There is virtually no coverage of these protests and the police state response in the lamestream news.

The police response to students has been brutal and increasing in force since 2012. I once Couchsurfed with some of these students in Montreal. They definitely got more guts than Americans getting increasingly screwed over by cuts to the system here resulting in a lower level education at an astronomical cost.

Dept. of Ed hounding borrowers for loans they admit are illegitimate

This is not the first time the Department of Education has discredited an educational institution but kept borrowers on the hook for debts that should be discharged. The article discusses the recent bailout and dismantling of Corinthian College and compares it to Wilfred American Educational Corporation. The bogus beauty schools that were WAEC resulted in a remaining 60,000 in loans the Dept. of Ed is still enforcing as legitimate.

Lesson from these aspiring students, the chains of debt slavery are a priority, not your education or freedom.

I personally analyzed the student loan system in 2006 while experiencing skyrocketing education costs at Humboldt State University, part of the California State University system. I figured it creates more profits and more life-long debt slaves for the lenders while education and access suffered. Major education lender Sallie Mae was a government entity floated into the private sector that soon after my research was in the midst of a scandal in the mainstream news. Here is a good article on that, Leading Lady: Sallie Mae and the Origins of Today's Student Loan Controversy.

Chicago Mayor Rahm Emanual, Corrupt or Coincidence

This rather lengthy article, "The Case Against Rahm," chronicles a well-sourced history of apparently quite corrupt actions under the administration of Chicago Mayor Rahm Emanuel. Rahm and his friends have been lining their pockets with public money while doing a crap job at whatever service they are supposed to provide for the city. The recipients reciprocate by stuffing cash into Emanuel's campaign funds.

Magic Johnson has a cleaning company with an $80 million contract, pretty funny coming from a guy who got AIDS,  and no surprise the schools are disgusting. The company gave to a summer jobs program and tax write-off $10 million and donated a quarter million dollars to Rahm's campaign.

Another somewhat clear political circle-jerk is seen in the management of the cities billion of dollars in pensions. Managers of one firm have given a half million dollars to Rahm's campaign efforts. This breaks Rahm's own rule against taking money from city contractors and the Securities and Exchange Commission rules against bribing public officials.

Why stop at pensions? The Chicago Public School system is over a billion dollars in the hole and a $20 million no-bid contract was given for the purpose of helping school principals. One board member of CPS appointed by Rahm tripled their CPS contracts with companies they own. One board member started discounting bills to less than $25,000, the ceiling at which board approval is needed. Shady?

There are a few other examples of poor manage but I will skip to Rahm's reduction of the police force budget by $190 million, a 25% reduction in detectives and the resulting massive drop in solved cases from 70% in 1991 to 30% today.

 

"Shooter detection system" in school costs $20-100k

Apparently we need computers to tell us if there is a school shooting in progress. Though the education seems to be more widespread it produces a terrible product as noted in my last post, they will chalk up tens of thousands to install these systems in classrooms. I can imagine all the false-alarms these things can generate from slamming a door, knocking over a desk, dropping a book or whatever. They will be the school shooting version of anti-theft alarms on vehicles perhaps? Then everyone in the school will be alerted when to stop class to pull out the bulletproof blankets and get behind the bulletproof whiteboards.

Americans ranked terribly for education in international assessment

The idea that America is number one is a delusion as made clear education wise in data from the Programme for the International Assessment of Adult Competencies (PIAAC). The information on millennial Americans reveal a ranked of last in Problem Solving in a Technology Rich Environment and last in numeracy.   Even our brightest, the top 90th percentile, ranked 16th in the 22 participating countries. Despite more people appearing to get an education since 2003, in reality the product of the education system is sub-par. Saying you have an education is more of a joke than a reality in America. 

$1,000 bulletproof for blankets to counter school shooters

While education is in the crapper $1,000 literal security blankets can protect children from shooters and debris but not the fallout of garbage education. This also fails to deal with the medically documented evidence that the popular psychiatric medications known as SSRIs are implicated in suicide and extreme violent episodes like school shootings.

Also relevant is the prevalence of these drugs, more than one in ten Americans are on anti-depressants. As with most medications, these drugs are flushed through the system and end up in the water supply. See this Salon article "Your tap water is probably laced with antidepressants." Certainly this twisted dynamic is good for gun control advocates, pharmaceuticals, the police state and pioneering entrepreneurs seeking to make products like the Bodyguard Blanket, by ProTecht and a white board that can serve as a bulletproof shield. The blankets are also being marketed as protection from Tornado debris. I doubt it would help if a support beam or collapsed cinder block wall lands on them or they fly away involuntarily.

Self-made billionaire dropped out of college at 19

The company Theranos tests blood with just a drop and has created the youngest self-made billionaire in the world. Apparently you can pick up these tests at pharmacies everywhere. I have never even heard of this. Quite a trip. There is a video interview found at the page below.

America’s Youngest Female Billionaire is College Dropout and Medical Genius

University president takes pay cut to help low wage earners

Never saw this type of noble action from Rollin Richmond, former president at Humboldt State University where I studied. He got numerous pay raises while tuition went sky high. This more honorable president Raymond Burse at Kentucky State University allowed a 40% increase in pay for 24 custodial workers, from $7.25 to $10.25 an hour.

University President Takes Pay Cut to Help Low Wage Employees

Montreal, students protest tuition hikes nude during Gran Prix

Police of course arrested 39 of these nutty protestors who embarrassed the city with their demonstration. I bet the police were prioritizing targets for levels of hotness rather than danger, though the pictures show masked folks being arrested.

Titties for freedom from tuition hikes abound in the video footage on Russia Today! Women should be allowed to go topless anyways, especially in the temperatures in Montreal this time of year. These students got more gusto than the education slaves in the US who might stage a walkout of classes at best.

Nudity and violence: Canadian students strip in protest, clash with police (PHOTOS, VIDEO)

College Inc, the industrial debt slavery of higher ed documentary

I have already seen this and it does and excellent job at breaking down this scandalous nature of the exploitation of college students. When I was involved in student government I began to research the nature of student loans. I was particularly troubled with the combination of escalating costs of tuition, administration, inflation and the subsidizing of student debt. Within months a scandal broke out with Sallie Mae. I got a message from a professor noting that I called it. I also find it infuriating that there has to be a new book every semester. What the hell did these professors go to school for? To read from a manual with the answers? Doesn't 2+2 still equal 4?

There are tons of promises to get good jobs with a degree but some are now suing their schools as unemployed grads. Here is an article on that:

A Bunch of Young Lawyers are Suing Their Law Schools Because They Don't Have Jobs

 

1978: Minimum wage summer job could fund college.

Here is the article:

"In 1978, a student who worked a minimum-wage summer job could afford to pay a year's full tuition at the 4-year public university of their choice."

This analysis spawned from a meme that made the claim. Turns out it is mostly true. Also, FYI, a dime made of silver is what a gallon of gas is worth. The silver in it is worth about $3.50.

Wouldn't that make life easier. It almost isn't worth dealing with pocket change. When I was a community college student in 2000-ish, I could scrounge for change in my seat cushions to get around. That would get me nowhere fast, literally, today. 

Our relationship with currency of worth is similar to the hollow relationships based on Hallmark card style proclamations of love in a time where most people don't even write letters anymore. In that respect you cannot be happy with artificial currency that is practically monopoly money.