Just tell the banks and government to write it off, which can also be described as payback for bailing out banks in the past on more than one occasion and the beginning of free higher education. Then we can all high five for having done something nice for the country.
The government made a nominal profit on the bank bailout.
Early estimates for the bailout’s risk cost were as much as $700 billion; however, TARP recovered $441.7 billion from $426.4 billion invested, earning a $15.3 billion profit or an annualized rate of return of 0.6%, and perhaps a loss when adjusted for inflation.
https://en.m.wikipedia.org/wiki/Emergency_Economic_Stabilization_Act_of_2008
You can call it an inefficient use of money if you want to account for inflation, but all in all, preventing a complete collapse of the banking industry while not directly losing any money isn’t the worst deal in the world, and certainly wasn’t the runaway heist by the banks.
So the banks basically paid a .6% interest rate on a $426b loan? I’d say they got the better end of the deal.
I’d hardly call the safeguarding of an establishment that has, and continues to, provide predatory services to the American people a resounding success. At best its a minor victory of the shareholders of the banks.
Change is painful. But is quickly painful, like the setting of a broken bone. As it stands we have the aching pain of an improperly healed bone, as these institutions continue to break them unabated. Are we meant to thank them for the privilege?
I think not. I’d rather we fix the root cause of the problem and see a little short term pain than to maintain the status quo of slower more enduring suffering.
Except they didn’t fix the root of the problem, they just kicked the can down the road and made big banks even bigger. Some bigger than the Treasury itself. They set up a bigger ticking time bomb for someone else to worry about when they’re gone.
My problem with the bailout isn’t the fact that they kept banks open, but that they didn’t require the firing and legal prosecution of those who caused the issues
Yes, by all means, don’t let the banks crash!
Any more poor kids we can steal school lunches from though?
Maybe a homeless tent city we can send police in to tear down and fuck with?
This system is working exactly as intended and should be destroyed for there to be hope for a decent future for most, but lets face it, we’re a bunch of cowards and beaten dogs. So lets sacrifice any and all to keep the banks going!
Collapse would be painful. This system is pain by design. Generational, increasing pain without end for the people the owners don’t consider people. They feel their ego scores aren’t metastasizing fast enough, they use their levers of power to turn the screws harder. We must protect our beloved
societyeconomy!And on the Covid loans to businesses?
What a weird quote to use for your argument. The quote says it is a loss when adjusted for inflation. That is not a profit in any meaningful sense. When money is leant with interest below the inflation rate that is not making profit.
Plus a return rate of .6% is awful. The same banks would demand at least 5%
My payment was late because my servicer changed over COVID and when the auto-pay kicked in my bank rejected the withdrawal. Said they were an unrecognized entity or something.
Had to get my servicer and bank on a 3-way call just to pay my loan. 🤦♂️
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For the most part it should have been free anyway just like our grandparents who perpetuate this nonsense had it.
We are the 40%! Fight the debt slavery!
I’m fortunate to make such little money that my income driven repayment is $0 a month. But that doesn’t stop interest and so many people don’t even have that option
I’m in that boat too, just riding out the hope that the government will collapse before I have to do anything about it.
I’ve given up hope in this country and have serious consideration just abandoning this identity and starting over in another part of the world.
Student loan payment strike when?
It’s kinda already happening
About 40% happening.
40% already are.
Go for it
Too bad it wasn’t lower. The whole system is crooked and greedy and needs to lose about 10-12 inches off the top.
oof ouch my credit score
I wonder if it’s counting the people who have $0 payments as having “paid”, though, which could be driving up the percentage. Because I definitely haven’t given them shit, but I’m considered “current” cause I somehow have $0 payments right now. Not sure why but I ain’t fuckin arguing.
I owe more with each payment. One more year and I’ll have a salary decent enough to knock them off but it’s still…very depressing.
One more year and I’ll have a salary decent enough to knock them off but it’s still
I’ve been saying this for like 10 years now.
Sweet I got that raise I was promised! Fuck my health insurance and cost of living went up 2x more than my raise!
so… wage garnishment when the powers that be figure it out? soon, presumably?
That’s what they have always done. I vote they garnish the wages from everyone who had a say against helping those people. Starting with Clarence Thomas. Once he pays 275,000 to student loans of his own dime, maybe we csn start considering it.
Clogged courtrooms, more likely.
