|Dylan Isbell Original|
A reader and good friend of mine, Peter Duffy, sent me this shout out to President Obama recently. It was in response to his recent request for support and money. The amazing Peter Duffy, who interviewed and filmed me, along with Dustin Slaughter and Brandon Watts, on the night before I left L.A., shouted passionately:
You really want some money? I'm going to give it to you later this week. However, the least you could do is some SERIOUS power moves up there at the top. Such as, some relief for the "buying power of the country", i.e., THE INDENTURED EDUCATED CLASS, who are paying for exorbitant student loans and are SO LOCKED UP financially, that we can't purchase homes and vehicles to get the economy going again. Also a total REVAMP of the financial system is needed. For example, the big banks at the top borrow from OUR federal reserve, lose it all on terrible bets (betting against themselves in some cases, crazy I know right?), and yet we loan them the money to bail them out. They slurp up on the money from the system, and AGAIN all within a 2-year period of time. So in essence, they lost our money, we paid them back with our money and they have all the money again, and somehow we have none. Are you serious? Power moves. I love you, Obama, but where are the balls you had during your election process? The only reason the American people are not at the Capitol with pitchforks is because we are so distracted with trying to feed our families. I'm optimistic, but we have a long dark age ahead, I believe.
Word, Peter. 'Nuff said!
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Nothing will happen. Obama is too busy implementing his socialistic schemes to give a poop about the current indentured class.
The fact this class is fragile only gives him more opportunity to not do much.
You know what would be two really easy things they could do-
1) lower the interest rate on all federal student loans to prime and
2) make the loans payable through pre- taxed income.
I've had some success contacting my representative (also an alum of my law school) and she directed me to the appropriate Rep., but he hasn't gotten back to me and I assume he won't. However, rather than a call to alleviate student loans, I think smaller steps like this are a better idea.
Just allow bankruptcy to be filed on student loans and things will fix themselves. Also don't guarantee the student loans either. Those two moves never made even the slightest bit of sense and had no legal basis whatsoever.
It goes to show you how transparent our entire system is. If you've got the money you can do whatever you want and just write your own laws in. If you don't, you get to be a sucker.
Obama is listening. I am faithful at least.
But seriously, in spite of all of us, the Student Loan bubble will play itself out. It will do that entirely withous any of us.
The end of the 20th Century in America will prove to be a period of social error, and a sort of blurb on human suffering at the hands of the banks.
In the end it is just a matter of faith.
In the meantime, can the US of America throw all of the Student Loan Debtors into Debtors Prison someday?
I doubt it.
But who knows?
I have posted the story of my experience with Student Loans here and there on the Internet, including Cryn's blog.
In my opinion, and in theory, Yes. Debtor's prison is a possibility, and I will tell you how I have arrived at that conclusion. See my Part II post below for that.
But before I post part II I would like to comment on Student Loans in General.
It goes without saying that understanding the whole Student Loan situation is fairly complicated, and it is only in the last couple of years that the debtors have started to protest, and start to question their Faith in Student Loans and the morality of Student Loans in general.
I say complicated in the execution, but maybe understanding it as a 2 party Student loan contract itself is something very simple actually:
(I won't get into the 3rd party analysis involvng the Taxpayer who guarantees and ends up paying for the Student loan)
So to continue: It is a highly unfair contract arrangement between Student Debtor and the Lender.
It is a Contract that calls for severe penalties for nonpayment and/or default. These penalties are in the form of compounded interest, late fees and servicing fees.
It is a contract that does not allow for a downturn in the Job Market. Does not allow for a downturn in the economy.
It is like trying to tell a house painter that he has to continue painting the house and finish the job, even though the house has burned down and been reduced to a pile of ashes.
The Legal term is "Impracticability"
And that is exactly what Student Loans have been for so many who cannot pay them back. A completely one-sided contract in favor of the Lender, in spite of major changes in the circumstances that brought about the contract in the first place.
Such as again--the job market. The shrinking Economy. Overcrowded professions.
But by far Student Loans had their Genesis almost in something that was completely intangible, but nevertheless real.
And that was and still is: Faith.
Faith that after the collapse of the Soviet Union, the US Economy would always provide a means of upward social and economic mobility for its citizens. Faith in the infallibility of the US as the one remaining Superpower, and leader of the free world etc.
Now President Obama is left with the task of rearranging the furniture on the sinking Titanic, and the most ambitious and talented passengers are left without a lifeboat.
I will post my Student laon story in Part II, and the story of how you will possibly go to jail someday. It is just an idea of mine, but so far no one has disputed it.
Obama is Listening, and he has an awesome and exhausting task as President in today's United States.
Keep in mind that what I say below is largely speculative, but anway, here is Part II:
If all roads lead to Rome, and the River to the Sea or Ocean, all Student Loans are heading the following way I believe.
1.ALL Loans (defaulted or delinquent, as well as current) will be taken over and owned by the Federal Government (Obama's Administration made that change) with the private middleman Bank or servicer cut out of the picture. Perhaps with a few exceptions.
2. A 20-25 year payment period, after which the loans are discharged.
3. The borrower will have to pay income taxes on the discharged amount, great or small.
4. The IRs will pursue the lender at this point, and try to collect tax money that could potentially be in the tens or hundreds of thousands.
5. The IRS will add penalty fees, which could make the tax amount owed on the loan quickly jump up to the original amount owed on the loan or even higher.
6. The IRS will place in Jail anyone who cannot pay the tax on a discharged student loan.
Once in Jail, there is always the possiblilty of being raped, physically beaten by fellow inmates, etc.
Call me crazy, but this is a very scary scenario that may well be ahead, given the current state of the laws.
But we are talking 20 years into the future.
Who knows what the US will be like by then.
Am I thinking too much into all this. Am I crazy?
I hope so.
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