Sallie Mae Government Intervention Talk

[Nervous Drake]

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[GRG55]

Re: Sallie Mae Government Intervention Talk

http://www.cnbc.com/id/24760352/for/cnbc/

So here we have a great example of a major problem staring us in the face. Sallie Mae, Fannie Mae, Freddie Mac, all in big trouble and there are signs pointing to the government intervening to keep them whole.

Guess it's still gonna be a bitch to get an education without becoming a slave to some dude whose equity depends on you getting your job and paying him off.

Sounds like a return to apprenticeship in a medieval craft guild...:p

[Nervous Drake]

Re: Sallie Mae Government Intervention Talk

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[GRG55]

Re: Sallie Mae Government Intervention Talk

Haha, yeah I guess it's a bit intense to put it that way. I realize that in the event that inflation hits hard it will probably be in a way that deflates the insurance, real estate, credit card debt, student loan debt stranglehold and hits the real goods being purchased in our market.

So I'm overstating the point making it sound like we are slaves to people when we get a student loan for 80 grand that takes forever to pay off as the interest compounds on our ass.

Don't think you are overstating it at all. Now that houses have blown up as a way to get people into debt, other avenues have to be found to keep the system going. No argument from this vantage point.

All I was pointing out is this is a modern equivalent of what has been going on for centuries in one form or another...

[ax]

Re: Sallie Mae Government Intervention Talk

http://www.cnbc.com/id/24760352/for/cnbc/

So here we have a great example of a major problem staring us in the face. Sallie Mae, Fannie Mae, Freddie Mac, all in big trouble and there are signs pointing to the government intervening to keep them whole.

Guess it's still gonna be a bitch to get an education without becoming a slave to some dude whose equity depends on you getting your job and paying him off.

Good post, Drake. Similar article on MSN.Money this week http://articles.moneycentral.msn.com/CollegeAndFamily/CutCollegeCosts/StudentLoansAnotherBubblePops.aspx
detailing not only companies such as BAC pulling out of student lending, but the barrier to entry becoming too great due to having to wait until after graduation to recoup loans.

[jtabeb]

Re: Sallie Mae Government Intervention Talk

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So I'm overstating the point making it sound like we are slaves to people when we get a student loan for 80 grand that takes forever to pay off as the interest compounds on our ass.

Dude, you didn't overstate ANYTHING

[jtabeb]

Re: Sallie Mae Government Intervention Talk

All I was pointing out is this is a modern equivalent of what has been going on for centuries in one form or another...

Bought a pop-up book for my kids (subject was medieval times)

How you had to pay a tax to work the lords land (most of what you produced, more than your subsistence requirement as a matter of fact), how if you killed a deer you had to pay a tax to the lord, how the poor would literally eat the waste bread used to as a serving platter for the royal meals, this was the "trickle down" economics of the day (until the earl of sandwich, of course) , how you didn't own anything as a peon, you just "earned" the right to use things provided you pay taxes to the lord.

Have things changed much?

Also interesting derivation of words (god=Lord, king=lord, king=god), am I missing something or does this all seem strikingly familiar?

[Nervous Drake]

Re: Sallie Mae Government Intervention Talk

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[Mega]

Re: Sallie Mae Government Intervention Talk

Can't the young Work:-
Fast food
Gas stations
ER....."The Street"

Mike

[c1ue]

Re: Sallie Mae Government Intervention Talk

How you had to pay a tax to work the lords land (most of what you produced, more than your subsistence requirement as a matter of fact), how if you killed a deer you had to pay a tax to the lord, how the poor would literally eat the waste bread used to as a serving platter for the royal meals, this was the "trickle down" economics of the day (until the earl of sandwich, of course) , how you didn't own anything as a peon, you just "earned" the right to use things provided you pay taxes to the lord.

Have things changed much?

You're forgetting the big one: the putting out system.

This is where the rentier ensures that the tools needed for a craft (started in weaving) is so expensive that individuals must lease the machinery from the rentier - who in turn controls both market prices of the goods and the residual amount of debt owed on the machine. The effect is that hardly anyone ever pays off the machine and the rentier collects below priced goods forever.