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The new bubble and next crash
$1 trillion in debts and growing
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The scam of the century
This is a big one.
Think this through...Borrowers with no assets and no incomes are given 100% financing on an "asset" that is actually not much more than thin air.
The government guarantees payment and the borrowers are not permitted to discharge the debt in bankruptcy,
Colleges and universities feel free to jack up their prices without limit because the next generation of suckers...I mean students...has been brainwashed into believing that getting a four year degree is a "must" for any kind of life success.
After all Bill Gates and Steve Jobs graduated from college, right?...Ooops, they didn't, did they?
End result: Kids start life with crushing debts that reduce their freedom and ability to consume.
What would have happened if Steve Job started life with a $500 a month student loan payment?
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