We bail out banks, but not desperate students

[cory777]

Chicago Sun-Times
By Jesse Jackson

The sign at the Occupy Wall Street demonstration revealed the struggles of America’s young: “A B.A., $30,000 in student debt and no job.” Young people are graduating from college into the worst jobs market since the 1930s while carrying record levels of student debt. The sad truth of Occupy Wall Street is that for many of the young activists, Wall Street occupied them first.

Students are borrowing twice what they did a decade ago, even adjusting for inflation. Debt has doubled in just five years. Student debt is likely to exceed $1 trillion over the next year.

As states cut back on college support and grants, college tuitions have risen faster than the cost of homes, health care or energy. Americans believe a college education is key to their children’s future, so more and more borrow what they can.

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Why should big banks be able to get virtually interest-free money from the Federal Reserve, while students are forced to pay far higher interest rates? Why should bankruptcy courts be able to rewrite mortgages on the vacation homes of the wealthy while student loans are untouchable? Students need legislation to allow their loans to be refinanced in bankruptcy court, or forgiven. Why don’t we provide students with the grants or low-cost loans the banks get?

Full Story Here - http://www.suntimes.com/news/jackson/8389726-452/we-bail-out-banks-but-not-desperate-students.html


Activist News - http://activistnews.blogspot.com/

[juajen]

1. Our future lies with these students and graduates. NT

[Fumesucker]

2. To those who have much, much is given..

From those who have less than nothing, everything is taken.

As it was in the beginning, is now and ever shall be, amen.

[msongs]

3. yeah but drones cost money man. get our priorities straight nt

[bainz]

4. Indeed.

Maybe those students should learn how to make drones.

[Fumesucker]

6. Perhaps..

But paying them a decent wage to make drones would cut into profits and possibly jeopardize executive bonuses.

Can't have that happening, wouldn't be prudent.

[girl_interrupted]

5. It's a testament to our times

Students screwed over, trying to educate themselves and become productive members of society. But what else is new. I was watching Rachel Maddow the other night, great show (Faith in Wall Street puts retirement at Risks..The Three Pillars) http://www.msnbc.msn.com/id/26315908/ns/msnbc_tv-rachel_maddow_show/#44968952)

I had no idea that in 1980, banks were paying 15% interest to customers on their savings accounts. Try getting that today. Adding insult to injury...you now have to pay the banks to use your own money, there are hidden fees everywhere. Credit card interest rates have soared, usury abounds, at one time you could deduct the interest you paid on your credit cards on your income tax, no more. A lot has changed and not for the better.

There are no breaks for students, no breaks for the middle/working class, no breaks for homeowners. No one is looking out for them. The only ones who are getting the breaks, are the banks. No one is holding them responsible. It's infuriating.

I don't know what Obama can do with an executive order to change things, but if someone doesn't do something quick to help out the 99%, there are going to be major problems for all of us.

One more thing: With Goldman's Foray Into Higher Education, A Predatory Pursuit Of Students And Revenues
http://www.huffingtonpost.com/2011/10/14/goldman-sachs-for-profit-college_n_997409.html

[Tejas]

7. I prefer not to bail out either group.

Both the students and the banks made conscious decisions, I can't afford to pay for either one of their mistakes so I choose to pay for neither. Not that I have a choice mind you...

[justiceischeap]

8. It's a catch 22. If we are to believe the reports about job candidates not being qualified

Then it doesn't matter how little a college education costs because they aren't learning anything anyway. (That's what the 'job creators' are claiming).

I'd have to agree with those f*ckers to a degree when you read about how our education system is failing nationwide.

[Lance_Boyle]

9. 'Why should bankruptcy courts be able to rewrite mortgages

on the vacation homes of the wealthy while student loans are untouchable?'

Because "the wealthy" surrender those vacation homes to creditors in bankruptcy. How is a student going to surrender an education to creditors in bankruptcy?

I hate to see OWS turning into a platform for a bunch of "gimme something for FREE!" whiners who don't think they should have to repay what they borrowed. Contracts aren't something you enter into with your fingers crossed.

[Javaman]

10. That's an interesting point...

It was apparent from the start that the administration was going to bail out the banks. Why not do it through the students?

the money eventually ends up with the banks anyway, right?

The students get their loans paid off, the bank gets their money.

Oh wait, ahhh, yes, interest.

That's why. It's not about money, per say, it's about making money off the plight of outrageously expensive education.

If the students loans were paid off, then the excuse of "helping" students would be gone and shown to be nothing but orchestrated fraud or loan sharking.

oh well. Can't help the people because the wall street fucks always come first, because, they drive the economy...into the ground.