In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. Friedrich Nietzsche
tudent loan debt is now the most insidious and destructive form of obligation in America. It’s worse than mortgages and possibly even a greater threat to economic stability and individual futures than subprime mortgages were.
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Deal Book found that subprime auto loans are now a $145.6 billion business in the United States. It also discovered that insurance companies and big financial firms are investing heavily in bonds backed by subprime auto loans, a situation it compared to the mortgage crisis that caused the economic meltdown in 2008.
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Since it is obvious that a large percentage of that student loan debt is probably uncollectable, allowing borrowers to get rid of it through bankruptcy would be the best solution. The problem is that colleges don’t want to do that because they don’t want to admit that their degrees are worthless.
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