Re-- student loans. The reason people should lend them thousands of money without collateral is that student loans are not covered by bankrupcy-- the only ways out (except paying them off, of course) are death or moving all of your assets out of US jurisdiction.
They figure they have on average a lifetimes worth of earnings they can garnish to get their money back, at 8.5% interest. Not bad, when inflation is running close to nil.
Did you know you can buy CDOs of student loans, just like the CDOs of house loans that caused some trouble a little while ago? But the thing with homeonwners is that they can default on the mortgage and your deathgrip becomes only a deathgrip on a house worth a fraction of the loan amount.
Now with a student loan, that deathgrip is a little more inclusive.
I am working on an essay titled "The Immorality of Debt", or rather I should be when not busy working on amphetamine (it is a hobby) [yes, that is a joke. I am working, as a hobby, on my second publication which demonstrates the harm that amphetamine usage causes to the brain and no, I am not one of the research subjects] or my zombie paper or my UW photo essay or my android apps which I should develop, oh, and did I forget that I am a father, husband, house-holder, and did someone mention that I also have a day job?
+glenn
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