Daily Topics - Thursday April 26th, 2012

Catch The Thom Hartmann Program LIVE at our new time, 3-6pm Eastern!

Hour One: We are all suspects now...

Hour Two: When did right to work become right to work for less? Vincent Vernuccio, Competitive Enterprise Institute / Plus, Geeky Science - Can exercise make you smarter?

Hour Three: Why NOT a bail out for students? Nick Gillespie, Editor in Chief, Reason.com and ReasonTV

Comments

mathboy's picture
mathboy 4 years 1 week ago
#1

Something like that song singing in Norway for the anniversary of Anders Breivik's attack would have been good to have here for Columbine High School. Colorado's state flower is the columbine, and hence the state song is "Where the Columbines Grow". The trouble is no one actually knows the song.

mathboy's picture
mathboy 4 years 1 week ago
#2

I think that, among journalists and politicians, the favorite euphemism for lying is "disingenuousness".

TarryFaster's picture
TarryFaster 4 years 1 week ago
#3

"Robert Oxford, a graduate student at NYU researching the financialization of student debt and an organizer with the Occupy Student Debt campaign, pointed out that even government-granted loans mean profits for the banks and the lenders that get paid to service the loans. “Profiteering on student indenture is common financial practice within the realm of Student Loan Asset Backed Securities,” he told AlterNet. “The 'servicers,' third parties the government contracts to bundle its student loans, are essentially middlemen which bring big finance to collateralize millions of American student loans.”

Like other forms of asset-backed securities (which you might be familiar with from the housing bubble—mortgages were bundled together and sold to investors), student loans are repackaged, bundled and sold at auction. “The people who buy it are mainly the biggest banks in the world, hedge funds, etc.” Oxford said. “The secondary market it more difficult to trace because the deals are done at auction, but are in the finance industry.”

He added, “So similar to mortgages but different in that you can't foreclose on someone's education.”

You might not be able to foreclose on an education, but that doesn't mean the debt isn't being traded as an asset. Because the federal government backs up the student loans, because they cannot ever be discharged in bankruptcy and so essentially follow borrowers all their lives, they don't lose value for investors--you might default, but the government covers 98 or 99 percent of the value, you get sued, and the bank that collateralized your loan still has the money. But investors move them around for their own purposes, Oxford noted."

More ---> http://www.alternet.org/economy/155133/wall_street-inflated_student_debt_bubble_hits_$1_trillion%3B_debtors_rally_for_relief?page=entire

mathboy's picture
mathboy 4 years 1 week ago
#4

"Ventripotentiously ugly". Belly power?

RUCyrious's picture
RUCyrious 4 years 1 week ago
#5

I found Gillespie's rudeness, his constant talking overshadowed his ideas. He came across as totally arrogant and insolent which is too bad since the man is bright and articulate and occasionally has a good idea. But, I couldn't get past his none-stop talking...I wrote to him to let him know how I felt.

About public schools: California, where I live, use to have some of the best public colleges and universities and the country and they were very, very reasonable tuition wise. But, currently the state is upside-down and backwards re: revenue and is currently trying to raise tuition much to the chagrin of the students. Where has all the money gone? ...to the Exxon/Mobile CEO? ...or the BoA CEO?

fbacher's picture
fbacher 4 years 1 week ago
#6

Libertarians and Objectivist believe in their mathematical precision of their reason. What they fail to understand is that the universe can not be described by algebra. I always take exception when they try to use the "do you think people are too stupid" argument. The argument works by forcing us to either flatter or ridicule the audience. The truth is, many people are unable to make an intelligent decision due to desperation, unfamiliarity of the issues, gullibility or, in some cases, lack of intelligence.

The people that tend to go to these slimy for-profit schools are people desperate to get a job. Generally, these are kids who have academic challenges. These colleges/trade schools prey on these people, promising the moon for a quick buck.

So, yes, I would say that there are a lot of people who are not wisely agreeing to these loans. The default rate proves it. But of course, Libertarian algebra does not handle concepts like demographics.

State-Owned Bank of North Dakota is a HUGE Success!

In 2014, the state Bank of North Dakota was more profitable than Goldman Sachs and J.P. Morgan Chase. And, that's why every state should own their own depository institution.

Most people attributed the Bank of North Dakota's success with the oil boom in the region, but their latest report shows that last year was their most profitable year ever, despite the fact that their state's oil boom has become an oil bust.

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