re: re: Minnesota shutdown

Re– student loans. The reason people should lend them thousands of money without collateral is that student loans are not covered by bankrupcy– the only ways out (except paying them off, of course) are death or moving all of your assets out of US jurisdiction.

They figure they have on average a lifetimes worth of earnings they can garnish to get their money back, at 8.5% interest. Not bad, when inflation is running close to nil.

Did you know you can buy CDOs of student loans, just like the CDOs of house loans that caused some trouble a little while ago? But the thing with homeonwners is that they can default on the mortgage and your deathgrip becomes only a deathgrip on a house worth a fraction of the loan amount.

Now with a student loan, that deathgrip is a little more inclusive.

I am working on an essay titled “The Immorality of Debt”, or rather I should be when not busy working on amphetamine (it is a hobby) [yes, that is a joke. I am working, as a hobby, on my second publication which demonstrates the harm that amphetamine usage causes to the brain and no, I am not one of the research subjects] or my zombie paper or my UW photo essay or my android apps which I should develop, oh, and did I forget that I am a father, husband, house-holder, and did someone mention that I also have a day job?

+glenn

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Posted on July 5, 2011, in US and tagged , . Bookmark the permalink. Leave a comment.

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