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August 25th, 2011, 12:03 PM | #41 | |
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Student loans and the education economy are perverse things. We have a very good secondary education system, but it's financed with a ton of debt, and that debt falls on students. It's also the peculiar characteristics of student loans -- generally not dischargeable in bankruptcy-- that make them so lethal, economically. I don't know what the solution to this will be, but I do know there are a lot of people in this boat, and it's killing demand. We're an economy that runs on demand, and it's the 20-40 year old demographic that drives demand. Unfortunately, those folks start out their careers so heavily burdened by debt that they're barely able to keep their heads above water, let alone buy cars, houses -- the "natural demand" which would ordinarily accumulate. solving this mostly overlooked problem has got to be on the agenda. Heard anyone mention student loans on the campaign trail? |
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August 25th, 2011, 02:13 PM | #42 |
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August 25th, 2011, 10:11 PM | #43 | |
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No evidence that the Community Reinvestment Act caused the subprime crisis
One of the favorite putative explanations of the Right for the financial crisis is to try to pin it on liberals mandating mortgage loans to poor people (by which you can read "undeserving black and brown people") under the Community Reinvestment Act
The data don't bear this out, and a recent study does a nice job of summarizing the data. For those who just want the conclusion Quote:
LMI = "Low to Moderate Income" GSE = Federal National Mortgage Association (FNMA) and FRE PTI = "Payment to Income" for those who're curious, the complete article is here: http://www.federalreserve.gov/pubs/f...136/index.html |
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