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cashinmattress

There's Money In Bog Roll Degree's

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The Obama administration is forecast to turn a record $51 billion profit this year from student loan borrowers, a sum greater than the earnings of the nation's most profitable companies and roughly equal to the combined net income of the four largest U.S. banks by assets.

Figures made public Tuesday by the Congressional Budget Office show that the nonpartisan agency increased its 2013 fiscal year profit forecast for the Department of Education by 43 percent to $50.6 billion from its February estimate of $35.5 billion.

Exxon Mobil Corp., the nation's most profitable company, reported $44.9 billion in net income last year. Apple Inc. recorded a $41.7 billion profit in its 2012 fiscal year, which ended in September, while Chevron Corp. reported $26.2 billion in earnings last year. JPMorgan Chase, Bank of America, Citigroup and Wells Fargo reported a combined $51.9 billion in profit last year.

The estimated increase in the Education Department's earnings from student borrowers and their families may cause a political firestorm in Washington, where members of Congress and Obama administration officials thus far have appeared content to allow students to line government coffers.

The Education Department has generated nearly $120 billion in profit off student borrowers over the last five fiscal years, budget documents show, thanks to record relative interest rates on loans as well as the agency's aggressive efforts to collect defaulted debt. Representatives of the Education Department and Congressional Budget Office could not be reached for comment after normal business hours.

The new profit prediction comes as Washington policymakers increasingly focus on soaring student debt levels and the record relative interest rates that borrowers pay as a potential impediment to economic growth. Regulators and officials at agencies that include the Federal Reserve, Treasury Department, Consumer Financial Protection Bureau and Federal Reserve Bank of New York have all warned that student borrowing may dampen consumption, depress the economy, limit credit creation or pose a threat to financial stability.

At $1.1 trillion, student debt eclipses all other forms of household debt, except for home mortgages. It's also the only kind of consumer debt that has increased since the onset of the financial crisis, according to the New York Fed. Officials in Washington are worried that overly indebted student borrowers are unable to save enough to purchase a home, take out loans for new cars, start a business or save enough for their retirement.

This is outrageous money, all made on the backs of the folk who will be running society in a decade or so.

Yes, we need the skilled and traditional vocations like engineering, medicine, law, but not millions upon millions of liberal arts and soft science graduates who can write a top scoring essay on utter crap.

We've got a £20 billion lump to extract interest on.

Higher education, outwith said skilled vocations, is a racket.

Edited by cashinmattress

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This is outrageous money, all made on the backs of the folk who will be running society in a decade or so.

Yes, we need the skilled and traditional vocations like engineering, medicine, law, but not millions upon millions of liberal arts and soft science graduates who can write a top scoring essay on utter crap.

We've got a £20 billion lump to extract interest on.

Higher education, outwith said skilled vocations, is a racket.

I saw two antique unopened rolls yesterday, one Izal and one Bronx, £10 each at a charity shop.

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This is outrageous money, all made on the backs of the folk who will be running society in a decade or so.

Yes, we need the skilled and traditional vocations like engineering, medicine, law, but not millions upon millions of liberal arts and soft science graduates who can write a top scoring essay on utter crap.

We've got a £20 billion lump to extract interest on.

Higher education, outwith said skilled vocations, is a racket.

Yup, such a shortsighted policy, just another facet of the shakedown taking place.

Of course, these debt burdens foisted on the young will have no impact whatsoever on their ability to buy homes at current prices.

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I was just thinking about how my little puppy dog loves chewing up empty toilet rolls rather than playing with her £5 toys just as this thread appeared. spooky heh? :) In fact she's chewing one up as I type.

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I was just thinking about how my little puppy dog loves chewing up empty toilet rolls rather than playing with her £5 toys just as this thread appeared. spooky heh? :) In fact she's chewing one up as I type.

A picture of the little scamp would be greatly appreciated!

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Thanks. Awesome looking pup. What breed is it, looks mixed?

Teething puppies and gadgets are a match made in doggie heaven, and people hell.

cheers, lovely little pup, cross between whippet and a Shiba Inu, wont find many of those about :)

hopefully she'll be happy enough to go out on off road runs in the near future :)

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  • 243 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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