tag:blogger.com,1999:blog-5164886390834386622.post986868947745982455..comments2023-10-30T08:41:06.178-07:00Comments on Inside the Law School Scam: Will IBR/PAYE be good for future law school graduates?LawProfhttp://www.blogger.com/profile/05174586969709793419noreply@blogger.comBlogger123125tag:blogger.com,1999:blog-5164886390834386622.post-42965103963227248382012-12-12T09:06:26.401-08:002012-12-12T09:06:26.401-08:00And, so our system of higher education is becoming...And, so our system of higher education is becoming more and more like that in Australia. Perhaps we should adopt the Australian model wholesale?<br /><br />This would mean, among other things, giving students a fixed line of credit for their student loans. When you have spent your line of credit, you are on your own.<br /><br />No interest is charged on the loans, and why should it be? Instead, adjust the amount owed to the consumer price index. There is no need for the government to try to make a profit off of this. It just needs to contain the losses.<br /><br />Like IBR, payments are made from future income. But these payments should be tied to future income. Under the Australian model, no payments are made for incomes under $45,000. Then they start at 6% of income and go up to 8% of income.<br /><br />Let the IRS collect the debt as part of wage withholding.<br /><br />There is a model to make this work... T.J. Streakhttps://www.blogger.com/profile/10270337545818626232noreply@blogger.comtag:blogger.com,1999:blog-5164886390834386622.post-51729363985387308112012-12-12T08:50:49.577-08:002012-12-12T08:50:49.577-08:00Since we are still in a balance sheet recession, g...Since we are still in a balance sheet recession, government spending, any government spending, is probably helpful. While this might not be the most productive form of government spending, there certainly are worse ways for the goverment to spend. Like starting wars in far off places -- Iran for example.<br /><br />The funny thing is that the people picking up this government debt, the younger generation, are also the one's benefitting from it. Next time the millenials start complaining about the debt being run up by the baby boomers, just remind them that it was incurred for THEIR education.<br /><br />If anyone believes that the student loan program was ever intended for the benefit of the students -- well, I have a bridge in Brooklyn I will sell them. The student loan program is, and always has been, about benefitting the big money bois.<br /><br />None of this, of course, changes the fact that anyone graduating from law school will be both unemployed and unemployable.T.J. Streakhttps://www.blogger.com/profile/10270337545818626232noreply@blogger.comtag:blogger.com,1999:blog-5164886390834386622.post-50587609752916878442012-12-06T21:25:15.917-08:002012-12-06T21:25:15.917-08:00most people going to law school today either won&#... most people going to law school today either won't have real legal careers at all, or will wash out of the profession sometime over the next decade or two, after enduring a series of financially and psychologically undesirable jobs.<br /><br /><br />- this is too sad. It can't be that bad in real life, can it?Chicago Consumer Scamshttp://www.sweislaw.com/noreply@blogger.comtag:blogger.com,1999:blog-5164886390834386622.post-72655573295666651022012-12-04T13:37:45.090-08:002012-12-04T13:37:45.090-08:00Are students morally or fiscally responsible for c...Are students morally or fiscally responsible for credit bubbles? The Federal Government broke the market place, with no lending standards flooding it with cash and driving up prices, until a poor person HAD to buy his/her education on credit from the US gov't. Unless you think that it's an acceptable state of affairs for a government to bar entry to professions to poor people, because they are poor. Education isn't about merit, it's about credentialing. If it were about merit, you'd be able to sit for the bar without going to law school!<br /><br />The government also propagandized and bullied kids into going to college: to wit, because they failed to provide adequate public education at the high school level. <br /><br />So, what is the debtor reasonably responsible for? How much of the cost of education was just a "monopoly rent"? I'm not responsible for monopoly rents...in fact, if I'm charged a monopoly rent, I'm owed treble damages under the Sherman Act. Law schools are price-fixing cartels: there's not price differentiation, courtesy of a single-payer federal student loan system. <br /><br />So, I'm going to take a discount on what it is that I "owe" on paper: monopoly rent * three = I don't owe that portion. Inflated interest rate because the lender destroyed the marketplace guaranteeing defaults and then pawned off that result on whatever sucker was left paying. So, I'll take a second discount for an overstated interest rate. I don't owe that. <br /><br />But you can feed the beast if you want. Just don't paint it as your Christian duty. It's absurd. God never commanded you to be an economic victim. But at least one salient quote on the matter: NEITHER A LENDER NOR A BORROWER BE. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5164886390834386622.post-88711059944478883182012-12-04T11:59:52.656-08:002012-12-04T11:59:52.656-08:00I'm not quite your doppleganger. Because "...I'm not quite your doppleganger. Because "ain't nobody honest" is what dishonest people tell themselves to justify dishonesty.<br /><br />I want to pay back my loans. I will use my years savings from my poverty wages job to put money towards the 50k loans I have. Im even thinking of selling the gold coins I bought in 08 after Obama won. Im not sure. Im praying about it. I owe 50k and I owe a duty to pay it back. Besides, we dont know when inflation will happen. Maybe 2013, maybe 2023. I hope my loans are all paid back by before the hyperinflation, Lord willing. Whatever I do about my gold, I want to rely on God not gold. God gave me the gold anyway, its his. He could take it away, he could give me 10x more. It only makes sense to trust him and take refuge in him in the disastrous times that are coming soon. I realize you may not believe any of this (most of my generation dont -- im 30, from NJ) but I do and I've lived in God's provision, under his discipline, under his trials and he is good. Trust in him.<br /><br />If you're looking for a good investment to pay back your loans, I;ll share what Im considering now -- Greek bonds. The yield is currently 1143 on 1yr bonds. You invest for 1 yr, you get +10x back after 1 year. <br /><br />I bet the EU will keep the Greeks going another year. Maybe nows a good time to kick in $2k. If the EU comes though, you get +20k. If they dont, youre out 2k. Still thinking, still praying. God bless you, reader. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5164886390834386622.post-21486805267943366882012-12-04T10:19:23.683-08:002012-12-04T10:19:23.683-08:00My government agency recently hired a bunch of peo...My government agency recently hired a bunch of people...but all of them had at least 1-2 years of experience, primarily clerkship or big firm. Yeah, I wouldn't plan on the "government fallback," any more, new grads.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5164886390834386622.post-84193675541601590412012-12-04T06:36:29.403-08:002012-12-04T06:36:29.403-08:00Just what the legal profession needs: even more pr...Just what the legal profession needs: even more preferences based on Daddy's identity.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5164886390834386622.post-64524834104557973632012-12-04T06:14:17.814-08:002012-12-04T06:14:17.814-08:00"Government agencies aren't hiring. If th..."Government agencies aren't hiring. If they were, vets have preferences."<br /><br />How about the children of veterans?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5164886390834386622.post-35400956105480523502012-12-04T06:04:25.424-08:002012-12-04T06:04:25.424-08:00Except the Japanese government borrows in Yen, Yen...Except the Japanese government borrows in Yen, Yen which would come from government spending which inevitably gets re-invested in Japanese government bonds. It's not for nothing that shorting Japanese government bonds based on the public debt-to-GDP ratio has become known as a "Widowmaker" amongst investors - there's just no correlation between public debt-to-GDP and yield on sovereign debt and investing as if there were is just senseless.<br /><br />Same goes for the US - so long as the Chinese and others who export to the US accept payment for their products in US dollars (and why wouldn't they?) this money still needs to be re-invested. Whilst this does mean that the Chinese (or whoever) may theoretically end up owning more and more of America Inc., it is a long way from meaning the US will go broke. <br /><br />Countries like Spain and Greece, on the other hand, don't have their own currencies, so governmental spending doesn't inevitably get re-invested in buying sovereign debt - instead it can be used to buy e.g., German debt. However, for Japan and the USA, there is no reason to believe that sovereign debt can't simply increase for a good few years more - 100% or 200% public debt-to-GDP is no hard barrier to this.Gilman Grundyhttps://www.blogger.com/profile/06607416440240634159noreply@blogger.comtag:blogger.com,1999:blog-5164886390834386622.post-49608197589339953982012-12-04T05:20:59.742-08:002012-12-04T05:20:59.742-08:00Cryn Johannsen has been getting some interesting c...Cryn Johannsen has been getting some interesting comments/horror stories here:<br /><br />http://alleducationmatters.blogspot.com/2012/11/questions-for-readers.html<br /><br />It is interesting to note that these six figure debt slaves are not law grads.<br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5164886390834386622.post-60389348006945464012012-12-04T01:39:20.318-08:002012-12-04T01:39:20.318-08:00Btw, a 20-year "forgiveness" target is N...Btw, a 20-year "forgiveness" target is NO GIFT. Also, a 5% hack off the payment rate probably translates into buttkiss in terms of actual dollars collected, because 15% of currently of "discretionary income" can be a very low number. BUT it sure do pack a political punch: LOOK WHAT JESUS HAS DONE FOR YOU, IT SAID 15 BEFORE NOW IT SAYS 10!!! Yay!!! Nevermind that it might be a $5.00/month reduction, paid for by earlier "discharge". Realize that there are no good guys in politics...who win at it anyways.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5164886390834386622.post-53152587656995494412012-12-04T01:32:58.117-08:002012-12-04T01:32:58.117-08:00China has a much greater population than the US. E...China has a much greater population than the US. Ever wonder why the Chinese don't just absorb their own production? They'd have to let the yuan rise and the standard of living rise for their citizens. They're doing this slowly...which means, they don't need to sell to the US.<br /><br />Also, the US creditor you should be worried about is not the #1, but #2: Japan. They're utterly insolvent, and they own 1T in US debt. Wanna bet they'll sell it when (not if, when) the SHTF? 237% Debt: GDP, negative account balance save for their investment in US Treasuries, and they're rapidly entering a recession/ depression. <br /><br />China has a system to close oil trade in the yuan. It explicitly says it wants a new basket of currencies as the reserve currency of the world. BRICS, that's what they're about a new reserve currency.<br /><br />The IMF just accepted the Canadian and Australian currencies as reserve status.<br /><br />The writing is on the wall: bye bye dollar dominance. Bye bye screwing your bond holders with manipulated rates and inflation...can't monetize your way out. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5164886390834386622.post-33693818460271822782012-12-04T01:25:07.789-08:002012-12-04T01:25:07.789-08:00Holy cow, I've found my doppelganger! Say that...Holy cow, I've found my doppelganger! Say that article also. JPMC thinks it's more like 100% of new issuance...and longer and longer terms since they can't depress the rates w/ short term T-bills anymore (it's just like holding cash @ 3-yr duration).<br /><br />I keep wondering - since I've never seen it reported anywhere - what the funding mechanism for the Dept. of Education actually is: i.e. are financing their educational lending through payments into system by students or are they lending printed funds??<br /><br />With no bankruptcy protection, you think we'd be charged the risk free rate! ;) IBR is just an attempt to restructure debt - the gov't is trying NOT to take a haircut, even while it's inevitably they WILL take a haircut. Nothing about this picture will change - gotta keep the ponzi going - gotta keep getting asses in seats so there are fresh victims and fresh chances at paying for all this crap. If the gov't were serious about student relief, they'd write down instead of writing off the debt - that way maybe your victims could have access to consumer credit which is so necessary to setting up a life in the USA, and being stable enough to avoid high prices (example: buying a shitty car is much more expensive even in the near term than buying a newer, more expensive car with less maintenance required). <br /><br />Ain't nobody honest. Just sit back; sovereign debt will collapse. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5164886390834386622.post-61748414916643964152012-12-04T01:07:37.939-08:002012-12-04T01:07:37.939-08:00Sadly, there is no piper! China? Really? Yes, they...Sadly, there is no piper! China? Really? Yes, they hold lots of our debt, but their entire economy is built upon our entire economy - they produce, we buy. They aren't interested in pulling that rug from under our feet! Anywhere else?<br /><br />That's one big fucking question that I have. Who the fuck do we owe this money to?<br /><br />Or is the ultimate debt just a big illusion because there is actually nobody to collect it?<br /><br />Yes, we can look at Greece as an example, but they were a tiny country with a tiny economy that lacked any form of central banking with any global sway; Greece was/is being taken advantage of by private banks that have larger economies than Greece.<br /><br />It might be a rather arrogant outlook, but debt is only meaningful if someone is there to collect. Otherwise it's just some bullshit concept used by political parties to scare us into voting for them.<br /><br />Our our own individual scales, debt is a problem. My student loans are a problem, because I have to pay them back. But I think that when you're talking about an entire nation as large as the US, with its financial fingers in just about every pie across the globe, debt is a completely different concept, and one that most of us really don't understand.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5164886390834386622.post-25995710258202274182012-12-04T00:44:03.243-08:002012-12-04T00:44:03.243-08:00Ye Olde Printing Press is already in hyperdrive - ...Ye Olde Printing Press is already in hyperdrive - 90% of new bonds are bought by the Fed. See my post below.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5164886390834386622.post-38656616082585076422012-12-04T00:42:59.251-08:002012-12-04T00:42:59.251-08:00The Fed is buying 90% of new bonds issued by the T...The Fed is buying 90% of new bonds issued by the Treasury.<br /><br />http://www.bloomberg.com/news/2012-12-03/treasury-scarcity-to-grow-as-fed-buys-90-of-new-bonds.html<br /><br />Translation: gov't prints 90% new debt.<br /><br />How many more years will all this education-related gov't-backed debt creation and forgiveness go on for?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5164886390834386622.post-44564135375138143322012-12-04T00:28:37.561-08:002012-12-04T00:28:37.561-08:00The piper is China - who do have a not inconsidera...The piper is China - who do have a not inconsiderable military.<br /><br />But what really matters is -<br /><br />1) They have enough productive capacity that they are likely supplying 50% of the real goods consumed by the "developed" nations.<br /><br />2) They hold trillions in FX (foreign exchange/foreign government debt) which they accepted as payment for their real goods.<br /><br />Based on 1, they can A) Build a helluva military on short notice and B) Cut off the supply of real goods flowing to the West - sending inflation soaring - as hundreds of billions in Bernanke bucks chase what supply of real goods that remain...<br /><br />Based on 2, they can dump their FX holdings, causing the borrowing countries' interest rates to soar - or their inflation rates to soar as Uncle Ben's Ye Olde Printing Press is sent into hyperdrive to cope with the Chinese Dump. <br /><br />Ugly enough?<br /><br />But hey - profs got six hour workweeks and six figure salaries...Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5164886390834386622.post-87964320800821738792012-12-03T22:49:45.879-08:002012-12-03T22:49:45.879-08:00^^^^^^^^
The sad thing, 9:55, is that you don'...^^^^^^^^<br /><br />The sad thing, 9:55, is that you don't even realize why the metaphor was mangled.<br /><br />Sorry that your education was so lacking.<br /><br />So, what TTTT do you attend?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5164886390834386622.post-79193480396089157092012-12-03T22:44:08.207-08:002012-12-03T22:44:08.207-08:00^^^^^^^
Congratulations on your lifetime of feedi...^^^^^^^<br /><br />Congratulations on your lifetime of feeding a the public trough.<br /><br /><br />Riders of the Purple Wage....Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5164886390834386622.post-37191455235686035222012-12-03T22:42:08.397-08:002012-12-03T22:42:08.397-08:00"Schlag"? Whodat?"Schlag"? Whodat?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5164886390834386622.post-29861888931494991472012-12-03T21:55:57.863-08:002012-12-03T21:55:57.863-08:00OMG you sure got him. OMG you sure got him. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5164886390834386622.post-30017564161916386362012-12-03T21:44:35.194-08:002012-12-03T21:44:35.194-08:00Government agencies aren't hiring. If they wer...Government agencies aren't hiring. If they were, vets have preferences.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5164886390834386622.post-6136505666149431312012-12-03T21:04:06.749-08:002012-12-03T21:04:06.749-08:00@8:26,
Who is the piper and how many guns/ships d...@8:26,<br /><br />Who is the piper and how many guns/ships does he/she/it have...?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5164886390834386622.post-38231801348731513532012-12-03T20:36:08.882-08:002012-12-03T20:36:08.882-08:00Interestingly, the metaphor used in the article, &...Interestingly, the metaphor used in the article, "...trying to put 10 pounds of sugar in a 5 pound bag", comes from the word "blivet", which is more accurately 10 pounds of shit in a 5 pound bag -- a fitting description of the purveyors of the law school scam.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5164886390834386622.post-66978490588966765192012-12-03T20:26:21.490-08:002012-12-03T20:26:21.490-08:00IBR/PAYE is merely a subset of a much larger probl...IBR/PAYE is merely a subset of a much larger problem. The law school scam is merely one of a series of all-pervasive Ponzi schemes that permeate our entire financial system. <br /><br />This nation...indeed all of Western civilization...is living on borrowed money and borrowed time. We're flat broke and there's nothing holding up the joint. The piper will have to paid at some point. <br /><br />Oswald Spenglernoreply@blogger.com