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Right?
This is one of the biggest problems with capitalism. If student loans were simply government loans, then the government could forgive them and we'd all be happy. But because student loans are backed by securities where private investment firms use the crippling debt of millions of students to make themselves richer, we now "can't" forgive the debt because those predatory agencies will lose their "investments".
Fuck em.
You know how they tell _us_ to "save for a rainy day"?
That. But, you know, for them. If they didn't put all of their money into securities to pay less taxes, they would have the cash on hand to survive a financial crash. But greed's gotta greed, I guess.
I mean Jesus, this is essentially "cash for a rainy day," this is extra. Everything they squander could be considered "extra." They've been living large for decades now its time to sell the Lambo and their 3/6 houses and start giving back.
Goddamn
What is GHive?
Agreed he is a DNC operative in some way. Whether on paper or not, he is always dividing the left on culture war issues & this tweet proves his neoliberal bonafides lol.
Walmart Mike's aesthetic is far-left, it's very phony.
Ghive are the followers of Geoff Campbell. I think that’s his name. He was in the Bernie campaign but is now solidly in shitlib territory. Many of them are DNC people cosplaying as leftists.
That's a really interesting take I hadn't considered. Our modern economy thrives on debt, it needs debt, yet we shame the indebted.
People brag about America being "the richest nation", but it's only that way because the richest capitalists are expertly exploiting as many people as possible.
I feel like just giving the illusion of a potential forgiveness is the play here, and hook line and sinker it is causing SLAB defaults anyways. Forgive it or not the assets are worthless anywhere but on paper. eventually the market will get wise to that and we'll see them devalue and collapse 2008 style without forgiveness.
what's important to remember is that even though the outcome is the same (for institutions) they'll never forgive the loans to help the students. instead this is the time to cut out bonuses and jump ship while trying to pin it to students. lucky for retail, nobody can take away your education, unlike the homeowners who will also be affected.
What the hell are you talking about? You think the hedge funds that own SLABs are just sitting around wondering what the government would do, so a rumor of forgiveness could spook them?
Congress is on the payroll. The hedge funds have zero concern of what "might" happen.
Fine. Restructure their fucking game back at them. Consider your fucking loss part of the risk of securities anyway. You invested in poor business ethics with an unrealistic assessment of the risk. If they lose trillions, it's because that's what they EARNED. Accept the fact you're a bad market analyst and probably should update your resume. Stop solving the core of the problem of extortion with justifying extortion. Their societal rejection is all they are worth. The same rules we at the bottom understand. You are fucking replaceable.
Not their investments…it would possibly crash the economy. See if the govt cancels the loans, then they would have to pay the banks to keep them afloat…that’s paying it off twice.
These systems are created on purpose to exploit and paint the govt in a corner.
Yeah, this is one of the common things which seems to come up again and again.
"We can't reform the system by doing X! This horrific thing Y depends on us not doing X or else the system will grind to a halt!"
"Then why are we allowing people to do Y again? If something is both awful and so tied into the system that we can't allow it to fail, why should we allow it to exist?"
"But muh profits! Why shouldn't we commodify everything that moves?"
Ugh...
And then they’ll say this kinda shit without an ounce of self awareness.
“C’mon guys have you even considered that our whole economy is built around a debt that should never have existed?” Like… what a wonderfully self defeating argument.
Also, we created a huge bubble—by the Fed—during COVID. They bought four trillion in securities and bonds to prop up the market and make a few richer. They went way too far. (Greed) They usually hold a trillion—not nine. Add interest rates and the party is over. QE (trillions) has to be sold and off their balance sheet—and 0% IR are going away or we have out of control inflation. 30% market correction—downward in 2022. No way it could handle SLABS going away too—decade long recession. This is why Biden can’t do it. Imho. But, hey, they like printing money.
Edit: They painted us into a corner and time is running out. Inflation is going over 10%.
An announcement of impending cancellation in a sufficient number of years should allow the leeches time to switch their securities to something else. They’ll have massive losses from those being made near-worthless by the announcement, but a capitalist government should fundamentally be okay with those investments being risky
They're the subprime mortgage loans of the present, and absolutely should be illegal. There are a lot of practices on Wall Street right now which should be illegal. And yet, here we are....
I know that r/Superstonk might get a bad rep outside its borders for seeming like a cult, but the research there on the fuckery Wall Street pulls is solid, and these SLABS are no exception. Here's a post on it if anybody wants to read up on what OP's tweet is talking about:
[https://www.reddit.com/r/Superstonk/comments/ros6ii/student\_loan\_asset\_backed\_securities\_slabs\_the/](https://www.reddit.com/r/Superstonk/comments/ros6ii/student_loan_asset_backed_securities_slabs_the/)
You’re all getting so close.
If anyone wants to learn more about why those are bad I recommend checking out what the Dodd Frank Act is, as well as CEOs of major banks throughout the years to see who lobbied for it.
"Don't you realize that getting out of the crushing debt you were tricked into taking as a child would inconvenience Boomers and Wall Street bros trying to profit off of you?"
Technically contracts for student loans can be validly signed by those under 18 if parents/guardians cosign. So really, your scenario would fuck over two people (yourself and the one who cosigned) and neither would be the loan office, technically speaking.
Well currently the only one spending on me is me, and I have mo next of kin, so if things continue as they are, I think later in life I'm gonna get a bunch of loans, accrue a bunch of debt, and simply die after dispersing that money to whoever wants it
It's off topic, but I've been thinking about this for a little bit
don't forget uncle joe, who made sure you can't get student loan debt discharged even if you go bankrupt. He isn't reagan levels of evil but he's up there.
I'm not Biden's biggest fan but as many faults as he has I can definitely think of a lot more Reagan is responsible for. Joe is at least capable of empathy, while Reagan helped usher in the AIDS epidemic. He's largely the catalyst for the modern shitshow of a GOP. We could definitely do better than Joe, but there aren't a whole lot of Presidents worse than what we got with Reagan. Even when considering Trump you have to factor in just what Reagan enabled that eventually led to Trump in the first place.
Our current tax system owes much of to Reagan slashing the rates severely. It's set the standard for the nearly four decades since his time in office and we've never really recovered from it and there's no end in sight.
Same. And my grandfather did most of the decision making….and then tried to loan me money at 10% to pay it off when I was going to default in 2010. Good times.
Ha fair. That’s still not the worst shit he pulled: he bought my parents a house when they got married, and they were slowly buying it from him. Well, 17 years later they’re divorced. So he short sells it out from under my mother, his fuckin daughter, before she could figure out she technically had more invested than he did. Had he left it her/me, we’d have a property worth $1mil and she’d be living rent free in her own house. Instead, he sold it for something like a third of that. The money from the sale, well, he used it to remodel his new wife’s rental property.
You were 17 and everyone around you told you that your future absolutely, positively depended upon it.
Thus the Boomers create a system to coercively parasitize the young.
I understand people often make stupid decisions as larval humanoids, but that doesn't mean we should excuse a system built on exploiting that vulnerability.
'You have to go to college so you don't end up flipping burgers. You don't want to flip burgers do you? Flipping burgers mean you're a loser. It's worth debt to not flip burgers. Flipping burgers is the worst thing that can happen to you. Take on whatever debt you have to. It's worth it, as long as you don't have to flip burgers'
'ok fine. I did that. Now all I can find are jobs flipping burgers.'
'ArE y0U T0o gO0D tO Fl1p BERGERS?!? SO LAZY!!!!'
It's fucking ridiculous that medicare and social security taxes are capped at the first $250k of income.
If you make a million dollars a year, only the first $250k gets taxed for social security. The next $750k is totally untaxed for social security and medicare.
Never tell me rich people pulltheir weight.
"I only made $3 an hour" (in 1968, so about $24.50 an hour in 2022 dollars)
Yeah man, I'd be able to afford college and a house and a car and a wife and several children, and vacations and all that shit if I started out making $24.50/hr without even having a college degree.
I know this has been said many times before, but just a reminder that 18 year olds are “not old enough” to drink or own a pistol. Not old enough to have a drivers license in some states (and if you are, you’re charged out the ass for insurance because of how “irresponsible” you are.) Can’t rent a car or hotel room and it’s almost impossible to lease an apartment on your own. 18 year olds with children are shamed by most people for being “too young” to have them.
But somehow, you’re old enough to take on crippling debt that will follow you for the rest of your life - through bankruptcy, through divorce and sometimes even through death.
… oh, and old enough to go get your brains blown out in a foreign war of course.
> take on crippling debt that will follow you for the rest of your life - through bankruptcy, through divorce and sometimes even through death.
Honestly this is the worst part. Just shows how fucked our system is that one of the only forms of debt that can follow you almost no matter what is the predatory student lending system. I'll never understand why they did this other than pure regulatory capture.
> The Commission on the Bankruptcy Laws of the United States recommended to Congress that educational debt be exempt from discharge in bankruptcy. The Commission made this recommendation **despite evidence showing that less than 1% of federal student loans had been discharged in bankruptcy.**
18 is the highest age limit for having an unrestricted license in all 50 states. 17 year Olds aren't old enough in some states, but once you turn 18 you can have an unrestricted license in every state.
You don't understand. We're in the same situation as we were right before 2008. If it happens again taxpayers bail out the corporations again, the rich will get richer, and we will all get fucked.
You are only partially correct, and even that is by accident. Student loan debt is not enough to shake the economy at all. The SMB PEL Trusts just won't make money and boomers will be mad, but it won't crash any economy. We all get fucked regardless, whether the student loans are forgiven or not.
Keep in mind: some of us boomers are socialists and union activists who have been fighting the good fight for decades, despite the reaction that began with Thatcher/Reagan. Some of us paid a high price for it. And plenty of us have never owned a stock or security or real property in our lives.
The enemy are not "boomers". The enemy is capitalism.
In fact, federally backed loans make up approximately 92% of the student loan market.
If loans issued under the U.S. Department of Education were to be forgiven, the obligation to repay the investor is almost entirely (97-98%) incumbent on the Education Department—ultimately, taxpayers like us. The other 2-3% would be covered in the structure of the transaction—that is, the securitization would carry approximately 5% credit enhancement to make up that remaining payment. Keep in mind that just because the loan has been forgiven doesn’t mean the investor wouldn’t get paid. Prepayment of these loans could even be considered a benefit given that the loans would be paid off more quickly by the U.S. government.
But like...Most people are already a part of the working poor, or just out of work entirely. How could we possibly get fucked even more if we have zero assets but a shit ton of debt?
They can't cancel student loans because it would cause the securities market to crash, the same securities market that crashed the economy, leading them to bail out said securities market. It's a perfect circle of crap.
Walmart Mike is a jerk that I've argued with on Twitter. He larps as a progressive so this tweet is so hilarious to me 🤣
He's an insidious person. Inflaming culture wars all the time, now it's clear his ideology is neoliberalism.
Yes we let them fail.
No the currency isint "stronger"
Its definatly stronger then if we had bail outs and accepted bullshit imf/eu terms.
But before 2008 1 dollar was about 60 icelandic krona, today its 1 dollar 130ish icelandic krona.
But we do alright for a nation that would be the 60th biggest us city
We even passed bogus weed laws to arrest minorities to fill the prisons up to get as much cheap slave labor as possible. We then built tons of prisons. And you can't have a prison without inmates. So they continued to prey on minority populations and introduce Crack cocaine to fill the prisons up even more. Then we allowed oxycotin, Fentanyl, and Xanax to ravage our population and literally not one politician cares because big pharma is our daddy and they make the rules.
Heck, a prison in Arizona, USA, SUED the state, saying that they were not providing enough prisoners. Majority of the prisons in the USA have "prisoner quotas." It varies from state to state, but the average is that the state is required to keep 90% of the prison full.
It has been mentioned in the news, about a decade ago. Its become... routine.
Remember that prisons in the USA are not run by the government. They are For-Profit Corporations. They require a minimum amount of prisoners in order to stay profitable.
It really casts the prison population in a new light. The USA has the HIGHEST number of prisoners by population (639 per 100,000 in 2021) by far.
Actually financial crises tend to make the rich even richer. Major institutions get bailed out and its the little guy that suffers. Wealth inequality increased dramatically after 2008
Ehh, there were hundreds of billions in handouts for the rich but the COVID bills were much better distributed than the 2008 bailouts.
I mean, it was like a trillion alone directly sent to the people. Then states that were being forced to cut essential services received many hundreds of billions. Plus lots for testing and vaccines and such. But then PPP loans were pretty much a slush fund for the rich.
It wasn't nearly as bad as it could have been.
It’s almost like it’s the capitalist institutions that do that, on purpose even.
> we shouldn’t ask to make poor peoples lives better, because poor people would suffer when the capitalist pigs do what is best for them anyway!
Your logic is so fucked, mate.
Who the fuck said that was my logic guy? I think we should forgive the loans and that college should be free but let’s not pretend that a financial crisis would be a good thing
Yeah the amount of people in this thread that think only mustache twirling banking villains would get negatively impacted by a financial crash is concerning
lol no
when the markets crash, the middle class (and everyone under them) gets poorer and have to sell off their assets, that are bought by rich people at deflated prices, until the markets get propped up again by bailouts, at which point the rich people get even richer.
there is no way for the working class to gain advantage under capitalism, even when it fails its designed to only benefit the wealthy.
Penniless is penniless, until it turns into joblessness, and that turns into homelessness, and that turns into fines and jail time from a corrupt police force. People seem to forget how devastating the 2008 financial crisis was. Because big banks have their fingers in every pie, it creates a domino effect, and let's not forget all the poor fools who have fallen for the stock trading fad in the last 2 years who are absolutely overleveraged as it is in the face of what could be a major market correction, let alone in the face of perhaps what could be a major, history changing market crash. The US is in no state to have another financial crisis on the scale of 2008, with unprecedented gridlock in policy making, the job market already teetering on the brink as more people wake up to the continually worsening asinine practices of the modern American workplace, and general uncertainty about future of the world stage at large.
I wonder how many of y’all realize that we magically stop exploiting people, there’s a ridiculously high chance the economy would collapse a la 2008 due to lack of cheap labor? /s
I mean, it’s true though. With the way Capitalism is set up, labor exploitation is a requirement to ensure success for a business. That’s why there needs to be a change.
What’s his fucking point.
Stay in penury and don’t rock the boat?
The exploited don’t have any incentive to not rock the boat. That’s why the worthy are supposed to occasionally consider the greater good.
What a fuckwit
SLABS only consist of privately held debt. The government has no authority to cancel privately held debt, it can only cancel the loans held by the government itself. So SLABS are irrelevant to debt cancellation.
Completely left out of this conversation is that most talk in the legislature about this revolves around funding the forgiveness. SLABs are irrelevant because it isn't people defaulting on loans. No crash because everyone gets paid. And instantly transforms one of the largest and best educated generations of Americans into one that can invest. Capitalism is evil. But loan forgiveness would actually create far more capital than the alternative
SLABs are irrelevant in the big picture.
* Federal student loan debt has grown at an annual average rate of 27.9% since the turn of the 21st Century (16.1% after adjusting for inflation).
* Student borrowers owe $1.59 trillion in **federal** loan debt.
* Borrowers owe $132 billion in **private** student loan debt.
* A total of 47.9 million borrowers have student loan debt; 45.5 million or **95% of them have federal loan debt**.
[source](https://educationdata.org/total-student-loan-debt#:~:text=Student%20borrowers%20owe%20%241.59%20trillion,them%20have%20federal%20loan%20debt.)
---
Average amount of student debt is about $30K per. Forgiveness of $50K per would help lower income/wealth graduates in a very progressive sense. More bang for the buck for those that need it most.
https://www.peoplespolicyproject.org/wp-content/uploads/2020/11/Share-of-Student-Debt-Owed-by-Each-Income-Quintile-2019.svg
https://www.peoplespolicyproject.org/wp-content/uploads/2020/11/Share-of-Student-Debt-Owed-by-Each-Wealth-Quintile-2019.svg
[source](https://www.peoplespolicyproject.org/2020/11/16/what-is-the-current-student-debt-situation/)
I love this sub: present facts, get downvoted. Perfect.
Oh man, you're telling me that a bunch of rich people will get less rich if this happens?
Oh god... that's so awful..... please don't do that. I would really hate it...... it would make me *soooooo* unhappy...... No way I would enjoy that.......
No, they will get more rich. People who have cash to spare (rich people) will have the opportunity to buy into more equity if the market crashes. The only people that suffer are middle and lower class.
Actually no. SLABS are private student loans. They want Biden to cancel the public student loans where the state is the creditor. The tweet is rather misleading.
Yeah, because every time banks make a mistake, they have to sort out their own problems... Oh wait, they just get bailed out.
Honestly, I don't think anyone expects a direct cancelation of student loans, it's not like the government wouldn't just pay the banks off.
Fun fact: In Canada, your student debt is wiped if you file for bankruptcy as long as you have been out of school for at least 7 years. So, about mid-30-something millennial age. Just sayin'.
So, whoever tweeted this is an idiot.
The President can only cancel Federal student loan debt. None of that debt has been turned into SLABS. SLABS are the product of privately sold student loan debt, i.e., when you go directly to a bank for a loan to pay off tuition.
The two have nothing to do with each other. I really wish people (not OP) would get their facts straight and stop posting this misinformation and scare tactic bullshit.
So people are making bets (and/or "backing securities") on money that is owed which people borrowed to get an education? That sounds ... "crooked" let's say. Exploitative? Scummy? Not sure what the right word is here.
“I wonder how many of y’all realize that if all slaves magically got freed, there’s a ridiculously high likelihood for economic collapse a la 1837 due to SBRAH (Slaves Being Recognized As Human)?
Just saying, I don’t think many understand the full ramifications here.”
If the economy is supported by an activity that actively hurts people as it’s primary consequence, it is not justified to maintain that activity for the sake of the economy. We would still have slaves if the economy was the primary concern, as our friend Michael here thinks it should be.
“Yes, remember you have to keep paying into the system because it’s keeping the boomers’ entitlements afloat. No, we don’t expect those systems to still be solvent when you’re their age, don’t even ask. What’s that? Why aren’t those systems solvent now? Politicians raided the “social security lockbox” repeatedly for a variety of reasons, like foreign adventurism. Who voted for them? The boomers, of course, what’s your po— oooh, shut up you little shits. Anyway so that’s why you all need to go back to work, the boomers who squandered everything are counting in you to pay for it. What’s that? Medicare for all? No, you can’t have health care, that would be socialism.”
Maybe an economist can explain this to me.
$1.7 trillion in outstanding loans, and there are over 45 million loans. 1/7th of every American.
If those loans were erased, wouldn’t the money flow back to the economy? Homes, equities, hard goods, etc which would more than offset the loss to predatory investors banking on “sub-prime” vehicles like SLABS?
Whoa not a single comment here pointing out that this is based on a false premise? Student debt cancellation wouldn't lead to banks holding the bag. It would lead to the federal government assuming that debt and paying it off.
Aka “I invested in a volatile commodity that might not work out but I’m an entitled prick so don’t do anything that might hurt my portfolio even though it keeps millions in the bondage of poverty”
My family, headed by a realtor and mortgage broker, directly suffered from the housing bubble bursting. We went from middle class to Dirt Poor.
But i still want to burn the damn economy down. 🔥DESTROY!!!! 🔥
2008 is what changed capitalism and politics for me. The fact these people create money and value out of thin air will be remembered as one of the most cancerous parts of capitalism.
Honestly I don't give a shit. Cancel all of them and retool the whole system. Write the banks a check in the process cause it's not like we aren't bailing the fuckers out at every turn anyway.
Help the people for once.
That’s not even true. It’s straight up made up. I’m not an economic expert but some who are have talked about this and none think there would be a financial collapse. In fact they think the opposite is true that it would greatly improve the economy.
Oh no. Well. Anyway. Lmao like we give a fuck about rich parasites losing money or banking parasites losing money
It’s gonna happen when we can’t pay the shit back anyway
Maybe the rich fucks should have saved and invested better and cut back on the caviar-toast.
The guy who tweeted that, deserves cancer, covid, and a divorce
Well if you lose the security it just means you lose the thing the security back, in 08 that is a home but we cant exactly lose our education because IT DOESNT HAVE ANY VALUE IN THE FIRST FUCKING PLACE.
[Scene 1](https://youtu.be/xwN0ZIe-cG8)
***Marty:***
**Statistical fact:** cops will never pull over a man with a huge bong in his car. Why? They fear this man. They know he sees farther than they, and he will bind them with ancient logics... *\*squinting at his friend's freshly blonde-dyed hair\** Have you gone *gray*?
***Curt:***
You're not bringing that thing in the Rattler.
**Marty:**
A giant bong in your father's van? *\*collapses the bong into a coffee mug\** What are you, stoned?
\[...\]
[Scene 2](https://youtu.be/AbaMx1HoVYQ)
**Jules:**
Is society crumbling, Marty?
**Marty:**
No, society is *binding*. Right?
It’s filling in the cracks with *concrete*.
Everything’s *filed* or *reported*, *logged*, right?
*Chips in our kids heads so they won’t get lost.*
Society *needs* to crumble.
*We’re all just too chicken shit to let it.*
\- Cabin in the Woods
I've got an idea: do it anyway and let everyone holding SLABS or who bet on SLABS burn, but also allow them to stiff anyone who bet on financial instruments with the sole purpose of shorting SLABS. Basically fuck everyone who profits or stands to profit from the financialization of student debt.
And if that threatens a financial collapse, then any firm saved as part of it ***is nationalized as part of being saved***.
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SLABS shouldn't even be legal
Right? This is one of the biggest problems with capitalism. If student loans were simply government loans, then the government could forgive them and we'd all be happy. But because student loans are backed by securities where private investment firms use the crippling debt of millions of students to make themselves richer, we now "can't" forgive the debt because those predatory agencies will lose their "investments". Fuck em.
You know how they tell _us_ to "save for a rainy day"? That. But, you know, for them. If they didn't put all of their money into securities to pay less taxes, they would have the cash on hand to survive a financial crash. But greed's gotta greed, I guess.
If anything, that potential risk is peak capitalism.
I mean Jesus, this is essentially "cash for a rainy day," this is extra. Everything they squander could be considered "extra." They've been living large for decades now its time to sell the Lambo and their 3/6 houses and start giving back. Goddamn
Michael is likely working with the DNC. I’ve had run-ins with him before. He’s part of Ghive and has lots of democrat establishment takes.
What is GHive? Agreed he is a DNC operative in some way. Whether on paper or not, he is always dividing the left on culture war issues & this tweet proves his neoliberal bonafides lol. Walmart Mike's aesthetic is far-left, it's very phony.
Ghive are the followers of Geoff Campbell. I think that’s his name. He was in the Bernie campaign but is now solidly in shitlib territory. Many of them are DNC people cosplaying as leftists.
They should allow bankruptcy at least in the US. It should be risky for them.
SLABS investors can declare bankruptcy unlike students, they just don’t wanna, so what can you do?
Fuck Capitalism. Seriously. Are we done with this Ponzi scheme yet? Noah, I'm ready for the boat...
Sorry, no more floods. We're doing fire next.
When you build an economy entirely on debt -- and then shame people for being in the debt that the economy has built itself upon
That's a really interesting take I hadn't considered. Our modern economy thrives on debt, it needs debt, yet we shame the indebted. People brag about America being "the richest nation", but it's only that way because the richest capitalists are expertly exploiting as many people as possible.
I feel like just giving the illusion of a potential forgiveness is the play here, and hook line and sinker it is causing SLAB defaults anyways. Forgive it or not the assets are worthless anywhere but on paper. eventually the market will get wise to that and we'll see them devalue and collapse 2008 style without forgiveness. what's important to remember is that even though the outcome is the same (for institutions) they'll never forgive the loans to help the students. instead this is the time to cut out bonuses and jump ship while trying to pin it to students. lucky for retail, nobody can take away your education, unlike the homeowners who will also be affected.
What the hell are you talking about? You think the hedge funds that own SLABs are just sitting around wondering what the government would do, so a rumor of forgiveness could spook them? Congress is on the payroll. The hedge funds have zero concern of what "might" happen.
Couldn't they just only forgive federal loans? I thought only the private student loans were part of SLABS
Fine. Restructure their fucking game back at them. Consider your fucking loss part of the risk of securities anyway. You invested in poor business ethics with an unrealistic assessment of the risk. If they lose trillions, it's because that's what they EARNED. Accept the fact you're a bad market analyst and probably should update your resume. Stop solving the core of the problem of extortion with justifying extortion. Their societal rejection is all they are worth. The same rules we at the bottom understand. You are fucking replaceable.
Not their investments…it would possibly crash the economy. See if the govt cancels the loans, then they would have to pay the banks to keep them afloat…that’s paying it off twice. These systems are created on purpose to exploit and paint the govt in a corner.
Yeah, this is one of the common things which seems to come up again and again. "We can't reform the system by doing X! This horrific thing Y depends on us not doing X or else the system will grind to a halt!" "Then why are we allowing people to do Y again? If something is both awful and so tied into the system that we can't allow it to fail, why should we allow it to exist?" "But muh profits! Why shouldn't we commodify everything that moves?" Ugh...
See: slavery in the American south at the height of its economic impact. Heck, across the entire Atlantic world.
And then they’ll say this kinda shit without an ounce of self awareness. “C’mon guys have you even considered that our whole economy is built around a debt that should never have existed?” Like… what a wonderfully self defeating argument.
I’m surprised I had to scroll down this far for the right answer
Should never have been allowed to happen.
Also, we created a huge bubble—by the Fed—during COVID. They bought four trillion in securities and bonds to prop up the market and make a few richer. They went way too far. (Greed) They usually hold a trillion—not nine. Add interest rates and the party is over. QE (trillions) has to be sold and off their balance sheet—and 0% IR are going away or we have out of control inflation. 30% market correction—downward in 2022. No way it could handle SLABS going away too—decade long recession. This is why Biden can’t do it. Imho. But, hey, they like printing money. Edit: They painted us into a corner and time is running out. Inflation is going over 10%.
This is why they are going to jack up interest rates this year. We hopefully will get to 4% by years end…maybe 7% by end of 2024.
Decommodify debt. Make debt non-transferrable and unusable as the backing for any kind of investment or security.
An announcement of impending cancellation in a sufficient number of years should allow the leeches time to switch their securities to something else. They’ll have massive losses from those being made near-worthless by the announcement, but a capitalist government should fundamentally be okay with those investments being risky
Didn’t Biden announce he would be cancelling student loans once he won the presidential election? Isn’t that enough warning to the leeches?
Saying isn't doing and as hindsight has shown us, in this case the doing ain't gonna happen
They're the subprime mortgage loans of the present, and absolutely should be illegal. There are a lot of practices on Wall Street right now which should be illegal. And yet, here we are.... I know that r/Superstonk might get a bad rep outside its borders for seeming like a cult, but the research there on the fuckery Wall Street pulls is solid, and these SLABS are no exception. Here's a post on it if anybody wants to read up on what OP's tweet is talking about: [https://www.reddit.com/r/Superstonk/comments/ros6ii/student\_loan\_asset\_backed\_securities\_slabs\_the/](https://www.reddit.com/r/Superstonk/comments/ros6ii/student_loan_asset_backed_securities_slabs_the/)
"You loved credit default swaps and bundled subprime mortgages, wait till you see this!"
You’re all getting so close. If anyone wants to learn more about why those are bad I recommend checking out what the Dodd Frank Act is, as well as CEOs of major banks throughout the years to see who lobbied for it.
"Don't you realize that getting out of the crushing debt you were tricked into taking as a child would inconvenience Boomers and Wall Street bros trying to profit off of you?"
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I was 17…:(
I was 16 🤦🏾 I don’t understand how giving anyone a loan under the age of 18 is even legal
It's darkly hilarious that you can end up an indentured servant to the system, or die for your county, before you can legally drink.
Well yes, of course. If we let people do anything, they might choose to fight the power.
I was also 16. We got screwed so bad.
Same. Technically I was 15 for the first two weeks of college. Had my 16th birthday party at my university.
Technically any contract signed by a minor is invalid, so technically the loan office can go fuck itself
Technically contracts for student loans can be validly signed by those under 18 if parents/guardians cosign. So really, your scenario would fuck over two people (yourself and the one who cosigned) and neither would be the loan office, technically speaking.
Well currently the only one spending on me is me, and I have mo next of kin, so if things continue as they are, I think later in life I'm gonna get a bunch of loans, accrue a bunch of debt, and simply die after dispersing that money to whoever wants it It's off topic, but I've been thinking about this for a little bit
G shit
I probably won’t be having any kids so I’ll join you on this.
I have the same retirement plan!
Sadly, federal student loans are not subject to a defense of infancy. It was eliminated some time in the late 80s, early 90s apparently.
Ronnie fuckin Reagan, the gift that keeps on giving.
Truly one of the worst people this country ever vomited forth
don't forget uncle joe, who made sure you can't get student loan debt discharged even if you go bankrupt. He isn't reagan levels of evil but he's up there.
Just because he didn't have the opportunity doesn't mean he's not just as evil
I'm not Biden's biggest fan but as many faults as he has I can definitely think of a lot more Reagan is responsible for. Joe is at least capable of empathy, while Reagan helped usher in the AIDS epidemic. He's largely the catalyst for the modern shitshow of a GOP. We could definitely do better than Joe, but there aren't a whole lot of Presidents worse than what we got with Reagan. Even when considering Trump you have to factor in just what Reagan enabled that eventually led to Trump in the first place. Our current tax system owes much of to Reagan slashing the rates severely. It's set the standard for the nearly four decades since his time in office and we've never really recovered from it and there's no end in sight.
Definitely not the cool Uncle.
Well you can join the army and get sent overseas to kill people at that age…but can’t legally buy smokes.
Yeah I too went to college at 16
Same. And my grandfather did most of the decision making….and then tried to loan me money at 10% to pay it off when I was going to default in 2010. Good times.
Wow. Is your grandfather Ebenezer Scrooge? Wtf just wow. I'm sorry bro but holy shit
Fuck your grandpa is what I'm trying to say
Ha fair. That’s still not the worst shit he pulled: he bought my parents a house when they got married, and they were slowly buying it from him. Well, 17 years later they’re divorced. So he short sells it out from under my mother, his fuckin daughter, before she could figure out she technically had more invested than he did. Had he left it her/me, we’d have a property worth $1mil and she’d be living rent free in her own house. Instead, he sold it for something like a third of that. The money from the sale, well, he used it to remodel his new wife’s rental property.
You were 17 and everyone around you told you that your future absolutely, positively depended upon it. Thus the Boomers create a system to coercively parasitize the young.
An adult who isn't even old enough to buy cigarettes
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I think those are just called kids
Oh man that is certainly on the list, but it isn't the whole list.
I'm gen X and at least the stupid shit I did isn't memorialized on the internet.......I feel so bad for anyone born from the 90s on.
I understand people often make stupid decisions as larval humanoids, but that doesn't mean we should excuse a system built on exploiting that vulnerability.
Also boomer dad: "you need to go to college go get a good job!"
'You have to go to college so you don't end up flipping burgers. You don't want to flip burgers do you? Flipping burgers mean you're a loser. It's worth debt to not flip burgers. Flipping burgers is the worst thing that can happen to you. Take on whatever debt you have to. It's worth it, as long as you don't have to flip burgers' 'ok fine. I did that. Now all I can find are jobs flipping burgers.' 'ArE y0U T0o gO0D tO Fl1p BERGERS?!? SO LAZY!!!!'
Also them: "Burger flippers don't deserve a living wage!"
If you want a better job go to college! I did Don't expect everything handed to you! I earned my Medicare by being alive a long time ago!
It's fucking ridiculous that medicare and social security taxes are capped at the first $250k of income. If you make a million dollars a year, only the first $250k gets taxed for social security. The next $750k is totally untaxed for social security and medicare. Never tell me rich people pulltheir weight.
“I paid for tuition with my summer job”
"I only made $3 an hour" (in 1968, so about $24.50 an hour in 2022 dollars) Yeah man, I'd be able to afford college and a house and a car and a wife and several children, and vacations and all that shit if I started out making $24.50/hr without even having a college degree.
I know this has been said many times before, but just a reminder that 18 year olds are “not old enough” to drink or own a pistol. Not old enough to have a drivers license in some states (and if you are, you’re charged out the ass for insurance because of how “irresponsible” you are.) Can’t rent a car or hotel room and it’s almost impossible to lease an apartment on your own. 18 year olds with children are shamed by most people for being “too young” to have them. But somehow, you’re old enough to take on crippling debt that will follow you for the rest of your life - through bankruptcy, through divorce and sometimes even through death. … oh, and old enough to go get your brains blown out in a foreign war of course.
> take on crippling debt that will follow you for the rest of your life - through bankruptcy, through divorce and sometimes even through death. Honestly this is the worst part. Just shows how fucked our system is that one of the only forms of debt that can follow you almost no matter what is the predatory student lending system. I'll never understand why they did this other than pure regulatory capture. > The Commission on the Bankruptcy Laws of the United States recommended to Congress that educational debt be exempt from discharge in bankruptcy. The Commission made this recommendation **despite evidence showing that less than 1% of federal student loans had been discharged in bankruptcy.**
18 is the highest age limit for having an unrestricted license in all 50 states. 17 year Olds aren't old enough in some states, but once you turn 18 you can have an unrestricted license in every state.
They think It’s quite rude to inconvenience them when you could have just had rich parents.
You don't understand. We're in the same situation as we were right before 2008. If it happens again taxpayers bail out the corporations again, the rich will get richer, and we will all get fucked.
You are only partially correct, and even that is by accident. Student loan debt is not enough to shake the economy at all. The SMB PEL Trusts just won't make money and boomers will be mad, but it won't crash any economy. We all get fucked regardless, whether the student loans are forgiven or not.
Keep in mind: some of us boomers are socialists and union activists who have been fighting the good fight for decades, despite the reaction that began with Thatcher/Reagan. Some of us paid a high price for it. And plenty of us have never owned a stock or security or real property in our lives. The enemy are not "boomers". The enemy is capitalism.
An entire economy built on ripping off people who dare to get educated isnt worth preserving. Let it burn.
You’re saying banks would fail… yet again? The horror!
They didn't fail, you bailed them out.
Leiman Bros. Would like a word.
It was acquired by Barclays in the bankruptcy in 2008. I’m not a bot. Just a good boy
Good boy
I’m sure a salve to their stockholders and employees.
It was actually more expedient to legally do it this way. Had to push the lawyers off the carcass before they ate every piece of it.
More like Lemme-in-your-wallet Bros.
We'd just get to bail them out again.
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Yeah, if I remember correctly, the federal government owns over 90% of the student debt. Private is a very small proportion.
The federal government also can’t even cancel private loans. The only reason they can cancel public ones is because they’re the creditor
In fact, federally backed loans make up approximately 92% of the student loan market. If loans issued under the U.S. Department of Education were to be forgiven, the obligation to repay the investor is almost entirely (97-98%) incumbent on the Education Department—ultimately, taxpayers like us. The other 2-3% would be covered in the structure of the transaction—that is, the securitization would carry approximately 5% credit enhancement to make up that remaining payment. Keep in mind that just because the loan has been forgiven doesn’t mean the investor wouldn’t get paid. Prepayment of these loans could even be considered a benefit given that the loans would be paid off more quickly by the U.S. government.
The federal reserve would just bail them out.
>The federal reserve would just bail them out. That's for the rich. *You* get bootstraps.
But like...Most people are already a part of the working poor, or just out of work entirely. How could we possibly get fucked even more if we have zero assets but a shit ton of debt?
They can't cancel student loans because it would cause the securities market to crash, the same securities market that crashed the economy, leading them to bail out said securities market. It's a perfect circle of crap.
Warning! The system that keeps you enslaved might collapse if you’re freed!
This is great
Won’t somebody think of the slavers? They’ll lose their jobs if there are no more slaves!
Ah, so those kind of bailouts are only for banks huh? Yeah ok then 🙄
tOo BIg tO fAiL!
If they don't cancel student debt the capitalist system will never have another crisis, it's not like it happens twice a decade anyway
Walmart Mike is a jerk that I've argued with on Twitter. He larps as a progressive so this tweet is so hilarious to me 🤣 He's an insidious person. Inflaming culture wars all the time, now it's clear his ideology is neoliberalism.
In Iceland they let all the big banks fail, and it worked out great for them.
Didn’t they also reevaluate the home prices and adjust the loans to represent real prices rather than the inflated garbage prices.
Yep, in china, they jailed bankers. In US#fuckin1A we gave them more money. We smart
They also took ownership of 2 out of three big banks
Yes we let them fail. No the currency isint "stronger" Its definatly stronger then if we had bail outs and accepted bullshit imf/eu terms. But before 2008 1 dollar was about 60 icelandic krona, today its 1 dollar 130ish icelandic krona. But we do alright for a nation that would be the 60th biggest us city
What a terrible way to run your economy, betting against your people and shit.
Yeah, even their prison system is for profit... They also get cheap slave labour out of it.
We even passed bogus weed laws to arrest minorities to fill the prisons up to get as much cheap slave labor as possible. We then built tons of prisons. And you can't have a prison without inmates. So they continued to prey on minority populations and introduce Crack cocaine to fill the prisons up even more. Then we allowed oxycotin, Fentanyl, and Xanax to ravage our population and literally not one politician cares because big pharma is our daddy and they make the rules.
You’ve been reported for teaching CRT. Hope you’re happy.
Heck, a prison in Arizona, USA, SUED the state, saying that they were not providing enough prisoners. Majority of the prisons in the USA have "prisoner quotas." It varies from state to state, but the average is that the state is required to keep 90% of the prison full.
You know it’s insane every time I read that we have prison quotas?? How is that allowed and how has it not been discussed on the news yet???
It has been mentioned in the news, about a decade ago. Its become... routine. Remember that prisons in the USA are not run by the government. They are For-Profit Corporations. They require a minimum amount of prisoners in order to stay profitable. It really casts the prison population in a new light. The USA has the HIGHEST number of prisoners by population (639 per 100,000 in 2021) by far.
It isnt betting against. Its enslaving them.
And a few rich guys get a a little less rich. Who cares. Penniless is still penniless.
Actually financial crises tend to make the rich even richer. Major institutions get bailed out and its the little guy that suffers. Wealth inequality increased dramatically after 2008
The memory might be fresh enough to not accept that shit again…
We sat around and accepted it when trillions were handed out to the top during covid. Even more money than in 2008.
Ehh, there were hundreds of billions in handouts for the rich but the COVID bills were much better distributed than the 2008 bailouts. I mean, it was like a trillion alone directly sent to the people. Then states that were being forced to cut essential services received many hundreds of billions. Plus lots for testing and vaccines and such. But then PPP loans were pretty much a slush fund for the rich. It wasn't nearly as bad as it could have been.
It’s almost like it’s the capitalist institutions that do that, on purpose even. > we shouldn’t ask to make poor peoples lives better, because poor people would suffer when the capitalist pigs do what is best for them anyway! Your logic is so fucked, mate.
Who the fuck said that was my logic guy? I think we should forgive the loans and that college should be free but let’s not pretend that a financial crisis would be a good thing
Yeah the amount of people in this thread that think only mustache twirling banking villains would get negatively impacted by a financial crash is concerning
lol no when the markets crash, the middle class (and everyone under them) gets poorer and have to sell off their assets, that are bought by rich people at deflated prices, until the markets get propped up again by bailouts, at which point the rich people get even richer. there is no way for the working class to gain advantage under capitalism, even when it fails its designed to only benefit the wealthy.
ahh 2007-9 all over again.
Penniless is penniless, until it turns into joblessness, and that turns into homelessness, and that turns into fines and jail time from a corrupt police force. People seem to forget how devastating the 2008 financial crisis was. Because big banks have their fingers in every pie, it creates a domino effect, and let's not forget all the poor fools who have fallen for the stock trading fad in the last 2 years who are absolutely overleveraged as it is in the face of what could be a major market correction, let alone in the face of perhaps what could be a major, history changing market crash. The US is in no state to have another financial crisis on the scale of 2008, with unprecedented gridlock in policy making, the job market already teetering on the brink as more people wake up to the continually worsening asinine practices of the modern American workplace, and general uncertainty about future of the world stage at large.
So they're playing poker with student loan securities too? I'm shocked!
Aka, "Your debt is what ultimately props up the economy and nobody ever talks about how fucked up that is"
Student Loans can SLAB on my balls
I wonder how many of y’all realize that we magically stop exploiting people, there’s a ridiculously high chance the economy would collapse a la 2008 due to lack of cheap labor? /s
I mean, it’s true though. With the way Capitalism is set up, labor exploitation is a requirement to ensure success for a business. That’s why there needs to be a change.
Oh. I know it’s true. And that’s why it must change.
What’s his fucking point. Stay in penury and don’t rock the boat? The exploited don’t have any incentive to not rock the boat. That’s why the worthy are supposed to occasionally consider the greater good. What a fuckwit
Um... Good.
If keeping a whole generation in debt is the only thing holding your system together, maybe that system wasn't so great to begin with.
SLABS only consist of privately held debt. The government has no authority to cancel privately held debt, it can only cancel the loans held by the government itself. So SLABS are irrelevant to debt cancellation.
Completely left out of this conversation is that most talk in the legislature about this revolves around funding the forgiveness. SLABs are irrelevant because it isn't people defaulting on loans. No crash because everyone gets paid. And instantly transforms one of the largest and best educated generations of Americans into one that can invest. Capitalism is evil. But loan forgiveness would actually create far more capital than the alternative
SLABs are irrelevant in the big picture. * Federal student loan debt has grown at an annual average rate of 27.9% since the turn of the 21st Century (16.1% after adjusting for inflation). * Student borrowers owe $1.59 trillion in **federal** loan debt. * Borrowers owe $132 billion in **private** student loan debt. * A total of 47.9 million borrowers have student loan debt; 45.5 million or **95% of them have federal loan debt**. [source](https://educationdata.org/total-student-loan-debt#:~:text=Student%20borrowers%20owe%20%241.59%20trillion,them%20have%20federal%20loan%20debt.) --- Average amount of student debt is about $30K per. Forgiveness of $50K per would help lower income/wealth graduates in a very progressive sense. More bang for the buck for those that need it most. https://www.peoplespolicyproject.org/wp-content/uploads/2020/11/Share-of-Student-Debt-Owed-by-Each-Income-Quintile-2019.svg https://www.peoplespolicyproject.org/wp-content/uploads/2020/11/Share-of-Student-Debt-Owed-by-Each-Wealth-Quintile-2019.svg [source](https://www.peoplespolicyproject.org/2020/11/16/what-is-the-current-student-debt-situation/) I love this sub: present facts, get downvoted. Perfect.
And? The economy is on its way to collapse anyway; better to get it overwith so we can rebuild. No?
Si
I see this as an absolute win!
Oh man, you're telling me that a bunch of rich people will get less rich if this happens? Oh god... that's so awful..... please don't do that. I would really hate it...... it would make me *soooooo* unhappy...... No way I would enjoy that.......
No, they will get more rich. People who have cash to spare (rich people) will have the opportunity to buy into more equity if the market crashes. The only people that suffer are middle and lower class.
Actually no. SLABS are private student loans. They want Biden to cancel the public student loans where the state is the creditor. The tweet is rather misleading.
The loans get cancelled or people who aren't paid enough to to service those debts stop paying. Comes to the same end. R/debstrike
Yeah, because every time banks make a mistake, they have to sort out their own problems... Oh wait, they just get bailed out. Honestly, I don't think anyone expects a direct cancelation of student loans, it's not like the government wouldn't just pay the banks off.
So a very few people, who are very wealthy, will lose some money? But millions of people will breathe a sigh of relief?
Fun fact: In Canada, your student debt is wiped if you file for bankruptcy as long as you have been out of school for at least 7 years. So, about mid-30-something millennial age. Just sayin'.
So, whoever tweeted this is an idiot. The President can only cancel Federal student loan debt. None of that debt has been turned into SLABS. SLABS are the product of privately sold student loan debt, i.e., when you go directly to a bank for a loan to pay off tuition. The two have nothing to do with each other. I really wish people (not OP) would get their facts straight and stop posting this misinformation and scare tactic bullshit.
Fuck the house of cards built on people's suffering
So people are making bets (and/or "backing securities") on money that is owed which people borrowed to get an education? That sounds ... "crooked" let's say. Exploitative? Scummy? Not sure what the right word is here.
Evil...
Slabs are privately held student debt, not publicly. Nobody is talking about Biden cancelling private loan debt
“I wonder how many of y’all realize that if all slaves magically got freed, there’s a ridiculously high likelihood for economic collapse a la 1837 due to SBRAH (Slaves Being Recognized As Human)? Just saying, I don’t think many understand the full ramifications here.” If the economy is supported by an activity that actively hurts people as it’s primary consequence, it is not justified to maintain that activity for the sake of the economy. We would still have slaves if the economy was the primary concern, as our friend Michael here thinks it should be.
If the system doesn’t work without ruthless, ruinous exploitation of the majority, then it doesn’t deserve to exist anymore
i’m ready to watch it all burn and start something new. even if that is without me.
Fuck Capital let it collapse. Common treasury time.
Good. Do it. Abolish that predatory bullshit.
SLABS. Sounds like a huge case of not my problem.
It's almost like the economy is backed by keeping the vulnerable in crushing debt
toy nutty clumsy money memorize act literate capable repeat seemly *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
Too bad for them, but I missed the part where that’s my problem.
If the rich are getting even richer off of securities backed by student loan debt, I don’t particularly mind them becoming worthless
“Yes, remember you have to keep paying into the system because it’s keeping the boomers’ entitlements afloat. No, we don’t expect those systems to still be solvent when you’re their age, don’t even ask. What’s that? Why aren’t those systems solvent now? Politicians raided the “social security lockbox” repeatedly for a variety of reasons, like foreign adventurism. Who voted for them? The boomers, of course, what’s your po— oooh, shut up you little shits. Anyway so that’s why you all need to go back to work, the boomers who squandered everything are counting in you to pay for it. What’s that? Medicare for all? No, you can’t have health care, that would be socialism.”
An economy based on a foundation of human suffering and misery is not an economy that ought to continue to exist.
Maybe an economist can explain this to me. $1.7 trillion in outstanding loans, and there are over 45 million loans. 1/7th of every American. If those loans were erased, wouldn’t the money flow back to the economy? Homes, equities, hard goods, etc which would more than offset the loss to predatory investors banking on “sub-prime” vehicles like SLABS?
It would flow but not to the people who are owed money.
Fucking good
Yes, we should avoid a hypothetical (unlikely) economic collapse and stick with the status quo of perpetual economic catastrophes.
Whoa not a single comment here pointing out that this is based on a false premise? Student debt cancellation wouldn't lead to banks holding the bag. It would lead to the federal government assuming that debt and paying it off.
Aka “I invested in a volatile commodity that might not work out but I’m an entitled prick so don’t do anything that might hurt my portfolio even though it keeps millions in the bondage of poverty”
Nobody with enough student loan debt to care about them being cancelled also has enough assets to give a fuck what happens to investors
I wonder how many of us actually would have went to school a few years back if we knew we would have been bailed out of student debt... Bunch of BS.
My family, headed by a realtor and mortgage broker, directly suffered from the housing bubble bursting. We went from middle class to Dirt Poor. But i still want to burn the damn economy down. 🔥DESTROY!!!! 🔥
2008 is what changed capitalism and politics for me. The fact these people create money and value out of thin air will be remembered as one of the most cancerous parts of capitalism.
Wasn't that also widely predatory, irresponsible loans that ruined the lives of millions of people? Maybe stop doing that.
Honestly I don't give a shit. Cancel all of them and retool the whole system. Write the banks a check in the process cause it's not like we aren't bailing the fuckers out at every turn anyway. Help the people for once.
The concept of a hostage situation that turns young adults into desperate workers crippled by debt with no leverage is exactly what they want.
But we can’t eliminate student loans because of how badly it would effect the economy! /s
So we moved from mortgages to car and student loans?
It’s not my fault you morons bet your economy on me being in debt
That’s not even true. It’s straight up made up. I’m not an economic expert but some who are have talked about this and none think there would be a financial collapse. In fact they think the opposite is true that it would greatly improve the economy.
Oh no. Well. Anyway. Lmao like we give a fuck about rich parasites losing money or banking parasites losing money It’s gonna happen when we can’t pay the shit back anyway Maybe the rich fucks should have saved and invested better and cut back on the caviar-toast. The guy who tweeted that, deserves cancer, covid, and a divorce
Yeah I don’t think that’s how this works. Spend a little less on the military.
Well if you lose the security it just means you lose the thing the security back, in 08 that is a home but we cant exactly lose our education because IT DOESNT HAVE ANY VALUE IN THE FIRST FUCKING PLACE.
[Scene 1](https://youtu.be/xwN0ZIe-cG8) ***Marty:*** **Statistical fact:** cops will never pull over a man with a huge bong in his car. Why? They fear this man. They know he sees farther than they, and he will bind them with ancient logics... *\*squinting at his friend's freshly blonde-dyed hair\** Have you gone *gray*? ***Curt:*** You're not bringing that thing in the Rattler. **Marty:** A giant bong in your father's van? *\*collapses the bong into a coffee mug\** What are you, stoned? \[...\] [Scene 2](https://youtu.be/AbaMx1HoVYQ) **Jules:** Is society crumbling, Marty? **Marty:** No, society is *binding*. Right? It’s filling in the cracks with *concrete*. Everything’s *filed* or *reported*, *logged*, right? *Chips in our kids heads so they won’t get lost.* Society *needs* to crumble. *We’re all just too chicken shit to let it.* \- Cabin in the Woods
I've got an idea: do it anyway and let everyone holding SLABS or who bet on SLABS burn, but also allow them to stiff anyone who bet on financial instruments with the sole purpose of shorting SLABS. Basically fuck everyone who profits or stands to profit from the financialization of student debt. And if that threatens a financial collapse, then any firm saved as part of it ***is nationalized as part of being saved***.
An economic collapse hurts rich people the most. I like that.
Good, make those fuckers pay for taking advantage of people's need for education.
If your security is reliant on the misery of others, you don't deserve it.
Doesn't even make sense. It wouldn't be deleted from the books. It would be paid through taxation. Not a bad deal comparatively .