The Next Subprime Crisis ?


  • GoldmattersGoldmatters Posts: 4,068 Admin
    @GrandpaBrian Good article. The problems we are facing in society are tremendous. There are those that are working on very viable remedies to some of these issues. Not the debt. That ship has sailed I'm afraid. But alternative education scenarios with less cost are in the works. Stayed tuned...
  • ShadowsRevealedShadowsRevealed Posts: 83 Copper ✭✭
    edited May 2016
    Great write up @GrandpaBrian . I'm 23 and have loads of friends who are buried under student debt. And they got helpful, proper degrees like teaching and chemical engineering. Yet the power structure is punishing them. Let me give you an example. Working at a coffee shop does not require a bachelors degree. However I would say 65% of the Batista's downstairs have (or are in progress and very close to) bachelors degrees. It might be the best educated coffee shop in America. However, many of them have tremendous debt, and either cant find jobs, or have to move far far away from home to find jobs, jobs that may not allow them to easily repay their debt. What a tragedy. In 1950, California, New York and many other states had free university, while almost all the other states provided at least free community college. Now, pfft.. not a chance son. A typical mid-west state university is charging (at least this one) $283 per credit hour (in state), plus student fees, course enhancement fees, books, etc. Thats just to sit in the chair, not to mention living life and feeding yourself. Its a total croc. The only way I was able to avoid it was by spending four years in the military, and then luckily landing a job that also pays for school in addition to the GI Bill. But that is the extreme exception, not the rule.

    The power structure needs debt slaves, so they can force them to work. Its fanatical and unethical.
  • jmr5djmr5d Posts: 218 Bronze ✭✭✭
    My wife and I graduated just a couple years ago, and we did end up with loans despite trying not to. We managed to keep it under $23k in debt between 2 bachelors degrees and 1 master's degree, and most of that was just living expenses during my last year of grad school. A lot of the kids attending school with us were financing nearly the whole thing, and we all joke about it, but a lot of them really are just going for basic liberal arts degrees like music, dance, art, philosophy, etc.


    So I don't think the system can be blamed entirely -- some of that is just people being people.
  • GrandpaBrianGrandpaBrian Posts: 679 Silver ✭✭✭✭
    Of course there is a very real element of personal responsibility in every case. But I fear too many young people are going on to post-secondary studies because it is "the thing to do" or because they can't find employment and possibly it is too easy to just get the loans.

    Whatever the reasons, it is not a good thing to have a new generation just starting out carry over a trillion dollars of debt. It doesn't have to be this way. Other countries take the approach that qualified students do not have to pay university tuition becausr they will more than pay back that investment in future years.

    I do know that I had a much better deal back in the 60s. And the music was better too!
  • ShadowsRevealedShadowsRevealed Posts: 83 Copper ✭✭
    edited May 2016
    @jmr5d , I think that music, dance, art, philosophy, etc. are just as important as the rest of the degrees offered. Music is the universal language of the world, dance and art are beautiful and allow us to pass on our culture, and the critical thinking skills developed in philosophy are an asset to society. So I respectfully disagree with you. Student debt is unfair regardless of what degree someone chooses to pursue. Actually to the point, I know a girl who just graduated with a degree in theater and a couple months later got a job with a large theater on the east coast. So they are all important :)
  • jmr5djmr5d Posts: 218 Bronze ✭✭✭
    edited May 2016
    @GrandpaBrian I agree, I think that's one of my issues too, just that people go into debt over college because it's "the thing to do". People who have a passion in subjects like music, art, etc., think they have to get a degree to be able to pursue that passion when usually they don't really need to. And people who don't yet have a passion think they just have to get "some degree" in order to compete for jobs, so they go for "liberal arts" and "general studies" and such. Both end up going into debt usually, and their degrees may not have much of a market after graduation, or at least not command enough of a salary to quickly pay off the loans.

    @ShadowsRevealed Don't get me wrong ... all those subjects are important subjects, and I think people should be able to pursue whatever field of work they want, though I don't think some really require a credential in order to practice. What I was trying to say was that it was insane to take on that much debt for subjects that may not be in high demand in the marketplace. But it wouldn't be a big deal what people chose to major in, either way, except that college costs so much and people tend to go so deeply in debt for it without much of a plan.
  • rohanibuang61rohanibuang61 Posts: 2,379 Gold ✭✭✭✭✭
    What a pity as education must be free for harmonious country developments. Contrary to exhorbitant defend budget annually that doesn't bring any rational objective except for wars an bullies.
  • ShadowsRevealedShadowsRevealed Posts: 83 Copper ✭✭
    @jmr5d , I think we have different views on the subject but thats okay. Different ideas are what allow people to debate and come to logical conclusions. I think we should fix the college cost thing first. And then lets say University X has 3,000 seats, then the top 3,000 applicant scores get acceptance letters. There are loads of US based companies who pay next to nothing in income tax, except Honeywell, they actually got a return. So if we could fix that problem then I'm sure we would be much better off.
  • zulu1520zulu1520 Posts: 294 Bronze ✭✭✭
    @GrandpaBrian @jmr5d @ShadowsRevealed @rohanibuang61 Tell as many friends and family about this program. Especially for people who do public service.
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