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Thread: Student Loan Crisis

  1. #1

    Student Loan Crisis

    How could Austrian Economics solve this crisis, would it emphasizes it through the individual's standpoint. Along with the analysis of opportunity cost for the individual?



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  3. #2
    Easy solution - allow bankruptcy in student loans to re-introduce discipline in the market and clear bad debts. Get govt out of loan business - and out of the education business.

  4. #3
    Schools can charge whatever they want because they know the government will keep increasing the amount of loans available to match what they're charging. This wouldn't happen with normal banks offering loans, because not everyone is credit-worthy enough to take out four $10,000 loans.
    Quote Originally Posted by jllundqu View Post
    god damn vipers, all of them.

  5. #4
    PLEASE LET ME GO BANKRUPT AND START OVER
    I LEARNED MY LESSON

    never try to improve yourself with compounded interest
    this is all clinton AND double yooos fault

  6. #5
    Quote Originally Posted by thoughtomator View Post
    Easy solution - allow bankruptcy in student loans to re-introduce discipline in the market and clear bad debts. Get govt out of loan business - and out of the education business.
    This seems to be the solution as Austrians like RP have stated publicly. I know RP has talked about the government debt being liquidated so the crisis can play itself out instead of borrowing and inflating in hopes of "recovery".
    Quote Originally Posted by Torchbearer
    what works can never be discussed online. there is only one language the government understands, and until the people start speaking it by the magazine full... things will remain the same.
    Hear/buy my music here "government is the enemy of liberty"-RP Support me on Patreon here Ephesians 6:12

  7. #6
    Quote Originally Posted by jkr View Post
    PLEASE LET ME GO BANKRUPT AND START OVER
    I LEARNED MY LESSON

    never try to improve yourself with compounded interest
    this is all clinton AND double yooos fault
    I wouldn't go that far. It's also a problem caused by discrimination laws (now you have to get a degree because employers can't test for "intelligence") and the recent cheap money/inflationist era.
    Quote Originally Posted by Torchbearer
    what works can never be discussed online. there is only one language the government understands, and until the people start speaking it by the magazine full... things will remain the same.
    Hear/buy my music here "government is the enemy of liberty"-RP Support me on Patreon here Ephesians 6:12

  8. #7
    Quote Originally Posted by heavenlyboy34 View Post
    I wouldn't go that far. It's also a problem caused by discrimination laws (now you have to get a degree because employers can't test for "intelligence") and the recent cheap money/inflationist era.
    Government employers can still test for intelligence, and if you score too high you're disqualified. No, this is not a joke or sarcasm it's actually true.

  9. #8
    I heard one proposal on talk radio a week or so ago. It was not well received by Wilkow. The proposal was to never allow student loan payoffs to be higher than 6 percent of the borrowers gross income. After 20 years the remainder would be forgiven. I could almost swear there's an actual bill about it roaming the hallowed halls in DC.
    "Men, it has been well said, think in herds; it will be seen that they go mad in herds, while they only recover their senses slowly, and one by one."
    —Charles Mackay

    "god i fucking wanna rip his balls off and offer them to the gods"
    -Anonymous



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  11. #9
    Quote Originally Posted by kathy88 View Post
    I heard one proposal on talk radio a week or so ago. It was not well received by Wilkow. The proposal was to never allow student loan payoffs to be higher than 6 percent of the borrowers gross income. After 20 years the remainder would be forgiven. I could almost swear there's an actual bill about it roaming the hallowed halls in DC.
    I think that's called "The Student Loan Forgiveness Act of 2012".

  12. #10
    Quote Originally Posted by kathy88 View Post
    I heard one proposal on talk radio a week or so ago. It was not well received by Wilkow. The proposal was to never allow student loan payoffs to be higher than 6 percent of the borrowers gross income. After 20 years the remainder would be forgiven. I could almost swear there's an actual bill about it roaming the hallowed halls in DC.
    Too complicated and requires too much bureaucracy to manage, and it interferes with private citizens' ability to enter into voluntary contracts.

    Bankruptcy is the legal process that was created to deal with unmanageable debts. It has hundreds of years of success to support the idea that it is the right way to deal with that problem. It is also specifically cited in the Constitution as one of the few responsibilities assigned to Congress.

  13. #11
    Quote Originally Posted by thoughtomator View Post
    Too complicated and requires too much bureaucracy to manage, and it interferes with private citizens' ability to enter into voluntary contracts.

    Bankruptcy is the legal process that was created to deal with unmanageable debts. It has hundreds of years of success to support the idea that it is the right way to deal with that problem. It is also specifically cited in the Constitution as one of the few responsibilities assigned to Congress.
    yeah for the record I think it's awful.
    "Men, it has been well said, think in herds; it will be seen that they go mad in herds, while they only recover their senses slowly, and one by one."
    —Charles Mackay

    "god i fucking wanna rip his balls off and offer them to the gods"
    -Anonymous

  14. #12
    If an individual wanted to file bankruptcy for student loans, what chapter would it be under the bankruptcy laws? 7/9/11/13?

  15. #13
    Quote Originally Posted by thoughtomator View Post
    Government employers can still test for intelligence, and if you score too high you're disqualified. No, this is not a joke or sarcasm it's actually true.
    I've heard of this but never looked into it. LOLZ. If they started making some sort of competency test for congress/POTUS/SCOTUS, I betcha hardly anyone would qualify.
    Quote Originally Posted by Torchbearer
    what works can never be discussed online. there is only one language the government understands, and until the people start speaking it by the magazine full... things will remain the same.
    Hear/buy my music here "government is the enemy of liberty"-RP Support me on Patreon here Ephesians 6:12

  16. #14

  17. #15
    forgive all loans.

    now.

    Last edited by No Free Beer; 12-19-2012 at 09:34 PM.
    "I am, therefore I'll think" - Ayn Rand

  18. #16
    Quote Originally Posted by No Free Beer View Post
    forgive all loans.

    now.
    Be forewarned: LE will lecture you a while on this.
    Quote Originally Posted by Torchbearer
    what works can never be discussed online. there is only one language the government understands, and until the people start speaking it by the magazine full... things will remain the same.
    Hear/buy my music here "government is the enemy of liberty"-RP Support me on Patreon here Ephesians 6:12



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  20. #17
    no, but in all seriousness, I called Peter Schiff and he thinks a "bailout" is coming.

    And soon.
    "I am, therefore I'll think" - Ayn Rand

  21. #18
    Quote Originally Posted by heavenlyboy34 View Post
    Be forewarned: LE will lecture you a while on this.
    I love reading Liberty Eagle's posts.

    I welcome the discussion.
    "I am, therefore I'll think" - Ayn Rand

  22. #19
    Quote Originally Posted by thoughtomator View Post
    Court OKs barring high IQs for cops

    http://abcnews.go.com/US/court-oks-b...story?id=95836
    ZOMG, LOL!! I couldn't do better if I were trying to write a satire about this. People are so $#@!ing stupid in the world anymore...it's making good satire difficult. :/
    Quote Originally Posted by Torchbearer
    what works can never be discussed online. there is only one language the government understands, and until the people start speaking it by the magazine full... things will remain the same.
    Hear/buy my music here "government is the enemy of liberty"-RP Support me on Patreon here Ephesians 6:12

  23. #20
    Quote Originally Posted by No Free Beer View Post
    I love reading Liberty Eagle's posts.

    I welcome the discussion.
    There's a college loan bailout thread around here somewhere...at least one forum survey and debate I know of.
    Quote Originally Posted by Torchbearer
    what works can never be discussed online. there is only one language the government understands, and until the people start speaking it by the magazine full... things will remain the same.
    Hear/buy my music here "government is the enemy of liberty"-RP Support me on Patreon here Ephesians 6:12

  24. #21
    Quote Originally Posted by heavenlyboy34 View Post
    There's a college loan bailout thread around here somewhere...at least one forum survey and debate I know of.
    Any and every government student loan should be wiped.
    "I am, therefore I'll think" - Ayn Rand

  25. #22
    Here's the other thread on this topic I was recalling: http://www.ronpaulforums.com/showthr...t=student+loan Some interesting points brought up in there, IMO.
    Quote Originally Posted by Torchbearer
    what works can never be discussed online. there is only one language the government understands, and until the people start speaking it by the magazine full... things will remain the same.
    Hear/buy my music here "government is the enemy of liberty"-RP Support me on Patreon here Ephesians 6:12

  26. #23
    Quote Originally Posted by thoughtomator View Post
    Government employers can still test for intelligence, and if you score too high you're disqualified. No, this is not a joke or sarcasm it's actually true.
    In New York scoring higher on a civil service test makes it easier for you to be interviewed/hired. If you score too low you can't be "reached". One episode of Michael Moore's "The Awful Truth" (the wonderlick one) and everyone thinks that they purposely hire stupid people.

  27. #24
    It's a crime that student loans (Federal loans) are not dischargeable through bankruptcy. Nothing short of a crime.
    "Like an army falling, one by one by one" - Linkin Park



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  29. #25
    I wish my wife could bankrupt on her Sallie Mae loans. I am hoping for a collapse and some debt being wiped clean.


    I guess a guy can dream.
    “First of all, if you’ve got health insurance, you like your doctors, you like your plan, you can keep your doctor, you can keep your plan. Nobody is talking about taking that away from you.” Lying Sack of Crap

  30. #26
    Quote Originally Posted by Seraphim View Post
    It's a crime that student loans (Federal loans) are not dischargeable through bankruptcy. Nothing short of a crime.
    yYou can thank your federal government for that-colluding with the loan industry and making up bull$#@! discrimination laws (which, as usual, had the opposite effect of the intent).
    Quote Originally Posted by Torchbearer
    what works can never be discussed online. there is only one language the government understands, and until the people start speaking it by the magazine full... things will remain the same.
    Hear/buy my music here "government is the enemy of liberty"-RP Support me on Patreon here Ephesians 6:12



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