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Response to DaveJ (Reply #69)

Mon Nov 12, 2012, 04:57 PM

71. That would be true if time stopped when they started. But student loan default is rising to unseen l


levels, and millions of Americans have had their mid-wage jobs replaced by lower-wage jobs. At the same time the government is paying trillions of dollars to millionaires while working-class folks get screwed over by the business those billionaires run (for example QE3 pays people like Sheldon Adelson $40+ billion a month to support their investments in mortgage-backed assets at $2 billion a pop, while over 700,000 people will be taken from their homes among the 1.2 million foreclosures we will see in 2012) , offering up an unending stream of debt, including that which will eventually be deemed noncollectable.

If we don't work on the problems that created and continue to contribute to this those companies will do nothing but profit. Elizabeth Warren has been trying to point out how the structural changes have re-shaped this environment for years, and although she gets good press, I don't see many people understanding that she has documented some of the ways people are structurally prevented from opportunity by the wealthy, and the people they purchase.

Read "Broke, USA: From Pawnshops to Poverty, Inc. - How the Working Poor Became Big Business" if you can find it. We made the world which created the growth of debt and debt collections, we changed laws that used to protect people against this, and we used to have enough jobs and an economy where getting sick wasn't an economic death sentence.

This debt is big business, and I can't hardly conceive of the naivete it would take to think that buying up some noncollectable debt is going to help anyone but the debt collectors.

But ignoring that sure keeps people from having to do the hard work of really changing things, eh?. Instead they can sit around and congratulate themselves on having done such a noble deed, and tell each other that I am a dunderhead

I'll work on other stuff, though, and give money directly to people, and the occasional org that I think is doing useful work when they need it and I can afford it.



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xchrom Nov 2012 OP
Live and Learn Nov 2012 #1
SickOfTheOnePct Nov 2012 #3
djean111 Nov 2012 #6
SickOfTheOnePct Nov 2012 #8
Live and Learn Nov 2012 #12
SickOfTheOnePct Nov 2012 #14
Live and Learn Nov 2012 #16
wickerwoman Nov 2012 #65
liberal N proud Nov 2012 #2
closeupready Nov 2012 #27
litlbilly Nov 2012 #54
99Forever Nov 2012 #4
xchrom Nov 2012 #5
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99Forever Nov 2012 #9
randome Nov 2012 #15
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randome Nov 2012 #24
99Forever Nov 2012 #26
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99Forever Nov 2012 #37
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tama Nov 2012 #48
Le Taz Hot Nov 2012 #19
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xchrom Nov 2012 #11
WorseBeforeBetter Nov 2012 #34
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starroute Nov 2012 #29
randome Nov 2012 #30
xchrom Nov 2012 #32
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Live and Learn Nov 2012 #38
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vanlassie Nov 2012 #60
randome Nov 2012 #62
tama Nov 2012 #51
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blackspade Nov 2012 #49
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DaveJ Nov 2012 #50
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DaveJ Nov 2012 #61
CaptJasHook Nov 2012 #53
savannah43 Nov 2012 #57
Live and Learn Nov 2012 #59
BlueMan Votes Nov 2012 #63
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jtuck004 Nov 2012 #66
Hell Hath No Fury Nov 2012 #67
jtuck004 Nov 2012 #68
DaveJ Nov 2012 #69
LineLineLineLineLineNew Reply That would be true if time stopped when they started. But student loan default is rising to unseen l
jtuck004 Nov 2012 #71
Blue_Tires Nov 2012 #70
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