Crunch, crisis, fiasco
"Credit Crunch." "Lending Crisis." "Loan Fiasco." These phrases, and many variations on them, are being bandied about the media with more and more frequency these days. Seems the business of debt is floundering in many ways lately, and now the student loan business is starting to feel the pinch, too.
-Have a story about student loans that relates to the credit crisis? Tell it to ABC News.
-This guy thinks the student loan crisis is invented. Go on over there and tell him what you think.
-With the student loan industry "in turmoil", Congress is acting to shore up student loan companies. Funny, isn't it? A couple of years ago, it's all private jets and luxury trips, and now the poor lenders say they're in trouble (to the point of cutting jobs, posting losses, and discontinuing consolidation loans). We wonder if that really just means they aren't able to give their top executives bonuses as big as they've been in the past. And we also wonder, along with this writer, where's the bail out for borrowers?
-File under irony: You know how you borrowed all that money to get a degree to get a good job? Surprise! Your debt may make it harder for you to get a job. To take a quote from our current president and apply it to a different situation than he intended, we say, "Uniquely American, isn't it?"
-Finally, a note to make you smile, hopefully, from our new favorite website, Postcards From Yo Momma.
Student Loan Debt Clock: $483 billion.