There's another problem looming with school loans I'm calling it now. 90k for a tech school degree wtf, and they give these out like crazy with no looking at how the person will be able to repay them, and also you can't claim them on bankruptcy, so the only option is to die or pay them off.
I really don't feel my degree is worth 90,000 (luckily I only owe $50k and it's not even worth that) now but it's still overpriced and way over valued. The education the majority of these game design type schools work on is out and out criminal get them in and keep them in, pass them no matter what so you can keep the loans rolling in for the next few years. The recruiters even have to keep stats of enrolling like 16 new students a month or they can get fired. There's no worrying about a portfolio, just a warm seat that looks like green in the bank, but the only thing the student gets is an enormous amount of debt and a feeling like they've been assraped by the schools and the lending companies giving out these loans like candy and a piece of paper not worth the paper it's printed on.
And they rarely tell you when you start how much it will actually cost you to graduate and how much the monthly cost will be.
The education the majority of these game design type schools work on is out and out criminal get them in and keep them in, pass them no matter what so you can keep the loans rolling in for the next few years. The recruiters even have to keep stats of enrolling like 16 new students a month or they can get fired. There's no worrying about a portfolio, just a warm seat that looks like green in the bank, but the only thing the student gets is an enormous amount of debt and a feeling like they've been assraped by the schools and the lending companies giving out these loans like candy and a piece of paper not worth the paper it's printed on.
Man, that's alot of schools, not just game design. You could just as easily be describing my university. It's totally fucked up for a number of reasons, the two that stick out the most to me:
Debt that outweighs earning power.
Graduates who don't know shit, can't do shit, and don't care either way. These fucktards give the school a blackeye, dumb-down classes for good students and glut the job market.
If you think spending money is the problem, you really don't know what hurts the economy. Depressions occur when people STOP spending money - stop buying, stop investing, stop hiring - because they instead save their money to hedge against financial crisis.
The current crisis is the result of people buying on credit. Credit taken against
second mortgages and the like, funneled towards things they can't pay for, with foreclosures and bankruptcies the result. If people had trillions and trillions of dollars to spend, rather than borrowing against home equity, this never would have happened.
Blame the banks for encouraging risky loans in order to make a buck and fool consumers who don't live within their means. The war has nothing to do with what's going down on Wall Street.
Don't forget about the flippers who would take out mortgages on 10 houses and try to sell them before the first payment was due.
Also with the way the $ is headed its a fool that hangs on to worthless paper. Spend it all on things of actual value or practical things like warm cloths and a family sized tent =P
I just got this via email from a family member and I have to say that I support this solution 100% as opposed to the current bailout plan:
This idea sounds just crazy enough to possibly work, so naturally it won't
be given serious consideration.
Hi Pals,
I'm against the $85,000,000,000.00 bailout of AIG.
Instead, I'm in favor of giving the $85,000,000,000 to the American people in a one-time We Deserve It Dividend.
To make the math simple, let's assume there are 200 million bonafide U.S.
Citizens 18+.
Our population is about 301,000,000 +/- counting every man, woman and child.
So 200,000,000 might be a fair stab at the number of adult citizens 18 and up.
If we divide $85 billion between 200 million adults 18+ it works out to
$425,000.00 each.
So my plan is to give $425,000 to every US citizen 18+ as a We Deserve It Dividend.
Of course, it would NOT be tax free.
So let's assume a tax rate of 30%.
Every individual 18+ would have to pay $127,500.00 in taxes.
That sends $25 1/2 Billion right back to Uncle Sam.
But it means that every adult 18+ would still have $297,500.00 left in their pocket.
And combined, a husband and wife would have $595,000.00.
What would you do with an extra $297,500.00 to $595,000.00 in your family?
Pay off your mortgage - housing crisis solved.
Repay college loans - what a great boost to new grads.
Put away money for college - it'll be there when you need it.
Save in a bank - create money to loan to entrepreneurs.
Buy a new car - create jobs.
Invest in the market - capital drives growth.
Pay for your parent's medical insurance - health care improves.
Remember this is for every adult U S Citizen 18+ including the folks who
lost their jobs at Lehman Brothers, AIG, and every other company that is cutting
back. And of course, for those serving in our Armed Forces.
If we're going to do an $85 billion bailout, let's bail out every adult U S
Citizen 18+! After all, we'd actually appreciate it!
As for AIG - liquidate it. Sell off its parts. Let American General go back
to being American General. Sell off the real estate. And let the private
sector bargain hunters cut up and clean up the rest.
Here's my rationale: We deserve it and AIG doesn't. We didn't mess up; they did.
So why do they deserve the $85 billion? And why didn't they ask us first?
Sure it's a crazy idea that might 'never work.' But can you imagine the Coast-To-Coast
Block Party!!!!!!! And how do you spell 'Instant Economic Boom'????
I trust my fellow adult Americans will know how to use the $85 Billion
We Deserve It Dividend better than the geniuses at AIG or in Washington
DC.
And remember,my plan really only costs $59.5 Billion because $25.5
Billion is returned instantly in taxes to Uncle Sam. Such a deal!! What's not to like?
Kindest regards,
A Creative Guy & Citizen of the "greatest economy on earth"?
thats a great solution and idea , but in practise it wont happen, there will ever be someone who screws it up , its like if communism was actually put into practise with equally shared gains thru everyone for example , there would still be poor people , because some people just waste money in gambling and other stupid ways to loose money.
I've been unemployed for a short time now, and finding it very difficult to find a good paying job. No one is calling. I can't get my car sold. In addition, friends tell me it's impossible to find a small business loan atm. Anyone else I know is telling me how difficult it is to find gas at a station. I'm not going to panic and make a run on the bank (idiots), but I am curious where this is all headed so I can be more prepared. Luckily, I don't have a mortgage. I'm not a fan of the many many cookie cutter homes I'm seeing built everywhere I turn. They have no personality.
Side note,
If you took the cost of the Iraq war ($3,000,000,000,000) and gave its cost back to that 200,000,000 of us 18+ that would only be $15,000 each.
Replies
Glass-Steagall Act signed in 1999 again,
http://en.wikipedia.org/wiki/Glass-Steagall_Act
http://www.investopedia.com/terms/g/glass_steagall_act.asp
I really don't feel my degree is worth 90,000 (luckily I only owe $50k and it's not even worth that) now but it's still overpriced and way over valued. The education the majority of these game design type schools work on is out and out criminal get them in and keep them in, pass them no matter what so you can keep the loans rolling in for the next few years. The recruiters even have to keep stats of enrolling like 16 new students a month or they can get fired. There's no worrying about a portfolio, just a warm seat that looks like green in the bank, but the only thing the student gets is an enormous amount of debt and a feeling like they've been assraped by the schools and the lending companies giving out these loans like candy and a piece of paper not worth the paper it's printed on.
And they rarely tell you when you start how much it will actually cost you to graduate and how much the monthly cost will be.
Man, that's alot of schools, not just game design. You could just as easily be describing my university. It's totally fucked up for a number of reasons, the two that stick out the most to me:
Debt that outweighs earning power.
Graduates who don't know shit, can't do shit, and don't care either way. These fucktards give the school a blackeye, dumb-down classes for good students and glut the job market.
Don't forget about the flippers who would take out mortgages on 10 houses and try to sell them before the first payment was due.
Also with the way the $ is headed its a fool that hangs on to worthless paper. Spend it all on things of actual value or practical things like warm cloths and a family sized tent =P
I suspect that a good percentage of people would do what I would: Pay off my debts, buy a house, invest some of it and stick the rest in savings.
Of course it will NEVER happen, but still fun to think about.
Still, I'll take my $425 now please
If you took the cost of the Iraq war ($3,000,000,000,000) and gave its cost back to that 200,000,000 of us 18+ that would only be $15,000 each.
3 trill number is from here,
http://www.washingtonpost.com/wp-dyn/content/article/2008/03/07/AR2008030702846.html