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On July 1st the interest rate on student loans rises from 3.4 percent to 6.8 percent of this year.
One year ago, the trillion dollar mark was crossed for the amount owed and required to be paid back for a student’s education..
3.4 to a 6.8 is a doubling… Just on a gross scale, off a Trillion dollars, the interest per year is jumping from $34 billion to $68 billion. On a $16 trillion GDP, that is nothing. But when you look at other figures, that jump has shocking consequences for the world-wide banking system.
The post graduate boom is usually what drives our economy. New cars, New electronics, New houses. Dining out. Spontaneous purchases. A study by the New York Federal Reserve shows that graduates are living austerely to pay of their gigantic debt, most of which are more costly than the mortgages owned by middle America. Asking someone to buy a house while paying off their educational loan, is equivalent to asking then to buy a second house while still paying off their first, How rich does one have to be in order to do that? What amount of yearly income is required to do that? +$125,000? Does this mean there will be no net new buyers of houses for 20 years? Anyways, after July 1st, there will be $34 billion less with which to purchase houses.
The Department of Education predicts a default rate of 13.4%… Off a trillion that means $130.4 billion dollars will be the amount defaulted. $130.4 billion.
So adding the two together, the upcoming shock on our economy will now cost $198 billion. Poof, right out the door, $198 billion. Gone from our economy.
Tran Union a credit reporting agency says the data in it’s files show that almost half, or 43.5% of student debt is in deferment. In dollars off that trillion total, that would amount to $435 billion dollars of debt not being paid in a timely fashion.
Particular concern must be paid here, because more than half of college graduates under the age of 25 are either unemployed or underemployed — the highest rate in 11 years, according to an analysis of government data.
Putting the two together, we have half of those required to pay $435 billion defaulted, who are either under or unemployed.
As we saw with mortgages, when people can’t pay, there is no notice, They just walk away.
A nation depends upon its newest generation to lead them forward with energy and enthusiasm, long after the previous ones are tired and ready for rest. This generation is coming out on the playing field, weighed down like knights of old, in ancient armor…. The upcoming football game does not look promising… Their best 100 yard dash is just under 10 minutes.
Oregon was the first state to make it a holiday in 1887. By the time it became a federal holiday in 1894, thirty states officially celebrated Labor Day. Following the deaths of a number of workers at the hands of the U.S. military and U.S. Marshals during the Pullman Strike, President Grover Cleveland reconciled with Reyes, leader of the labor movement. Fearing further conflict, the United States Congress unanimously voted to approve rush legislation that made Labor Day a national holiday; Cleveland signed it into law a mere six days after the end of the strike. The September date originally chosen by the CLU of New York and observed by many of the nation’s trade unions for the past several years was selected rather than the more widespread International Workers’ Day because Cleveland was concerned that observance of the latter would be associated with the nascent Communist, Syndicalist and Anarchist movements that, though distinct from one another, had rallied to commemorate the Haymarket Affair in International Workers’ Day. All U.S. states, the District of Columbia, and the territories have made it a statutory holiday.
Now if we could just unionize the 1%, damn, what a great nation this would become…… 🙂
Of course Romney is backtracking. He has no choice. Of course he will say.. I never said that we should not have strict controls in Banking laws… And of course, we will see this clip for when he did.
“Banks are afraid to make loans right now because of the government hanging over them like gargoyles,” Romney, a former Massachusetts governor and business executive, said during the roundtable discussion.”
Apparently they weren’t hanging over enough to catch the $2 billion. Like how can you miss two billion go by? There goes $2 billion. Where? Oh, maybe I only thought I saw it, never mind.
Romney said small business owners cannot acquire capital because banks won’t give loans since they are under “extraordinary pressure and scrutiny” from federal regulators.
Actually it’s because they don’t have it. They spent that $2 billion in lines over in London Town.
On August 25, 2011, Mitt Romney came out with this statement.
“I’d like to repeal Dodd Frank, recognizing that some revisions make sense,” Romney said. […]
(The article notes that when asked upon stating this, Romney could not name any parts of this bill he did not like)..
And here is why, he want’s to repeal Dodd Frank.
After the Madoff Ponzi scheme, another one surfaced. You may remember the Stanford Group Ponzi Scheme? There has been no trial as with Bernie, because the principal, fled the country and remains in hiding.
However, Mitt Romney, his son Tagg, and Romney’s chief fundraiser, Spencer Zwick, have extensive financial and political ties to three men who allegedly participated in an $8.5 billion Ponzi scheme. A few months after the Ponzi scheme collapsed, a firm financed by Mitt Romney and run by his son and chief fundraiser partnered with the three men and created a new “wealth management business” as a subsidiary.
The Dodd-Frank Wall Street Reform law, a reform Romney says he will repeal if he wins the presidency, attempts to address future Ponzi schemes by enacting new protections for whistleblowers to alert authorities when they find evidence of fraud. The law also creates a new Investor Advocate and Investor Advisory Committee within the Securities and Exchange Commission to detect and investigate future Ponzi schemes.
So, Mr. Ponzi-scheme himself, wants to abolish Dodd-Frank which seeks to protect investors money.
So Romney is saying he, is against regulations that protect investors money.
He feels he should be allowed to squander it away, as he will our Federal Budget, should he ever be elected….
kavips 