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The Next Financial Crisis


Chef Jim

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Currently reading The storm of war by Andrew Roberts. Yes I know you could have done it better. Us hicks just don't know real much about fancy talk.

Sounds like an interesting book.

 

Here is a review by someone that can be taken seriously:

 

Roberts’s descriptions of soldiers and officers are masterly and humane, and his battlefield set pieces are as gripping as any I have ever read. He has visited many of the battlefields, and has an unusually good eye for detail as well as a painterly skill at physical description. (His nearly perfect sense of terrain and geography is marred only by his regrettable conflation of Russia with the Soviet Union, which leads to confusion about battlefield locations, German war aims and Soviet casualties.) He is just as much at home at sea as on land; from Midway to El Alamein his prose is unerringly precise and stirringly vivid. It is hard to imagine a better-told military history of World War II.

 

http://www.nytimes.com/2011/06/19/books/review/book-review-the-storm-of-war-a-new-history-of-the-second-world-war-by-andrew-roberts.html?pagewanted=all

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So if we can’t address the demand issue, why not go after supply? A great place to start would be giving every student who goes into university, or post-secondary education, a mandatory reality check. Instead of Frosh Week, we can call it Future Debt-Ridden Unemployment Week.

Mandatory classes, say in the final year of high school, about student debt, the costs of an education and how long it takes to pay off those debts, given reasonable compensation in their preferred field, would be a great place to start. This would let students make informed decisions about the value of an education — not the fluffy emotional value of making new friends and discovering the joys of binge drinking, but the literal value — how much financial return they can reasonably expect to make on their investment of tens of thousands of dollars.

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Y'know, as I was reading that article, I was reminded of one of the president's post-SOTU campaign speeches. He was telling everyone there are millions of jobs available in America right now. The problem is, we don't have the qualified people needed to fill those jobs. He was urging community colleges to help these students get the education they need as quickly as possible so these jobs can be filled. He mentions something along the lines of "these are engineering jobs," but then acknowledges that "there are different kinds of engineers," so what we have are millions of engineering jobs available, and even though we don't know specifically what type of engineering jobs they are, there are not enough unspecified engineers to fills the undefined engineering jobs.

 

So my advice to those students is to go to their community college and learn to be an engineer. We're not too sure what kind, but that doesn't matter right now. Just take an engineering class. Quick. Cuz there are millions of jobs waiting for you RIGHT NOW!!!

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Y'know, as I was reading that article, I was reminded of one of the president's post-SOTU campaign speeches. He was telling everyone there are millions of jobs available in America right now. The problem is, we don't have the qualified people needed to fill those jobs. He was urging community colleges to help these students get the education they need as quickly as possible so these jobs can be filled. He mentions something along the lines of "these are engineering jobs," but then acknowledges that "there are different kinds of engineers," so what we have are millions of engineering jobs available, and even though we don't know specifically what type of engineering jobs they are, there are not enough unspecified engineers to fills the undefined engineering jobs.

 

So my advice to those students is to go to their community college and learn to be an engineer. We're not too sure what kind, but that doesn't matter right now. Just take an engineering class. Quick. Cuz there are millions of jobs waiting for you RIGHT NOW!!!

 

There won't be many chicks in those classes that only have one chin but damn it, you'll be worth something!

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How can 'banks' be at the top of your list when it's clearly and obviously 'government' and the woman that are the problem? There is no risk when it's guaranteed by the gov't -- the banks are simply doing *exactly* what the gov't is trying to get them to do! Yet you place the blame with the banks first and foremost! I just don't get it.

 

I mean, let's play this out: Do you think this woman would have gotten +$400K if the loans WEREN'T guaranteed by the gov't? Is it really your position that the banks just don't 'understand' the risks here?

No where in my statement did I say anyone was at the top of a list. The point was that it's a combination of factors. She's an idiot for taking that much debt; banks are reckless, but they don't care because there's a government guarantee, and the government guarantee of a private loan by a bank is bad policy.

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No where in my statement did I say anyone was at the top of a list. The point was that it's a combination of factors. She's an idiot for taking that much debt; banks are reckless, but they don't care because there's a government guarantee, and the government guarantee of a private loan by a bank is bad policy.

 

You're words:

 

So if there's a crisis, it's obviously her fault. Let's ignore the fact that banks continued lending her money even though that level of debt has an unrealistic chance of payback; but, hey, it's guaranteed by the government, so who cares about risk...

 

Doesn't sound like you calling her an idiot. All that was missing was :rolleyes: after your first sentence.

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Y'know, as I was reading that article, I was reminded of one of the president's post-SOTU campaign speeches. He was telling everyone there are millions of jobs available in America right now. The problem is, we don't have the qualified people needed to fill those jobs. He was urging community colleges to help these students get the education they need as quickly as possible so these jobs can be filled. He mentions something along the lines of "these are engineering jobs," but then acknowledges that "there are different kinds of engineers," so what we have are millions of engineering jobs available, and even though we don't know specifically what type of engineering jobs they are, there are not enough unspecified engineers to fills the undefined engineering jobs.

 

So my advice to those students is to go to their community college and learn to be an engineer. We're not too sure what kind, but that doesn't matter right now. Just take an engineering class. Quick. Cuz there are millions of jobs waiting for you RIGHT NOW!!!

Community organizer is a hot field.

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So if there's a crisis, it's obviously her fault. Let's ignore the fact that banks continued lending her money even though that level of debt has an unrealistic chance of payback; but, hey, it's guaranteed by the government, so who cares about risk...

So the government making a bad rule and the private sector capitalizing on it is the private sector's fault? :lol:

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No where in my statement did I say anyone was at the top of a list. The point was that it's a combination of factors. She's an idiot for taking that much debt; banks are reckless, but they don't care because there's a government guarantee, and the government guarantee of a private loan by a bank is bad policy.

 

Right...except in your post you only demonize the banks and didn't mention that any fault resided with the woman or the government (where 95% of the fault lies). Typical.

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You're words:

 

 

 

Doesn't sound like you calling her an idiot. All that was missing was :rolleyes: after your first sentence.

The OP mentions the "next financial crisis." Everyone was focusing on blaming the borrower and nothing else. I was trying to point out that there's more than one guilty party to blame for this, if or when the debt bubble bursts.

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The OP mentions the "next financial crisis." Everyone was focusing on blaming the borrower and nothing else. I was trying to point out that there's more than one guilty party to blame for this, if or when the debt bubble bursts.

 

You are so full of ****. :lol:

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The OP mentions the "next financial crisis." Everyone was focusing on blaming the borrower and nothing else. I was trying to point out that there's more than one guilty party to blame for this, if or when the debt bubble bursts.

Oh for God's sake, man!

So when you mentioned the banks specifically, we were just supposed to know that you meant that "Yes, the woman made horrific decisions, and yes, government policy in this area is just completely and totally counter-productive to the problem of spiraling education costs, but the banks share some teeny-tiny percentage of the blame here for participating in this woman's idiocy that is enabled by stupid governmental policy."

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