Luke Nichter of Harker Heights, Texas, said he’s not a renter by choice. The Texas A&M University history professor’s $125,000 of student debt means he has no hope of getting a mortgage. Nichter, 35, who’s paying $1,500 a month on loans for degrees from Bowling Green State University in Ohio, is part of the most debt-laden generation to emerge from college. Two- thirds of student loans are held by people under the age of 40, according to the Federal Reserve Bank of New York, blocking millions of them from taking advantage of the most affordable housing market on record.
Comments: The educrat industrial complex bubble is gaining steam. At some point the outrageous cost of ´higher learning´ will have to crash.
That contributing factor that Blameberg conveniently let out. Doo-Fwank. That law has made loaning money such an onerous job that people that have a job can´t get loans and people that can’t pay off their loans get them all the time. Doo-Fwank is the ultimate in punishing the productive to reward the non productive. And it will lead to another real estate bubble in the not too distant future.
Yes, many students were more than happy to load themselves up with these loans; many feel they should not have to pay the money back, and many do not. Some took huge loans out to go to college with no thought as to how they would get a job studying basket weaving, and now they do not want to pay them back. These debtors need to pay back all that they borrowed and then, and only then, should they buy a house. We live in this world that believes they can have everything now, and most of us worked hard, saved, and waited to have children, waited to buy a house, and this is called responsibility. America made it too easy for every person to get a house, and what a mess that was for all of us.
I was too stupid to borrow money for college. I thought I had to work my own way through if my family had no money. My kids did the same thing and we all have homes, jobs and families that work for what we have. All the kids have a home and a rental unit. It never occurred to us to graduate with debt that could destroy our American dreams. Are we stupid or what?
Both the home mortgage and student loan rackets were only possible because of the involvement of the Federal government.
Private lenders left to themselves would never have made such a huge number of bad loans - loans that anyone should have been able to predict would not be paid back. Political pressure on lenders to make such loans led to the creation of financial "instruments" designed to conceal the risk their owners assumed.
This creative fancy dancing by Wall Street et al. along with the belief among many high rollers that, should the worst happen, the Federal government would pick up most or all of the tab, was the formula for the entirely predictable eventual meltdown of these economic castles in the air. In short, the worst facets of Leftism combined with the worst practices of capitalism and financial speculation to create a mess.
Phony lending practices, e.g. student "loans" are responsible for much of the idle and at times pernicious nonsense in American colleges and universities. A huge wave of students, many of them not college material, fully funded by such "loans" was a financial bonanza to schools that enabled them to expand and pad their offerings with trendy, titillating, politically correct and non-demanding junk. Standards were lowered to accommodate everybody, regardless of ability or even willingness to do the work.
It is not clear to me how the idea got started that the American Dream includes going to college and home ownership for everyone. I was under the impression that not everybody is college material and that many people cannot, for various reasons, afford to buy a house. To listen to the media, however, would be to get the impression that all Americans are entitled to a college education and home ownership.
The paradox here is that those most likely to sail through the financial aid/student loan process, ie, the poor, are usually too stupid to graduate and get a well-paying job. They party for a couple of years, take dunce-level classes and feel cheated when they are asked to pay the money back. Only the federal government would design such an upside-down system.
The sad part is that good students and their working parents pay much higher tuition to support the deadbeats, but they don´t qualify for any of the giveaways themselves.
A degree from a state university is not cheap, but costs a lot less than a degree from a fancy private college. I can remember when a local girl received a full scholarship to Harvard, what a big deal it was in our small town. The local paper interviewed her the next year and everything was about "giving back." Mandatory volunteerism seems to be a contradiction in terms, but that was what her education was all about. I´m glad she was being educated for free, but I was thanking my lucky stars that my child had received a scholarship from a state university and was receiving a real education.
I have the feeling the learned professor could have picked up a history degree at a far cheaper tuition rate and be enjoying his earnings a lot more than he is now with the expensive diploma on the wall.
I simply can´t imagine anyone borrowing a 100K or more to go to college, maybe for med school, but otherwise its insane. If your going and borrow more than 20K at least major in something that pays like engineering. Its clear that the people in the article had no concept of money or even the most rudimentary analytical and math skills to figure out the cost benefit basis of their financial decisions. THEY FAILED THEIR FIRST REAL LIFE COLLEGE TEST. Too bad we have to resort to college loans to determine which graduates really know what they doing and those who are irresponsible with no comprehension of the real world.
There is a lady in my van pool who graduated with a degree in Spanish. Six years later can´t speak a a word! Shuffles paper in my office.
Her husband is worse. He is mid 40´s, and a professional student. Has NO work history to speak of for mid 40´s, but has a couple of college degrees. Now is in college for another degree, hoping to get a job in the medical field -- he thinks obamacare will get him a good paying job in physical therapy. Upon graduation, he has admitted that he will owe over $300,000 just in student loans. He may pay them off by age 70!!! What a dufus!!
Think how these newly-minted physicians feel. Let´s not even go there with how much THEIR student loans are and thanks to Obamacare, paying them back will be much more difficult. Poor Luke. Prince William can afford to get a degree in Geography. My nephew is a trust fund baby working on his Master´s in Archaeology. For a regular Joe or Luke, better choose something a little more sensible?
The troubled rollout of the new health-care law and recent government shutdown have exacted a major toll on President Barack Obama´s standing, a new NBC News/Wall Street Journal poll has found. Obama´s job approval rating has tumbled by 5 percentage points in less than three weeks, the survey showed. In the weakest showing of his five-year tenure, just 42 percent of Americans approve of the president´s job performance, while 51 disapprove. The poll underscores the fact that Obama and his GOP adversaries have been hit by what NBC/WSJ pollster Bill McInturff called a public opinion "shock wave" this fall.
Poor, mostly black neighborhoods face double jeopardy when it comes to supermarket access, according to a study recently published by the journal Preventive Medicine. That may not sound like news at all: Scholars and activists have long fretted that poor, minority neighborhoods have worse access to supermarkets, which is tied to less healthy diets. But researchers from Johns Hopkins University wanted to see how different neighborhood traits -- poverty and racial makeup -- were related to the problem. For instance, what did it mean to be in a poorer white neighborhood, versus a wealthier black neighborhood? Researchers compared access to supermarkets,
PROVIDENCE, R.I. — New York City Police Commissioner Ray Kelly was shouted down by protesters at Brown University, forcing administrators at the Ivy League school to call off his lecture on "Proactive Policing in America´s Biggest City." More than 100 students and social justice activists turned out Tuesday to protest the NYPD´s stop-and-frisk policy and its surveillance of Muslims. Many of them began shouting and chanting inside the lecture hall as the event began. Brown officials asked protesters to allow Kelly to speak and reserve their comments until a question-and-answer session. When the shouting continued, the hall was cleared.
Obamacare´s critics are going to town on the cancellation letters millions of Americans are receiving from their health insurers, informing them that their health plans won´t conform to the new federal standards for health coverage as of Jan. 1. We´re supposed to be scandalized by this, since President Obama himself assured everyone that if they liked their insurance they´d be able to keep it. And people just love plans that in some cases cost just $50 a month. At that price, what´s not to love? Back in March, Consumer Reports published a study of many of these plans and placed
Health and Human Services Secretary Kathleen Sebelius spent about three hours testifying before Congress this morning. From all of that, there is one sentence that was arguably the most important things she said. It was about health insurance plans, which are still not receiving accurate data from Healthcare.gov. (Snip) There´s a reason that this item is getting such high priority: Without a fix, insurance plans won´t know who actually signed up for their health plans. That means they can´t send out membership cards or start paying claims for doctor visits. There are significant problems with the front-end of Healthcare.gov; during
An agitated President Obama has expressed frustration to Health and Human Services Secretary Kathleen Sebelius about the faulty ObamaCare enrollment website. A visibly annoyed Obama behind closed doors has made clear to Sebelius that it’s her responsibility to fix what has become an unwanted second-term blunder, according to senior administration officials. White House officials say the strong words from Obama don’t mean Sebelius is necessarily in the doghouse but that she’s responsible for fixing the problem. In the words of one senior administration official, “She’s in a tough spot. She’s on the hook.” Sebelius is scheduled to appear before the
House Speaker John Boehner and GOP leaders today accused the Obama administration of misleading the public on the effects of the Affordable Care Act, which they claim has forced hundreds of thousands of Americans off their preferred health insurance plans. (Snip) President Obama also repeatedly promised in his campaign to enact the health insurance overhaul that, “If you like your insurance plan, you will keep it. No one will be able to take that away from you.” Today, House Republicans trained their fire directly at Obama, claiming he deliberately misled Americans with his statements. “The president knew that these letters
DENVER — Colorado´s state-run health exchange has been largely free of the headaches seen on the federally run shopping portal. But some exchange overseers say enrollments should be picking up at a faster pace. State health insurance exchange officials said Monday they have 3,164 enrollments through Connect For Health Colorado. Exchange officials have insisted they´re on pace to meet the goal of enrolling 136,000 people by the end of 2014. (Snip) State Medicaid officials, who also serve on the board, are happier with their 25,000 approved applicants who will be enrolled Jan. 1 under expanded Medicaid eligibility, another key feature
Before the Affordable Care Act became law in 2010, President Obama promised Americans they could keep their healthcare plan if they liked it. But already hundreds of thousands of citizens are receiving notification that their plans are being cancelled because they don´t comply with the new law, and, according to NBC News, the Obama administration has known for at least three years the cancellations were coming. (Snip) According to NBC News, approximately 50 to 75 percent of the 14 million Americans who buy their health insurance individually should expect to receive a cancellation letter over the next year "because their
Amid a furious global controversy over the National Security Agency´s spying on U.S. allies, Federal Bureau of Investigation Director James Comey said on Monday he will order all new FBI agents to visit the Rev. Martin Luther King Jr. Memorial to reflect on past “abuse and overreach” by the agency. Comey noted that former FBI Director Louis Freeh had ordered all new agent classes to visit the Holocaust Museum “so they could see and feel and hear in a palpable way the consequences of abuse of power on a massive, almost unimaginable scale.” That will continue, Comey said. But “I´m
New York City - Democratic Party candidate Bill de Blasio is on track to win a historic victory as mayor of New York next week, according to a new poll published Monday.(Snip) He promises to increase taxes on New Yorkers earning more than $500,000 to expand after-school programs for middle school students and to create universal pre-kindergarten programs from the age of four. He has also campaigned hard against stop-and-frisk -- a police tactic loathed by minority communities who see themselves as unfairly targeted. His African-American wife, Chirlane, an outspoken former lesbian, has featured prominently in his campaign. So have
We’re not complaining. We battened down the hatches at Houston´s Severe Weather Station KTRH and were rigorously put through our paces at the KTRH 24 hour Weather Center, prepared to drop everything and return from vacations if necessary should winds shift and a tropical storm enter the Gulf, or should one of those multi-colored spaghetti lines aim toward Galveston/Houston. Dr. Phil Klotzbach and Dr. Bill Gray of Colorado State University, two guys who really know this stuff, called for a 2013 Atlantic hurricane season with 18 named storms, 9 hurricanes, and 4 intense hurricanes (cat 3 or greater). The National
From Florida to California, consumers are getting notices their health plans are cancelled. They were promised they could keep their plan if they liked it. That was a lie. They’ve been duped and dropped. The liar is none other than the President of the United States. On June 15, 2009, President Obama told a town hall meeting that “No matter how we reform healthcare, we will keep this promise…. if you like your healthcare plan, you will be able to keep your health care plan. Period. No one will take it away. No matter what.”
President Barack Obama is facing fresh attacks for his pledge that Americans who like their current healthcare plans can keep them under Obamacare, as reports pile up of thousands of Americans facing cancellation notices. Accusations that the pledge was misleading are potentially a deeper threat to Obama than the website glitches that have plagued Healthcare.gov since its October 1 launch and allowed only a trickle of people to sign up on new federal insurance exchanges. Obama has downplayed the problems with the website, saying it´s like a cash register not working, and has stressed that the underlying product of the
President Barack Obama’s job approval has dropped to an all-time low, according to a new poll released Wednesday. A new NBC News/Wall Street Journal survey shows that a mere 42 percent of Americans approve of Obama’s job performance, down five points from a poll conducted in early October. The president’s disapproval rating stands at 51 percent, tying an all-time high for Obama. In all, 41 percent of respondents say they have a less favorable opinion of the president since the 16 day government shutdown, compared to 21 percent who say they have a more favorable view since the shutdown. The Affordable Care Act
White House officials have pressured insurance industry executives to keep quiet amid mounting criticism over Obamacare's rollout, insurance industry sources told CNN. Sebelius: 'I apologize, I'm accountable' for Obamacare website flaws - After insurance officials publicly criticized the implementation, White House staffers contacted insurers to express their displeasure, industry insiders said. Multiple sources declined to speak publicly about the push back because they fear retribution. But Bob Laszewski, who heads a consulting firm for big insurance companies, did talk on the record.
It was a spasm of violence that stunned residents: some 200 black youths raising hell - what police called a full-blown riot - in Austin, Texas. Angry black youths inexplicably converged by the Highland Mall, near an iconic haunted house attraction, and walked atop parked cars, fought among themselves, and hurled rocks at some 30 arriving police officers.(snip)In their reporting on the riot, Austin´s media outlets followed a widely accepted rule of mainstream journalism today: they failed to mention that the rioters were black. Yet many Austin residents surmised as much -- and their suspicions were confirmed when mug shots were
Exactly half the nation sees the year-old killings of the U.S. ambassador and three other Americans in Benghazi, Libya as a serious scandal — one many believe will hurt former Secretary of State Hillary Clinton’s chance to be the next president, according to a newly-released national poll. Rasmussen Reports revealed that 43 percent of likely voters believe the scandal will damage Clinton. That rises to 47 percent among voters not affiliated with any political party, like independents. Some 41 percent said it wouldn´t ding her chances. The impact is clear, and not just on Clinton. Most — 58 percent — rated the
Ronan Farrow is already in MSNBC mid-season form. Farrow, the son of actress Mia Farrow and Woody Allen, is set to debut his own MSNBC talk show early next year. His latest political comments, though, find him boosting the image of the Clintons in a way that even the far-left network might not embrace. They´re nimble politicians. Also I think that they represent a style of honesty that the public craves right now. And that´s reflected in the numbers. I think people are tired of the old school politicking, and when a politician comes out and says, “Actually, I changed my
Conservatives are expressing shock and outrage that the Obama administration knew that many people in the individual insurance market would not be able to keep their plans once the Affordable Care Act took effect. Such shock is not surprising; overblown outrage is the stock and trade of conservative politics these days. But here´s what conservatives won´t tell you, lest it undermine their theatrics: Many insurance plans are shutting down because they don´t meet the higher bar of quality benefits required under Obamacare, and of those people who lose access to their plans, many will pay less and all will have better
Secretary of State John Kerry expressed his frustration Tuesday with the fact that even in the United States, “a very educated country,” there are those who do not recognize the urgency of combating global warming. Addressing the D.C. Greening Embassies Forum, which encourages the “greening” of foreign mission in Washington, Kerry took aim at those who challenge the notion that the science is settled when it comes to climate change. “I am amazed after all these years that we’re still struggling here in a very educated country to get a lot of people to embrace and understand why this is not a
Sen. John McCain (R-AZ) again praised Hillary Clinton on Monday, saying her work as Secretary of State was "outstanding" with the exception of the September 11, 2012 terrorist attack on the American consulate in Benghazi. "Her work as secretary of state, with the exception of this issue of Benghazi — which isn’t going away — I think has been outstanding," McCain said. "I think she would be viewed by anyone, Republican or Democrat, as a very formidable candidate for 2016.” McCain has previously said that it would be a "tough choice" if the 2016 election were between Clinton and Sen.
Every day, it seems, more people who have been screaming their hatred for those who predicted all we see coming true are admitting what we have known all along. The president is incapable of telling a truth, and what conservatives have been predicting for three years about ObamaCare has been entirely correct. Indeed, we haven´t seen anything close to the worst of what is to come, since the system hasn´t even begun to function in its utmost state of disarray and confusion.(snip)So, can we finally stop pretending that the left has a positive plan for the United States? Can we
It’s Kathleen Sebelius’s turn now. On the Hill, they’re calling for her resignation and tossing around words like “subpoena.” Pundits are merrily debating her future. (She’s toast! Or is Obama too loyal to fire her so soon?) Her interviews, more closely parsed than usual, seem wobbly. Though never a colorful presence on the political scene, she’s suddenly a late-night TV punch line. And on Wednesday morning, the embattled secretary of health and human services will submit to a quintessential station of the Washington deathwatch — testifying before a congressional committee — to discuss her agency’s failings in the botched rollout