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Skeptical Debunker

Arne Duncan: Move Our Money From Banks to Students - 0 views

www.huffingtonpost.com/...money-from-banks_b_471038.html

student loans banks subsidies change

shared by Skeptical Debunker on 22 Feb 10 - Cached
  • The president's student aid reform plan will save tens of billions over the next decade. We'll use these savings to make college more affordable for the next generation of engineers, teachers, and scientists who will become the backbone of the new economy. The House has passed the Student Aid and Fiscal Responsibility Act. This legislation will end bank subsidies and invest in students directly. The Senate is still working on its bill. The House bill will increase Pell Grant scholarships to $5,710 in the next fiscal year. It will guarantee that Pell Grants keep pace with the rate of inflation. It will eliminate unnecessary questions from the financial aid forms, making it faster and easier for students to qualify for federal grants and loans. This legislation also promises an historic investment in community colleges, helping these essential schools take Americans from all backgrounds and equip them to succeed. Finally, it will improve the quality of early learning programs, which are critical to America's educational success. All of this will be possible by eliminating the student loan subsidies. We will end the loans under the Federal Family Education Program and make them directly to students -- just as economist Milton Friedman proposed 50 years ago, and just as the Department of Education has been doing since 1993 through the Direct Loan Program. For future lending, we have hired experienced companies to service all new student loans and collect them for us. We selected these companies through a competitive process. The shift is underway, and it is proving to be a remarkably smooth transition. In the past two years, our Department has issued more than $50 billion in student loans. Over 2,300 colleges and universities participate in the direct lending program -- an increase of 1,300 over the past three years. It's time to do what's right for taxpayers -- move our money from bankers to students.
  • Skeptical Debunker on 22 Feb 10
     
    President Obama has a plan to move our money from banks to students. Every year, taxpayers subsidize student loans to the tune of $9 billion. Banks service these loans, collect the debt, keep the interest, and turn a profit. When borrowers default on their loans, taxpayers foot the bill, and banks still reap the interest. It's a great deal for banks and a terrible one for taxpayers.
  • Skeptical Debunker on 22 Feb 10
     
    Yet another government sponsored "socialistic" "redistribution of wealth" from taxpayers to big business. It's time to do away with it.
thinkahol *

Can the Fed Prevent the Next Crisis by Eliminating Interest on Student Loan Debt? | Tru... - 0 views

www.truth-out.org/...1319131961

Can the Fed Prevent Next Crisis by Eliminating Interest on Student Loan Debt? | Truthout

shared by thinkahol * on 23 Oct 11 - No Cached
  • thinkahol * on 23 Oct 11
     
    Among the demands of the Wall Street protesters is student debt forgiveness - a debt "jubilee." Occupy Philly has a "Student Loan Jubilee Working Group," and other groups are studying the issue. Commentators say debt forgiveness is impossible. Who would foot the bill? But there is one deep pocket that could pull it off - the Federal Reserve. In its first quantitative easing program (QE1), the Fed removed $1.3 trillion in toxic assets from the books of Wall Street banks. For QE4, it could remove $1 trillion in toxic debt from the backs of millions of students.
thinkahol *

SWAT team launch dawn raid on family home to collect woman's unpaid student loans | Mai... - 0 views

www.dailymail.co.uk/...mans-unpaid-student-loans.html

SWAT team launch dawn raid on family home to collect woman's unpaid student loans | Mail Online

shared by thinkahol * on 09 Jun 11 - No Cached
  • thinkahol * on 09 Jun 11
     
    A father was dragged from his home and handcuffed in front of his children by a SWAT team looking for his estranged wife - to collect her unpaid student loans. A stunned Kenneth Wright had his front door kicked in by the raiding party at 6 am yesterday before being dragged onto his front porch, handcuffed and led to a police car with his three children. He says he was then detained for six hours while officers looked for his wife - who no longer lives at the house. Scroll down for video
The Ravine / Joseph Dunphy

Student Debts, Stunted Lives | | AlterNet - 0 views

www.alternet.org/...33861

poverty opportunity job market

shared by The Ravine / Joseph Dunphy on 28 Mar 09 - Cached
  • The Ravine / Joseph Dunphy on 28 Mar 09
     
    A thought to keep in mind as you read this - what happens to the already overburdened graduate whose job gets outsourced, and then can't find another because he's deemed "overqualified" for the low skilled, low wage jobs available? Answer: Look up "capitalization of interest" and then note that one can't erase student loan debt by declaring bankruptcy. What will result will be the mathematical equivalent of charging compound interest on a loan that the graduate has been deprived of the means of repaying.
Bakari Chavanu

Five Economic Reforms Millennials Should Be Fighting For | Politics News | Rolling Stone - 0 views

www.rollingstone.com/...hould-be-fighting-for-20140103

economics politics

shared by Bakari Chavanu on 04 Feb 14 - No Cached
  • Some economists have proposed running a job guarantee through the non-profit sector, which would make it even easier to suit the job to the worker. Imagine a world where people could contribute the skills that inspire them – teaching, tutoring, urban farming, cleaning up the environment, painting murals – rather than telemarketing or whatever other stupid tasks bosses need done to supplement their millions. Sounds nice, doesn't it?
    • Bakari Chavanu
      Bakari Chavanu on 04 Feb 14
       
      Jeremey Rifkin's The End of Work proposes this idea.
  • What if people didn't have to work to survive? Enter the jaw-droppingly simple idea of a universal basic income, in which the government would just add a sum sufficient for subsistence to everyone's bank account every month. A proposal along these lines has been gaining traction in Switzerland, and it's starting to get a lot of attention here, too.
  • A universal basic income would address this epidemic at the root and provide everyone, in the words of Duke professor Kathi Weeks, "time to cultivate new needs for pleasures, activities, senses, passions, affects, and socialities that exceed the options of working and saving, producing and accumulating."
  • ...7 more annotations...
  • Ever noticed how much landlords blow? They don't really do anything to earn their money. They just claim ownership of buildings and charge people who actually work for a living the majority of our incomes for the privilege of staying in boxes that these owners often didn't build and rarely if ever improve.
  • In a few years, my landlord will probably sell my building to another landlord and make off with the appreciated value of the land s/he also claims to own – which won't even get taxed, as long as s/he ploughs it right back into more real estate.
  •  Municipalities themselves can be big-time landowners, and groups can even create large-scale community land trusts so that the land is held in common. In any case, we have to stop letting rich people pretend they privately own what nature provided everyone.
  • Hoarders blow. Take, for instance, the infamous one percent, whose ownership of the capital stock of this country leads to such horrific inequality. "Capital stock" refers to two things here: the buildings and equipment that workers use to produce goods and services, and the stocks and bonds that represent ownership over the former. The top 10 percent's ownership of the means of production is represented by the fact that they control 80 percent of all financial assets.
    • Bakari Chavanu
      Bakari Chavanu on 04 Feb 14
       
      Defines capital stock
  • You know what else really blows? Wall Street. The whole point of a finance sector is supposed to be collecting the surplus that the whole economy has worked to produce, and channeling that surplus wealth toward its most socially valuable uses. It is difficult to overstate how completely awful our finance sector has been at accomplishing that basic goal. Let's try to change that by allowing state governments into the banking game.
  • There is only one state that currently has a public option for banking: North Dakota.
  • When North Dakotans pay state taxes, the money gets deposited in the state's bank, which in turn offers cheap loans to farmers, students and businesses. The Bank of North Dakota doesn't make seedy, destined-to-default loans, slice them up inscrutably and sell them on a secondary market.
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