This is the key point. In the first place, allowing un-secured debt that cannot be discharged by bankruptcy amounts to a government subsidy to money lenders and fraudulent sellers. More importantly, it is creates a moral hazard to civilization by creating a class of people who can be manipulated by worthless debt. Or should we say enslaved by debt? As well, we were manipulated into subsidizing the worst of academia.
It may be a bitter pill to some. However, arguing that people went into these loans with eyes wide open is a false premise. They were manipulated into believing it was proper and according to the status quo. To allow this to continue is to more deeply institutionalize the fraud as a fundamental part of society...
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the loans must be made dischargeable through bankruptcy.
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This is the key point.
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Sorry, no. The KEY point is govt has ZERO authority to be stealing from taxpayers to GIVE to *ANY* enterprise/entity (be that student or institute of ‘higher learning’.
Anyone think otherwise, I can point to a plethora of Amendments that state my conclusion even better.
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In the first place, allowing un-secured debt that cannot be discharged by bankruptcy amounts to a government subsidy to money lenders and fraudulent sellers. More importantly, it is creates a moral hazard to civilization by creating a class of people who can be manipulated by worthless debt. Or should we say enslaved by debt? As well, we were manipulated into subsidizing the worst of academia.
It may be a bitter pill to some. However, arguing that people went into these loans with eyes wide open is a false premise. They were manipulated into believing it was proper and according to the status quo. To allow this to continue is to more deeply institutionalize the fraud as a fundamental part of society...
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“Moral hazard”? What a load of dog-sqeeze. Those contracts weren’t written in braille or any alien language. Like the fake ‘predatory mort. lending’ these people WILLINGLY signed on the dotted-line, ZERO coercion required. They could have cheaply/easily hired some legal help to go over/review and understand, if they so wished.
And, too, it’s not like there wasn’t YEARS of *EXAMPLES* to show ‘em their folly.
Indentured servitude\slavery were supposedly outlawed in this Country....Unless it’s the GOVT doing it (theft for unconstitutional edicts/programs and numerous “welfare”, such as this).