Where’s My Bailout?

Friday, October 31st, 2008

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13 Responses to “Where’s My Bailout?”

  1. #1 |  Mike Healy | 

    Thank doG my blood pressure starts out low.

  2. #2 |  jet | 

    The only way your average American taxpayer isn’t going to get screwed is if they have a mortgage and jingle mail their bank. Otherwise, they can just suck it up and pay for everyone else’s bailout.

  3. #3 |  Balloon Maker | 

    any word on when the gub’mint is going to pay my student loans?

  4. #4 |  The_Chef | 

    #3 | Balloon Maker | October 31st, 2008 at 9:56 am

    any word on when the gub’mint is going to pay my student loans?

    yeah … I’m like 45k in the hole after school. Maybe we could use some of that “windfall profits” tax.

  5. #5 |  James J. B. | 

    Student Loans – man they bite. I owe about 85k. I have friends that owe nearly 2x that (law school). I know it is a surprise but the gov’t really protects these banks that issue these loans and thanks to bankruptcy reform – student loans are nearly non-dischargeable. So the banks charge ordinary interest and the loan is virtually risk free – not so w/ other loans.

    These loans
    1. Cannot be refinanced in the traditional sense of the term. Meaning if you consolidate at 7% that is your interest for life – no matter when that rate dips to 2% – you still can’t refi with a new lender
    2. Have enhanced collection practices – allowing lenders to use very aggressive tactics that are not available to ordinary lenders.

    Disagree? Think student loans are risky for the banks? Check Salliemae’s bottom line sometime.

  6. #6 |  Mike Leatherwood | 

    In reading the responses, I guess I am lucky to have $35k in student loans hanging out at 4.75%

  7. #7 |  Balloon Maker | 

    still in school. when it’s all over it’s going to be around 130K, but I will be a doctor (but not the kind of doctor that makes enough to justify the cost.) I knew what I was getting into, so I can’t complain

  8. #8 |  Matthew | 

    Fortunately for you as a doctor, the federal government will soon likely dictate who you can treat, how much you can charge, where you work and what specialties you’re allowed to pursue, so you’ll know in advance that you’ll never recoup your loan costs. One less thing to worry about!

  9. #9 |  freedomfan | 

    That video was hilarious. That guy who got looped into the Nigerian 4-1-9 fraud was priceless, “Turns out it was a scam…” I wonder if the ‘businessman’ who contacted him was named Ben Ahore?

    BTW, just s side-note on the side-student loan conversation: government-sponsored loan and grant programs actually allow colleges to raise tuition prices. Most colleges would be more affordable if they weren’t counting on the government giving students a pile of money that they can’t spend on anything else. It’s kind of like what would happen to car repair prices if your mechanic knew that all the people who came in were either pretty well off or had access to extra money that they could only spend on car repair. There’s a spiral of dependence, where the aid raises tuition prices, then even more people can’t afford tuition and clamor for more aid. (And, if someone wants more sophisticated analysis, it’s worth looking at Cato’s write-up on this.)

  10. #10 |  GU | 

    I’m a law student, will have ~$150k in student loans, at 6.8% (Stafford) & 8.5% (GradPLUS). Thanks to financial disaster, big law firm hiring is very rough this year, and I could not secure a summer associate position. I’m a 2L at a Top 20 school, on the Law Review.

    Bailout pls, thanx.

  11. #11 |  Nando | 

    I just want some money. Where is my bailout?

  12. #12 |  Mike Healy | 

    I’m with Nando. Gimme! Gimme! Gimme!

  13. #13 |  Cynical In CA | 

    “Because all Americans should be protected from their own stupidity.”

    All Americans (well, those over the age of 18) ARE protected from their own stupidity.

    They can VOTE!!!!


    Happy Election Day, suckers!