If you ignore that whole “federal law” thing it becomes a no-brainer: sell the debt for pennies on the dollar. A few Ameros in the treasury, the finance companies are happy, and Grampa Assmouth can shut down the loan management part of the DoE. What’s not to love? (If you are a sociopath)
Federal investment in university research is a privilege for the universities, and we can yank it if they don't toe the ideological line. Pay no attention to the 2.5x return those dollars bring to the U.S. economy.
Brilliant. Driving a hard bargain there, Arty. The nation, with tears in its eyes, thanks you for cratering the economy.
Student debt is a profit opportunity. Making bank for the treasury now, so that when everyone defaults and the bubble bursts, the treasury can spend a multiple to bail out all the lenders.
If your debt gets sold to Google, will missing a payment mean your phone stops working, your email account is deleted, and since you use that to log in everywhere, your entire online life disappears?
If it gets sold to apple, likewise, except that apple charges 30% rent for the app store, so they might just charge 30% rent on your loan.
"Federal law allows the Education Department to sell off student debt" You mean, they wouldn't actually be breaking the law this time? That might be a reason for them not to do it: I mean what's the point of being cruel if you aren't also demonstrating contempt for the rule of law at the same time?
Depends on who the private lender is. If it is the owner of the only supermarket near you, you will be banned from the shop. If it is your internet provider, your internet will be stopped until they earn it back. If it is google you're really screwed.
Ta, Dok. My dead roommate, whose memory is both curse and blessing, paid off his student loans faithfully for years. Then his sister stole his life savings and he went mad as well as going broke. He had no heirs, and his death discharged the debt. What was so wrong about all that was that the interest was so high that it was far more than he ever borrowed.
The orange monster and his billionaire mates are just taking a wrecking ball to everything so that they can make a profit on the rubble. And afterwards?
Who cares about afterwards? After him, the deluge.
What would the bankers care? They know they will get bailed out anyway. They will just package it using financial magic and sell it on to retirement funds and such.
surely it's a bad investment so the bankers aren't stupid enough to take any losses themselves and will either pass losses on to investors and ultimately seek a bailout by Sir with those sweet sweet Tariff surpluses?
The best thing to do is forgive the trillion dollars in student loan debt. With that debt removed the students will be able to do things like invest in a home, or a car, or good health care, oro just buy groceries, (Remember that beautiful word, "groceries" that Trump invented and promised to make cheaper?)
Sorry, I'm not an American but isn't a loan something you pay back?
This, from 7 months ago:
They are running a "Plunge and Dump". A DC wrinkle on an old, Wall Street Trick:
https://studentloanjustice.medium.com/student-loans-and-a-new-wall-street-trick-plunge-and-dump-8d2610a7ca34?postPublishedType=repub
I miss the 91-percent income tax rate. And the confiscation of all assets that increase a person's or couple's net worth above $10 million.
Doesn’t make sense for borrowers or taxpayers? Who cares! It makes sense for private equity!
If you ignore that whole “federal law” thing it becomes a no-brainer: sell the debt for pennies on the dollar. A few Ameros in the treasury, the finance companies are happy, and Grampa Assmouth can shut down the loan management part of the DoE. What’s not to love? (If you are a sociopath)
Arty McDeals is a Very Stable Genius.
Federal investment in university research is a privilege for the universities, and we can yank it if they don't toe the ideological line. Pay no attention to the 2.5x return those dollars bring to the U.S. economy.
Brilliant. Driving a hard bargain there, Arty. The nation, with tears in its eyes, thanks you for cratering the economy.
Student debt is a profit opportunity. Making bank for the treasury now, so that when everyone defaults and the bubble bursts, the treasury can spend a multiple to bail out all the lenders.
Fucking genius.
I said. With tears in my eyes.
We're a nation of uninformed idiots who elect narcissistic morons to govern us.
I'm so fucking tired of this bullshit.
If your debt gets sold to Google, will missing a payment mean your phone stops working, your email account is deleted, and since you use that to log in everywhere, your entire online life disappears?
If it gets sold to apple, likewise, except that apple charges 30% rent for the app store, so they might just charge 30% rent on your loan.
"Federal law allows the Education Department to sell off student debt" You mean, they wouldn't actually be breaking the law this time? That might be a reason for them not to do it: I mean what's the point of being cruel if you aren't also demonstrating contempt for the rule of law at the same time?
What would happen to the private lenders if everyone who had a student loan just stopped paying on it?
Depends on who the private lender is. If it is the owner of the only supermarket near you, you will be banned from the shop. If it is your internet provider, your internet will be stopped until they earn it back. If it is google you're really screwed.
I suppose there's no chance of someone(s) buying the debt for cents on the dollar and discharging it, like some groups are doing for medical debt?
Ta, Dok. My dead roommate, whose memory is both curse and blessing, paid off his student loans faithfully for years. Then his sister stole his life savings and he went mad as well as going broke. He had no heirs, and his death discharged the debt. What was so wrong about all that was that the interest was so high that it was far more than he ever borrowed.
In the future death won't be the end of a debt.
The orange monster and his billionaire mates are just taking a wrecking ball to everything so that they can make a profit on the rubble. And afterwards?
Who cares about afterwards? After him, the deluge.
surely its a bad investment so the bankers aren't stupid enough to buy?
What would the bankers care? They know they will get bailed out anyway. They will just package it using financial magic and sell it on to retirement funds and such.
surely it's a bad investment so the bankers aren't stupid enough to take any losses themselves and will either pass losses on to investors and ultimately seek a bailout by Sir with those sweet sweet Tariff surpluses?
The best thing to do is forgive the trillion dollars in student loan debt. With that debt removed the students will be able to do things like invest in a home, or a car, or good health care, oro just buy groceries, (Remember that beautiful word, "groceries" that Trump invented and promised to make cheaper?)
SOCIALISMS! ANTIFA SOCIALISMS!
How does donnie wet his beak in this scheme?
"...and private companies can’t dun a borrower’s tax refund or Social Security the way the government can."
*clears throat*
There are some serious, potential advantages to this. At least for some of us.
Imagine if google owned your debt. If you don't own a google phone they will sell the debt to apple. Are there any other brands left over?