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#3233692 - 04/28/13 09:26 AM Another fiscal "crisis" on the horizon
citico_tim
10 Point


Registered: 10/02/02
Posts: 4563
Loc: Knoxville, TN, USA

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The democrats have created another bubble which like the housing bubble is about to burst. This time it is student loans. For perspective, there is more money tied up in outstanding student loans than all the credit card debt in this country, over a trillion.

And like the housing bubble it was created by allowing the gubmint to guarantee student loans with no oversight of the borrower's ability to pay it off. Young Americans have been seduced into borrowing amounts they can never pay off. One anecdotal report has a woman owing over $250,000 in order to get a degree in Social Work, so she can "help society." She will never pay it off.

What you may not know is that in 2009 Obama and the Dems took control of student loans from those evil bankers and we are on the hook for billions, or more.

http://online.wsj.com/article/SB10001424052970203440104574405154157021052.html


So now we are finding that they are so risky that no one will buy them from Sallie Mae which pulled its latest offering after two weeks. Is another bubble is about to burst?


http://blogs.the-american-interest.com/w...ked-securities/

PS - I guess it is saps like me that put my kids through college with our own savings. Now I will probably get to pay for that girl's degree in Social Work too.
_________________________
"If a law is unjust, a man is not only right to disobey it, he is obligated to do so."

-Thomas Jefferson

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#3233698 - 04/28/13 09:39 AM Re: Another fiscal "crisis" on the horizon [Re: citico_tim]
Crappie Luck Moderator
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Registered: 01/29/03
Posts: 59429
Loc: Smith Co.

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Not until the those who pay taxes have had enough will they stop, "Go Galt" and refuse to fund these leeches will anything change.

If you are not paying taxes, you SHOULD NOT VOTE.

PERIOD.

Until that changes, there will never again be a majority from those funding these ridiculous social programs. Those paying are simply outnumbered by those taking. We are expected to fund silently. If we speak up, we are labeled racists, extremists or idiots. Insults aside, we are expected to keep funding and supporting those who ridicule us.

Cancel your cable
LIve frugal lifestyle
Avoid (legally) paying any taxes you can. sales, local state federal etc.
Stop donating to college indoctrination centers.
Home school
etc.
_________________________
No matter how big your house is, how big your bank account is or how big your car is, you grave will be the same size as everyone else's.

- Keep it real

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#3233699 - 04/28/13 09:53 AM Re: Another fiscal "crisis" on the horizon [Re: Crappie Luck]
citico_tim
10 Point


Registered: 10/02/02
Posts: 4563
Loc: Knoxville, TN, USA

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Roger, I have gone Galt to a great extent. But I am trying to balance it with simply enjoying life. What is hard is to force it on my kids. Do we deny them the things in life we have enjoyed? Or do we in effect punish them knowing they're going to have to pay off the gubmint debt incurred by others? In effect making them pay twice?

Personally I am conflicted between emphasizing responsibility or just encouraging them to take the same free ride the irresponsible are taking. Why not just take the "free stuff" since they are going to end up paying for it anyway? Truth is, my kids won't take the "free stuff" and that is their own decision. I am proud of them.
_________________________
"If a law is unjust, a man is not only right to disobey it, he is obligated to do so."

-Thomas Jefferson

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#3233705 - 04/28/13 10:08 AM Re: Another fiscal "crisis" on the horizon [Re: citico_tim]
Crappie Luck Moderator
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Registered: 01/29/03
Posts: 59429
Loc: Smith Co.

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I'm with you. There is a balance between dropping out and falling down.

We've dropped cable, we've paid off all our debt (excluding home/land) but are making double payments on that debt to kill it ASAP.

We still enjoy life but we're selective about where we place our dollars.

I had considered adding another paragraph to my last post about "collecting on payments made". Meaning, you paid for these programs, sign up for every one of them you can. USE what you have funded and, at the same time, drain the system. Use Cloward - Piven to your own agenda. The Theory works both ways.

Burn that candle at both ends, restrict funding and expand demand. Make big Govt. a calorie deficient program and starve it to death.

One way or another, the social programs have to end. I say, end it on our terms, not theirs"
_________________________
No matter how big your house is, how big your bank account is or how big your car is, you grave will be the same size as everyone else's.

- Keep it real

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#3233710 - 04/28/13 10:20 AM Re: Another fiscal "crisis" on the horizon [Re: Crappie Luck]
Mudbone
10 Point


Registered: 10/24/11
Posts: 2805
Loc: Williamson cty. Tn

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I just wrote a check last week for 10k and paid off my student loan. Nice to have it paid, but it wouldn't feel as much like wasted money if I had finished my degree!
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#3233878 - 04/28/13 03:32 PM Re: Another fiscal "crisis" on the horizon [Re: Mudbone]
sgtwebb1
14 Point


Registered: 08/06/00
Posts: 9358
Loc: Ooltewah/Harrison TN, USA

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Dave Ramsey was screaming bloody murder on this at the same time the housing bubble was going on several years ago.
The media ignored him.
Now it's politically beneficial, they pay attention.

It's all manufactured.
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#3234078 - 04/28/13 07:34 PM Re: Another fiscal "crisis" on the horizon [Re: sgtwebb1]
fishboy1
16 Point


Registered: 01/13/03
Posts: 10489
Loc: Warren Co

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Its funny how old school conservative (personal) fiscal policy is now Going Gault or shrugging out.

With blessings from above, next week we will be out from under the modern idea of success.

We are closing the door on a past life under the liberal/keynesian illusion of utopia... lots of debt, living beyond your means, playing the social climber role.

Yeah, our lifestyle will take a hit, but we will be able to BUILD our own security moving forward.

If you carefully examine the role of the central banks/fannie/freddie over the course of the past 100 years or so, you will begin to understand that it is legalized looting.

Study the economics behind inflation, banking, and fiat currency and you will be overwhelmed with the glaring fact that we would ALL be better off if we had stuck with the old ways.
_________________________
If you can't trust people with freedom, how can you trust them with power ?




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#3234139 - 04/28/13 08:11 PM Re: Another fiscal "crisis" on the horizon [Re: fishboy1]
farmin68
16 Point


Registered: 11/08/03
Posts: 13108
Loc: In a tree clinging to my guns ...

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 Originally Posted By: fishboy1


With blessings from above, next week we will be out from under the modern idea of success.

We are closing the door on a past life under the liberal/keynesian illusion of utopia... lots of debt, living beyond your means, playing the social climber role.

Yeah, our lifestyle will take a hit, but we will be able to BUILD our own security moving forward.




Can you elaborate some more on this? Are you talking about you and your family or our government? I think I'm missing something.
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#3234326 - 04/29/13 06:22 AM Re: Another fiscal "crisis" on the horizon [Re: farmin68]
fishboy1
16 Point


Registered: 01/13/03
Posts: 10489
Loc: Warren Co

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Farmin,
Our family. We have radically changed our economic profile to eliminate debt. I can't predict the future but all historical indications point to a very bad economic time coming.

When you have Zero debt and low overhead, you avoid much of the squeeze bad economic policy puts on you.

If you loose your high paying job, you can get by much easier by cutting your lifestyle and fill in the holes with part time work.

Many luxury purchases have been put off or scrapped all together.
This low overhead lifestyle gives us flexibility and peace of mind. If things go into the tank, we wont have a huge monthly overhead to meet and can see what is still profitable in the market place. Then start a new small business in the functioning section of the economy.

I have no idea how to get out from under the iron boot of governments bad fiscal policy. Just trying to get in between the treads when the other shoe drops.
_________________________
If you can't trust people with freedom, how can you trust them with power ?




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#3234334 - 04/29/13 06:49 AM Re: Another fiscal "crisis" on the horizon [Re: fishboy1]
Wildcat
Non-Typical


Registered: 06/10/00
Posts: 41294
Loc: Western Ky.

Offline
 Originally Posted By: fishboy1
Farmin,
Our family. We have radically changed our economic profile to eliminate debt. I can't predict the future but all historical indications point to a very bad economic time coming.

When you have Zero debt and low overhead, you avoid much of the squeeze bad economic policy puts on you.

If you loose your high paying job, you can get by much easier by cutting your lifestyle and fill in the holes with part time work.

Many luxury purchases have been put off or scrapped all together.
This low overhead lifestyle gives us flexibility and peace of mind. If things go into the tank, we wont have a huge monthly overhead to meet and can see what is still profitable in the market place. Then start a new small business in the functioning section of the economy.

I have no idea how to get out from under the iron boot of governments bad fiscal policy. Just trying to get in between the treads when the other shoe drops.



^^^^^^^^^^^^^^^^^^^^^^^^

THIS!!!!

Once I got out of debt years ago everything became EASIER.

I could now focus on making money and NOT just paying bills. You just focus on business and it all works out and then you can have your "luxuries" at any time rather than "must have, right now".
_________________________
A Government that does not trust its law abiding citizens to keep and bear arms, is itself unworthy of trust..... - James Madison





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