A non-profit organization dedicated to the eradication of all student loan debt through activism, education, and legislation;
because student loan debt is dangerous to the US economy and to the health and well-being of individual Americans and their families.
CRYN JOHANNSEN, Founder & Executive Director
Sunday, February 28, 2010
Those who seek knowledge suffer from the sin of despair and frustration
This excellent piece by James Howard Kunstler is a MUST READ. (Kunstler is the author of the Long Emergency). There is a specific paragraph about the housing market and toxic mortgages, and there is a clear link to what's happening in that sector to that of the student lending industry. For instance, do you know that Deutsche Bank invests in student loan debt in the stock market? Does anyone wish to discuss the repercussions of the fact that our private loans are being swapped and packaged at the global level? What happens when those private loans become toxic? I have been digging for months and reading about a lot of these private loans - some companies are doing very well, while other companies are going belly-up. But I think there is a clear trend: private loans are becoming more toxic than they ever had been in the past. The consequences of this happening are catastrophic, and I fear that I may never be able to return to my home and make an honest living.
Homesickness and despair sets in . . . We are heading into darker times.
Those who seek knowledge suffer from the sin of despair.