How is this upvoted in the economy subreddit? This is a trivially terrible idea
It’s tweeted by a guy who has 200k in student debt and an art PhD lol. Cancelling student debt is the only chance he has
It’s his RIGHT for you to pay him hundreds of thousands of dollars to waste 10 years making water paintings!!! Now!
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The interest rates are predatory. If you take out 20,000 you shouldn't have to pay back 60,000 and still owe the original 20,000. From: a person in their* 20s who hates people complaining about an entire generation just to sound mature. Piss off.
Cope harder. Meanwhile I'll be over here making more money without a degree than you with one... and yes I do want fries with that
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Do you understand how scientific progress works?
Ita def not by paying for every dumb college kids schooling.
Does it involve you getting a psych degree to work at Starbucks?
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Holy frick I love how actions have consequences.
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I looked at the top 5 highest paying majors and picked the easiest one
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So compsci?
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nah, the list was a bit different in this country. could probably have done compsci but im not a nerd
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Well the only other one would be finance but that's also nerdy these days. Doctoring is the hardest. Pharmacy is easier but you might as well be a doctor.
So it'd have to either be a less nerdy engineering or science like chemistry...
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Nah chemistry can be pretty hard. Just ask anyone in the medical field that had to take organic chemistry. It's not that hard but they act like it was that hardest class ever, so I guess med school is easier.
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he's a lolyer
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What's yours?
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They won't, their debt will get paid off eventually and you will pay for it. There is no justice.
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Erm I'm sure they're useful for like verifying Mona Lisas and important art stuff y'know
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They’re very important for the maintenance and upkeep of the art hoe industry actually
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If only the Knoedler gallery's president had an ART PHD she wouldn't have spent $81 million on fake chink counterfeits!!!!
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There was a good book about an FBI art investigators career. Super interesting job, if you're going to be a criminal, dealing in stolen art is super easy because there are very few investigators doing anything about it. The FBI dude was the first one and remained one of the only ones doing it for a long time.
https://www.amazon.com/Priceless-audiobook/dp/B003OXTOVG/
Most of it happens in europe though and the buyers are usually eastern-euro mobster-connected, so it's not easy to get started.
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WHITE COLLARRRRRRR!
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the wealthy only care about arresting the millions of minorities engaging in violent crime for a few thousand $$, while they turn a blind eye to the half a dozen WHITE collar criminals who are stealing millions!!!
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Frick I love that show. I rewatched it last year and still holds up.
Every major plot point is stupid though I wish it was just a Scooby-Doo "new bad guy every week" and maybe an overarching season big case.
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There's a lucrative career in dramacoin for marsey makers.
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“Like, this color is blue and stuff.”
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If you dig yourself into a deep pit of debt just keep digging, I'm sure it'll sort itself out sometime later
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Once you get a PhD they pay you an existence stipend
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I'm pretty sure that's only useful fields. I thought most PhDs were like med school where it is more debt.
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Professional Marsey artist
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Crypto bros tried to bail out th art PhDs with NFTs but many were too proud.
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I'm confused, do people actually pay for PhDs in America? My sister worked as a TA while doing her PhD there and she could save up enough to go on vacations twice a year, though her uni was in a pretty cheap place by burger standards I think.
Unis here typically pay you to a PhD too, like a normal middle class salary if you complete it in five years.
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Unironically, only if you're an idiot. Usually schools have programs that are "funded" which means they pay for your PhD but you have to be good and it has to be a field the school cares about. But if you don't make the cut you can still go and get your PhD, you just have to pay full price.
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When I was doing it we had funded and unfunded. Unfunded typically had corporate sponsors (like I work for army, navy, big corpo and they pay the bill). Funded meant you worked directly under a professor and they find you through TA and RA positions
If you do unfunded without a corporate sponsor universities will tell you, directly, to not do it because it’s a bad idea
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Can you buy student debt and aggressively try to collect it like you can with normal debt?
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I smell a new bait subreddit
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/r/lovefordebtcollectors
Head mods:
/u/jewsdidit
/u/1488marsey
/u/iamatroll
12 posts after 3mo of existing
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Yeah, nayy made it ages ago, but we didn't do anything with it.
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I just realized you were joking, I'm dumb
But it says a lot about rDrama that I believed it
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It's 100% gonna be a thing idk why dramatards can't name something without love for at the beginning. It's like watching reatrds learn math, you can't help them get it and it's just painful to watch
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You absolutely can, and you can get it for fairly cheap but the odds of you starting a company and having the capital to actually get it for pennies on the dollar is pretty low. You'll also most likely be given the debt that the company has pretty much labeled "will never fricking pay". It can be done but it wouldn't be easy
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Just think of all the Funkos you could repossess
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https://fred.stlouisfed.org/series/M1SL
How much damage could another $2 trillion possibly do? Let's get that loan forgiveness rolling!
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Marsey! Marsey!
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Marsey, that's right!
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:)
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Got a pretty much full ride to undergrad and law school. Wish I took out 10k in loans if I knew that shit would of been free.
Now my butt who did it right is paying for dumbass gender studies majors at NYU. I hate my generation.
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Sounds like you’re the r-slur after all huh
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I regret not taking all the low-interest loans I could get my hands on and plowing it into the SP500
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Friend said he was going to do that, bought crypto instead. Made good money doing it too, can't believe the balls that guy has tbh.
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*would have
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"Let me tell you why repubs can hand billions to pander to r-slurred rurals so they can grow shitty corn for meme fuels and corn syrup but dems pandering to their base is unacceptable"
This is why I don't vote anymore. Dems being unwilling to use the federal government to pander and hammer repubs is too annoying to deal with.
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Without a strategic corn syrup reserve 87% of Americans would be at a high risk of instant death due to withdrawal if the supply chain broke down. Subsidizing it just makes sense.
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Get mommy her drum of Mountain Dew, hunny. Don't hurt your back this time, I don't feel like sitting in the ED today.
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Republicans spending billions to help the poor
Dems burning trillions to subsidize the rich
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It's cute how they talk like they are helping the working class because their stupid friends work as a barista with 2 masters degrees and they dont mind propping up billion dollar universities, while there are countless towns full of roofers and construction workers who are actually blue collar working class, and are probably a far more productive base of people to invest in - if you were going to redistribute at that scale.
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Hey, bigot. Navel gazing is praxis.
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Excuse me they also subsidize the massive soy industry, it's a bipartisan solution.
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Should be considered army expenditure
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Hear me out: loan cancellation but only for those who take jobs high skilled immigrants otherwise take.
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None of these people have the skills to take those jobs
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Most of the jobs high skilled immigrants are taking aren't exactly in short supply. Even if you increased STEM graduates by like 20% you'd still have a huge capacity for more.
The only thing that needs fixing is disincentivizing the consultancy companies who scam H1B visas + stop chain migration. Otherwise high skilled visas aren't the problem.
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that would be like 0.05% of the loans. It could result in future generations moving towards those jobs, but after seeing /r/antiwork I have some serious doubts about that
It's not the worst idea I've ever heard, but it needs some work
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Unironically this would stop happening if the government didn't let banks hand out all these loans at 0 risk to themselves because then they'd have to actually evaluate your likelihood to pay back the loan.
But these r-slurs don't want that because it would be "denying poor people access to education" so they allow the government to enable this and consequently drive the poor people into a negative net worth.
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Next we should arrest parents who buy legos for children under three because the kid might choke
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I'm of the opinion that if you're too r-slurred to realize that taking a six-figure loan at 18 is a risky decision then you're too r-slurred for college anyway.
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Predatory lending is a terrible investment 99% of the time and would naturally destroy itself overtime... unless they involve gov regulated student loans or mortgages where normal economics don't apply.
But why fix root causes like that when you can give banks and universities trillions of dollars on the front-end and accelerate the problem for the next generation.
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And this is why I advocate for student loan cancellation, which is giving money directly to banks/universities who employ these "predatory" tactics, thus rewarding these practices. If we don't do that they might find giving out loans to r-slurs for non-paying degrees isn't so profitable, we can't have that!
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Commies in the same breath say "money isn't real" and then fail to comprehend the conclusion that their student loan has already been spent on purchasing black athletes for the university and there's no coming back for it.
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The interest rates have been locked at or below 1% above inflation for the last decade at least. Over the course of the pandemic my college debt shrunk 10% and I haven’t paid a single dime of it
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Over half of loancels haven't paid a penny in the last 2 years. Literally the perfect time to get things right while there's no interest and every payment is reducing your debt, but they'd rather treat it as more money for weed and vidya
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This is unironically a low IQ/high IQ bell curve meme. If you paid down your loans in the last 2 years you are stupid. They are being inflated out of existence and locked in at a 0% interest rate. They are free money.
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Inflation helps people with debt, but if you're deep underwater it's not just going away on its own.
They're banking on the freeze getting extended forever or their debt being forgiven. I can't imagine a full forgiveness anytime soon, although I guess I can see DDD stalling on payments until 2024.
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It will literally go away on its own if it’s below inflation (which 0% is). I will only pay it when it goes back to actually appreciating in value.
This requires actual financial planning though which is why it’s better rslurs just pay it down.
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I think that logic only holds if you make enough money that you're sure the loan bills won't meaningfully affect your finances years down the road. Lifetime total expenses might be lower, but for most people a significant reduction in the amount of time you have an inflexible financial obligation matters more than a few percentage points less in total payment. Being out of debt at age 28 is better than being out of debt at age 30 for the majority of people.
But I do see your point. I didn't decide to go into debt as a teenager so I haven't had to think about it too much.
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You pay down eventually for the fragility risk, but having thousands in interest free debt that I have no obligation to pay is literally free money.
I will pay down the full remaining sum the moment they indicate they’ll start charging interest, but I have even less incentive to pay at the moment because they want to forgive $10k of it.
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These people have private loans so they might have higher interest rates. Which is hilarious because not even the feds would give them all the money they needed to get their meme degrees.
Someone here said loan forgiveness wouldn't touch private loans which would be hella funny but idk if it's true
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It is. The fed has no way of forgiving private loan debt.
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Couldn't they just issue a payment to the loan providers on behalf of private loan holders?
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The difference is that money has to come from somewhere. Forgiving government debt be done instantly by just writing off those assets (with massive ramifications for future government assets and collection), but to pay someone else requires actually having some kind of cash on hand or else borrowing more to do it, plus organizing who and where it’s going to.
So yes technically, but in practice it’s much harder.
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Gotcha that actually makes sense then
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I've been trolling that thread all day with my lolbert larp account. So many lolcows, so little time.
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Snapshots:
undelete.pullpush.io
archive.org
archive.ph (click to archive)
ghostarchive.org (click to archive)
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No amount of free money will be enough for them.
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The only solution is to triple the debt because lord knows half these r-slurs who have their debt cancelled are going to go to their local degree printer and go right back in anyways
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It also doesn't solve the problem. Higher education is too expensive. We'll be in the exact same spot if not worse in 10 years because the price of college only continues to go up
edit: wow should have read the comments in the thread first. Many are saying the same thing and upvoted for it. I guess an economy based subreddit really can understand the economic issues better than the rest of reddit at times. I'm somewhat impressed
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if there is no govt backstop, no one would loan 200k to this r-slur, change my mind
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!blackjack100
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!blackjack100
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!blackjack100
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!blackjack200
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!blackjack100
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!blackjackmb200
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!blackjackmb200
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lucky misclick
!blackjackmb200
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!blackjackmb200
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Im just not gonna pay mine
Not if I don't have a job
Assuming that I will ever live on my own and need to buy a house, and that I wont buy a car off craigslist
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Gonna plunder your trussy in the debtors prison
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If only there were ways to avoid getting student debt
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https://old.reddit.com/r/economy/comments/v1yis4/comment/iaq4sm7/?sort=controversial
Lmao this got a lot of people going
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