Information and commentary is rapidly expanding on the student loan crisis- which is a good thing. But far too many people are unaware of the severity of the corruption in student lending that is strikingly similar to what happened in real estate.
The following post comes from the Medicinesux blog, and was posted a year ago. Still relevant, and still scary! Thanks, Medicinesux, for bringing it to our attention.
“Until recently, I thought that there would never again be an opportunity to be involved with an industry as socially destructive and morally bankrupt as the subprime mortgage industry. I was wrong. The for-profit education industry has proven equal to the task.” -Steve Eisman (renowned hedge fund manager who called the housing market collapse)
I have been preaching for almost two years now how the student loan crisis is shaping up to be one of the most catastrophic financial disasters to lay assault on this country. And it is. Education in America has been hijacked by a cartel of banking thugs and administrative wolves cloaked in sheepskin all in cahoots with the US govt. Though the media has SLOWLY been picking up on this issue, our govt continues to sleep behind the wheel (surprising?). I have done quite a bit of research on this very topic and have quite frankly been blown away by all the disgusting corruption and greed that goes on behind the curtain. Everything from former for profit college lobbyists now working at the Dept of Education to recruiters drumming up warm bodies at homeless shelters to the University of Phoenix’s impressive 4% graduation rate for online students is enough to make my head spin in utter disbelief.
Today in France the youth are protesting in droves after the govt proposed raising the retirement age from 60 to 62. I can only imagine how they would react to our student loan situation! We should be in the streets going ApeSh!t over this. Check out the graph above and see for yourself how this bubble is inflating beyond belief. It makes the recent housing bubble seem like a mere blip! Scary graph indeed!!! (from Medicinesux).
This blog site hasn't been updated in a while, but it provides great links and information. The author also reiterates THE VITAL IMPORTANCE OF RESTORING STANDARD CONSUMER PROTECTIONS TO STUDENT LOANS!!
This book by Alan Collinge, provides an excellent explanation of the student loan crisis and how it came to be. You can not argue with these facts. If you know something is not right in the world of student lending and the cost of education in this country, but you can't quite explain it (or even fully grasp it yourself)- this book will help you become more informed, and want to get more involved. It's worth the money. Get it today!
HOUSTON, WE HAVE A PROBLEM (BIG TIME)
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What are some of the things you have learned about student lending and higher education that have made you angry? What are your thoughts on doing something about it?