Good ideas and conversation. No ads, no tracking. Login or Take a Tour!
kleinbl00 · 2266 days ago · link · · parent · post: The Next Financial Calamity Is Coming. Here’s What to Watch.
I agree with all of this, and can point to links for all of it. However, the "financial calamity" of elevated student debt has an outsized effect on those carrying it; for the financial class it's excellent debt because it can't be disbursed. This is one of the reasons the for-profit college has become such a thing: if you default on your loans, the government pays the people you owe and comes after you. It's entirely risk-free. Sure- you don't have enough money to buy more than a slice of avocado toast every other two weeks but that's an externality. "Millennials don't have any money to spend" is certainly a contributor to any impending financial crisis. But if you're in the finance industry, you lurrrvvvvvvv student loan debt.