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Archive for March 7, 2012

Ben Bernanke Says That His Son Will Graduate With $400,000 Of Student Loan Debt

Who ever imagined that Ben Bernanke would become a poster child for the student loan debt problem in America? Recently Bernanke told Congress that his son will graduate from medical school with about $400,000 of student loan debt. For most Americans, such a staggering amount of debt would almost certainly guarantee a lifetime of debt slavery. Unfortunately, Bernanke’s son is not alone. According to the Federal Reserve Bank of New York, approximately 167,000 Americans have more than $200,000 of student loan debt. The cost of a college education has increased much more rapidly than the rate of inflation over the past several decades, and most students enter the “real world” today with a debt burden that will stay with them for most of their working lives. In an economy where there are so few good jobs for college graduates, it can be incredibly difficult to get married, buy a house or afford to have children when you are drowning in student loan debt. It would be hard to overstate the financial pain that student loans are causing many young adults in America today. The student loan debt problem is a national crisis and it is not going away any time soon.”

Via The Economic Collapse Blog

Categories: Debt

Justice Department Keeps Claiming More and More Power…and Jurisdiction

“Hey, world…bet you didn’t know the US Justice Department has jurisdiction to go after your companies, just because they have a .com web address…but that the “finding” of the eminently-corrupt Eric Holder’s bureaucracy. Holder’s Justice Department and Janet Napolitano’s DHS feel they have “…the right to seize any .com, .net and .org domain name because the companies that have the contracts to administer them are based on United States soil…”

Up until this time you could make a good case for leaving the internet in the hands of ICANN and Verisign, as they were much less likely to led to the sorts of censorship and political abuse as seen in China, the Middle East, and envisioned by the bureaucrats at the United Nations. But when the feds are trying to close your sites and snag your assets (the real motive here), no matter where you are…that argument starts to fall apart.”

Via Scott Rhymer at WordPress

January Consumer Credit Surges As Government Blows Student Debt Bubble To Epic Proportions

“One look at the just released consumer credit data would make one believe that the US consumer is getting back into it and the velocity of money is finally starting to ramp up: after all the headline January number came at a whopping +$17.8 billion on expectations of +10.5 billion. Nothing could be further from the truth. As the first chart below demonstrates, January revolving credit, as in that used on one’s credit card, actually declined by $2.9 billion compared to December, and was back to $800.9 billion: the first decline in 4 months as consumers spend less following an already weak holiday season. Yet offsetting this was an absolutely massive surge in Non-revolving credit, i.e., mostly student debt, which soared by $20.7 billion in the month, the highest sequential jump in this category in history, leading to a very misleading print of a major increase in credit. For earlier observations on the soaring student loan bubble see here. And it gets worse: when spread by sources of credit, the only place where credit came from was the US government, which funded a near record $28 billion, all of it going into student loans, even as every other source of credit declined in the month! If this is not the most blatant gaming of headlines, we don’t know what is. But yes, America’s lucky students get ever deeper into debt slavery, only to realize upon graduation that there are no jobs that pay high enough to allow them to pay off this debt. Thank you uncle Sam – may we have another bubble.”

Via Zero Hedge

Categories: Debt, Economy

January Consumer Credit – Jeezus

“Oh Good Lord….

Consumer credit increased at an annual rate of 8-1/2 percent in January. Revolving credit decreased at an annual rate of 4-1/2 percent, while nonrevolving credit increased at an annual rate of 14-3/4 percent.

Oh yeah, it’s all good, right?

Uh, no.

It’s very bad. Remember, Bernanke admitted that his own son is going to have $400,000 in debt when he gets out of college. I hope you don’t need (or want) any help from him when you get old Ben, since somehow I suspect your kid isn’t stupid enough to buy that you have nothing to do with his state of affairs in that regard.

Incidentally, what are you going to tell him when, not if, this entire house of cards you’ve built up over the last decade comes down around your (and his) ears?”

Via Market Ticker

Categories: Economy

Police Given Direct Line To Cell Phone Searches

“Think about all the personal information we keep in our cell phones: It’s something to consider after the U.S. Court of Appeals for the 7th Circuit ruled it is now legal for police to search cell phones without a warrant.

Former Dallas FBI Agent Danny Defenbaugh said the ruling gives law enforcement a leg up. “I think not only will it help them, but it could be life saving,” said the former Special Agent, who was based in Dallas.”

Via CBS Local Dall Fort Worth

Recall Petition Database to Launch Online

“Starting Wednesday night, a searchable database for recall petition signatures will go online.

It’s hosted by a group called Verify the Recall. Promoters say it’s likely to spark a lot of curiosity.

Thousands of people in Wisconsin are expected to go online to check for fraud. The database will post signatures and petitions in the recall effort against the governor and a handful of state senators.

At the Fox Cities Chamber of Commerce and Industry, vice-president Thom Ciske says, “It gives you the ability as someone who is interested in finding out if your name is on there, fraudulently, to search for your name by county, by first name, last name, by street address.” “

Via WBAY

Site to check Verify the Recall set to be searchable sometime Wednesday March 7 2012 at night

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