Not again

A student loan bubble? Couldn’t be. No sane capitalist would securitize student loans, right?

Watch as one grief-stricken father, who co-signed his dead son’s student loan note, struggling with an overwhelming debt, attempts to find who is owed the money. It would be comical, except Congress, in the pocket of the bank-speculators’ interests, have eliminated any bankruptcy relief for student debt. (Only bankers in our country are worth saving. Even when they are the worst malefactors.)

Grieving Father Struggles to Pay Dead Son’s Student Loans” by Marian Wang (Pro Publica, June 14, 2012).

For the few of us left who are interested in real journalism, Pro Publica has become the most important center of reporting left.

Update (6/18/12): ProPublica traces how one of the loans in this package bounced around, ended up in, possibly involved a bailed out bank, went to Switzerland and disappeared. Although the payee may be unknown, the majesty of the law requires that the debtor pay or incur interest and penalties. That the equality of the law against rich or poor who steal bread for their family, non-dischargeable debt imposed on students would apply to bankers, if only they had taken out a student loan. As it is, they merely destroyed the worlds capital markets, so instead of owing anything they get a loan (at near 0% interest, paid back when they want).

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