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Why Do Blacks Have Such Bad Student Loan Default Rates?
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From the Brookings Institution:

The looming student loan default crisis is worse than we thought
Judith Scott-Clayton Thursday, January 11, 2018

… The new data underscore that default rates depend more on student and institutional factors than on average levels of debt. For example, only 4 percent of white graduates who never attended a for-profit defaulted within 12 years of entry, compared to 67 percent of black dropouts who ever attended a for-profit. And while average debt per student has risen over time, defaults are highest among those who borrow relatively small amounts.

Debt and default among black college students is at crisis levels, and even a bachelor’s degree is no guarantee of security: black BA graduates default at five times the rate of white BA graduates (21 versus 4 percent), and are more likely to default than white dropouts.

The overall student loan default rate among Asians since 2004 is 6.2%, among whites 12.4%, among Hispanics 20.0%, and among blacks 37.5%. This rank order is different from mortgage defaults from 2007 onward in which Hispanics have the worst rate, perhaps because blacks tend to be more ambitious about getting educational credentials than Hispanics.

 
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  1. The good-white solution to this specific problem is more “robust efforts to regulate the for-profit sector”, which follows from the general rule which is “the solution for every societal problem is ‘kill the Boer’”.

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    • Replies: @rogue-one
    What happens when you run out of Boers?
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  2. rogue-one says:

    I wonder if any data is available where we can view loan default by majors. It will be very useful to know percentage of African American Studies & feminist studies default rate vs. Mechanical Engineering.

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    • Agree: NickG
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  3. Tyrion 2 says:

    Off-topic but…

    I’ve been thinking for a while about a term to use to describe SJW political correctness. We need a better one. So here is my suggestion: received opinion.

    It is subtle enough to be accepted. It also captures a great deal of why it is nonsense.

    Read More
    • Replies: @Steve Sailer
    "received opinion"

    Yes, that's very good. Liked "received pronunciation" in England.

    , @rogue-one
    Or Social Justice Jihadi & Social Jihadi Orthodoxy.

    Sort of captures the radical and destructive nature of SJWs and their opinions. (The second one is a bit long though. 3 words instead of 2.)
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  4. Anonymous • Disclaimer says:

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  5. Anonymous • Disclaimer says:

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    • Replies: @Achmed E. Newman
    Heh, funny that. However, I am of the lighter persuasion myself, but I promised to myself years ago: no more opening any certified or registered letters unless I know or have been told what's coming. Yeah, I had a few problems with The State. Never, ever, sign for any letters of unknown content. If it's something good someone should have alread told you.

    I'm OK with most dogs and ghosts.
    , @Anonymous
    You should add snakes and 'the occult' to that list.
    , @Anonymous
    Or, come to think of it, 'work'.
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  6. White racism?

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  7. For example, only 4 percent of white graduates who never attended a for-profit defaulted within 12 years of entry, compared to 67 percent of black dropouts who ever attended a for-profit.

    I can’t remember what this fallacy is called, possibly “apples-to-oranges”, but they’re supposed to change one factor at a time. Changing three factors at once makes it impossible to decompose where the effect is coming from (white students to black students, graduates to dropouts, non-profit to for-profit).

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  8. Art Deco says:

    Two reasons, both of which would irritate people.

    1. The descriptive statistics we have now suggest that baccalaureate granting institutions will admit any black student with an equivalency and a pulse beat. Twenty years ago, Stephan and Abigail Thernstrom examined some data sets they got hold of and concluded that about 30% of the blacks admitted to law school would not be admitted to even a tier 4 school were they not black. The collective elimination of standards in higher education is now extreme in ways that would have been surprising as late as 1997. About 43% of each age cohort either matriculates as a freshman or matriculates after a dry run in a community college. Dry performance assessments might suggest that 7% of those above the 43d percentile are black, but as we speak about 14% of the census at 4 year colleges is black. They’re taking on debt and dropping out or taking on debt, finishing, getting hired, and then discovering that the credential they have exaggerates their actual skills (when their employer fires them for cause). (BTW, the distribution of black students among degree programs isn’t radically different from that of the generic student. Business degrees, teaching certificates, and nursing degrees are the order of the day).

    2. I’ve personally known sophisticated and extensively educated blacks who are remarkably haphazard about filing their tax returns each year and paying bills on time. (Politicians who get collared and publicly shamed for not filing their tax returns for years on end – Harold Washington, David Dinkins, and Eleanor Holmes Norton – are a small but thoroughly ebony set). I think there’s some actual data on this which suggests that professional-managerial class blacks have credit scores characteristic of very impecunious white wage-earners. (Cannot remember the citation). Community time preference, etc.

    Read More
    • Replies: @Jack D
    Recently in Philadelphia, both a black Congressman (Chaka Fattah) and the black DA (Seth Williams) were convicted of corruption. In both cases, the corruption seemed to be driven by the fact that they wanted to live a fancier lifestyle than their salaries (which most people would consider adequate - around $175K) permitted. Blacks in professional positions like to cut a fine figure - wear expensive clothes and jewelry, drive a Mercedes, live in a nice house, etc. You can certainly survive on a $175K salary (most people make far less) but you can't if you want to live like a rich guy.
    , @Anatoly Karlin
    Percentage of people who wait to get more money:

    Anglo-Germanic world: 70%-90%
    Nigeria: 10%
    (Angola does a lot better, but US Blacks predominantly hail from West Africa)

    https://www.unzcloud.com/wp-content/uploads/2012/08/future-time-orientation-by-country.png
    , @Realist
    What you say is true, but many universities have lowered their standards for whites as well....chasing the almighty dollar.
    , @Bugg
    I am a tax attorney. A friend of mine is a retired cop who has become a college professor as a 2nd career at what you would call a remedial junior college. He has referred a significant number of new clients to me who all fit the same profile; African-Americans who despite being college instructors, and in some cases, lawyers themselves, have failed to file taxes for as many as 10 years running. And many of them failed to file despite likely being entitled to refunds had they done so in a timely fashion. Also significant numbers of African-American filers generally tend to not withhold nearly enough, such that had they simply gone to their HR departments and addressed that, they would also get refunds.

    Another issue, especially with low income tax credits; the threshold to get the Earned Income Tax Credit has stayed the same for a long time. Like AMT, it's never been indexed for inflation. Had a few mostly latinos lose their shit in my office when their income was too high to get the big money, such they left and probably went someplace else to break the law.

    Problem in both cases is an inner city view of personal finances. Tax time is more like having a good day at a casino playing slots than anything else. Virtually none of these people have anything saved for retirement unless they have a civil service job that has a pension component. And even there, a lot stupidly borrow from pensions despite huge penalties for doing so.
    , @Lowe
    I don't think anyone fires a black person for cause, simply because they they were a poor worker, or not as competent as their credentials suggested. That sounds like a great way to get sued and have to settle or lose.
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  9. Arclight says:

    It is obvious that we have far too many people of all stripes attending ‘higher ed’ of some sort that are not remotely qualified for actual college-level work, but colleges and universities need to feed the machine and will do almost anything to keep students enrolled – which means incredibly dumbed-down courses and graduation requirements.

    The result is every year we have millions of newly-minted graduates who enter the workforce and in relatively short order demonstrate to employers that they aren’t worth the salaries they are paid, so they either lose their jobs and move to lower-paid work or never advance much farther than their entry-level pay. Given the well-documented gaps in academic aptitude and achievement between different racial groups, naturally it follows that the highest percentage of degree-holders that will fail to achieve a rate of compensation sufficient to comfortably pay off student loans are blacks.

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    • Replies: @Jack D
    In addition, millions of graduates never get jobs requiring degrees in the 1st place. Something like half of all graduates get jobs (e.g. barista) for which their degree was not a necessary credential.
    , @Realist
    My exact sentiment.
    , @Carbon blob
    Not to mention that for some reason we require professional students (medicine and law) to acquire useless undergraduate degrees for purposes of admission (Europe doesn't), thus driving up their salary requirements.
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  10. There are a number of factors that seem to encourage more blacks to go to college than probably should:

    1) The preponderance of Yale or Jail thinking regarding marginal black students probably steers a lot more blacks to college than would otherwise go.

    2) Hispanics (and, to some extent, whites) still take pride in being good at skilled trades. Blacks generally don’t. So again, more tend to try for college and the supposed upper middle class comfort that they assume follows.

    3) Affirmative action tends to provide a lot more benefits in terms of educational opportunities than employment (at least in the private sector). It’s easier for a marginal black student to get into college than to get a good-paying job that will enable them to pay off their loans.

    One thing that’s striking about the higher education system is how so much of it is based on not wanting to break the bad news to people that they’re not really exceptional. As I understand it, the credit market for student loans doesn’t consider your likely income path in setting the terms of loans. So we lend money the computer science at CalTech major at the same rate as we do the Communications major at some third-tier state school. If I’m wrong, please correct me.

    Keep the Dream Alive! (Well, you have kind of have to, since you can’t discharge it in bankruptcy.)

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  11. Boom! Problem solved. Andrew Cuomo is offering free college tuition to NY state residents at SUNY colleges and universities. Of course free is a nebulous term as it cost NY taxpayers 163 million in the first year. Tough to default on free.

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    • Replies: @Bubba
    LOL! I agree and would like to add that Cuomo's idea of "free" college tuition accompanied with lowered academic standards ("everyone can go college") will eventually make SUNY college & university degrees worthless. It happened to CUNY (which still charges $6.5K a year for in-state residents & illegal aliens). Their admissions requirements are minimal - just need a 480 SAT Verbal and a NYS High School Regents diploma. Hard to believe it is the same college that produced Nobel Prize winners in chemistry.
    , @Realist
    They'll get what they pay for.
    , @Icedoc
    Tough, you say, to default on free? They will find a way.
    My take: free is just another way to say 100% default rate.
    , @Brutusale
    It's easy to default on free. Do what the mayor and aldermen did in my town: get an education grant for pre-K "education", offer free preschool for all residents with young children, then institute a $400/month fee (which was in the story back when the grant was first announced) when the grant ends.

    The wailing and gnashing of teeth could be heard in the next county. It's amazing how little reading comprehension there is among the middle class.

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  12. What Miss Clayton calls a crisis is a crisis for the people backing the loans, not the students of whatever race. I would have assumed the black graduates would care the least about the people backing the loans, as the default rates show.

    The proportion of graduates who can realistically pay back student loans is so much lower than 30 or even 20 years ago, as tuition is much higher (say 5 X higher) than it was, yet the availability of decent jobs for graduates with degrees other than in engineering and computer-sci is much lower.

    Who are these “backers” of the loans? Why, you taxpaying fools, of course. As explained herein, herein, and herein, there is a big moral hazard that was introduced when the US Feral gov’t started backing all these loans. Would an art history major (and nothing against this area of study, really) have been lended full tuition amounts to back in 1985, when the bank loan officer’s ass was on the line. No way.

    It’s been a vicious cycle. Loans are available to anyone, regardless of prospects for payback, so the universities raise tuition accordingly, meaning bigger loans are needed, but it’s all backed by Joe Taxpayer, so the schools can raise tuition even more for these beautiful student dorms, gyms, and administrative office buildings.

    The students can live large for 4-6 years on the taxpayer’s credit card, and come out with a possibly worthless degree and a loan the size of his Daddy’s 1985 mortgage. What can go wrong?

    Student loan defaults – women and minorities hardest hit!

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    • Replies: @Moses

    so the schools can raise tuition even more for these beautiful student dorms, gyms, and administrative office buildings.
     
    My alma mater is always pleading poverty and asking me for money. I went to a reunion a few years ago. I was shocked by the expanse of palatial new academic, sports and administrative buildings. I resolved then and there never to give them another cent. I feel like a sucker for giving them money in the past.

    And yes, easy gubment money creates moral hazard. The schools simply raise tuition and fees and get fat. The ratio of administrators to students has gone sky-high in the past 25 years. They have no incentive to manage costs. Entrenched interest groups capture the uni and exploit it like a golden goose. And students don't care because, hey, free gubment money they don't have to pay back!
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  13. Jack D says:
    @Art Deco
    Two reasons, both of which would irritate people.

    1. The descriptive statistics we have now suggest that baccalaureate granting institutions will admit any black student with an equivalency and a pulse beat. Twenty years ago, Stephan and Abigail Thernstrom examined some data sets they got hold of and concluded that about 30% of the blacks admitted to law school would not be admitted to even a tier 4 school were they not black. The collective elimination of standards in higher education is now extreme in ways that would have been surprising as late as 1997. About 43% of each age cohort either matriculates as a freshman or matriculates after a dry run in a community college. Dry performance assessments might suggest that 7% of those above the 43d percentile are black, but as we speak about 14% of the census at 4 year colleges is black. They're taking on debt and dropping out or taking on debt, finishing, getting hired, and then discovering that the credential they have exaggerates their actual skills (when their employer fires them for cause). (BTW, the distribution of black students among degree programs isn't radically different from that of the generic student. Business degrees, teaching certificates, and nursing degrees are the order of the day).

    2. I've personally known sophisticated and extensively educated blacks who are remarkably haphazard about filing their tax returns each year and paying bills on time. (Politicians who get collared and publicly shamed for not filing their tax returns for years on end - Harold Washington, David Dinkins, and Eleanor Holmes Norton - are a small but thoroughly ebony set). I think there's some actual data on this which suggests that professional-managerial class blacks have credit scores characteristic of very impecunious white wage-earners. (Cannot remember the citation). Community time preference, etc.

    Recently in Philadelphia, both a black Congressman (Chaka Fattah) and the black DA (Seth Williams) were convicted of corruption. In both cases, the corruption seemed to be driven by the fact that they wanted to live a fancier lifestyle than their salaries (which most people would consider adequate – around $175K) permitted. Blacks in professional positions like to cut a fine figure – wear expensive clothes and jewelry, drive a Mercedes, live in a nice house, etc. You can certainly survive on a $175K salary (most people make far less) but you can’t if you want to live like a rich guy.

    Read More
    • Replies: @Arclight
    Some years back I read some piece on consumer spending habits of different groups in the population and the upshot is that blacks who purchase luxury goods tend to do so while making a lot less money than whites. One example was what level of salary was required before a consumer would consider the purchase of a luxury car (like a BMW) and the figure was something like $80k a year for a black consumer and $120k a year for a white one, or something like that.

    Obviously retailers know this very well - it would be fascinating to see internal research of major clothing stores, auto dealers, etc.
    , @Art Deco
    It's been known for some time that the utility functions of blacks and whites differ and that blacks have a higher propensity to spend on display goods and a lower propensity to spend on housing. That's a different issue than consumption v. saving preferences. What I was referring to was a different phenomenon: a low value put on a certain sort of punctuality (which, in turn, comes back to bite them). That's functionally related to consumption v. saving (or 'time preference'). All three phenomena are going to be correlated, but they're not the same thing.

    One woman I knew had the money to pay her taxes on time, but said it wasn't worth her time to do the bookkeeping. She said she paid every few years and paid penalties because the time was worth more to her than the penalties. She also lived with her husband and daughter in a nondescript 2d story walk up. She dressed handsomely, but I doubt she was breaking the bank with that (and I don't recall she had an expensive car). A colleague who had worked with her and traveled for business with her said she made all sorts of idiosyncratic judgements like that that made a certain sort of sense when she explained them to you.
    , @Alden
    Teachers parking lots in big city schools where there are a lot of black teachers and administrators illustrate what you just said.

    The blacks always have the most expensive $650 a month payment cars while the Whites have modest cars. The black women have their $3,000 dollar wigs , and expensive vacations. White teachers get their hair done at Supercuts.
    , @Gutenberg
    I think you hit the nail on the head with the "Bling" mentality. When I see an obviously worn-down and second-hand high-end car with a prestigious brand, or a low-cost car with superficial bling added, 90-95% of the time it's a trill-ass gentleman driving. All about that peacocking.
    , @Jason F
    You should have no trouble at all cutting a fine figure on $175k salary in Philadelphia!
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  14. Jack D says:
    @Arclight
    It is obvious that we have far too many people of all stripes attending 'higher ed' of some sort that are not remotely qualified for actual college-level work, but colleges and universities need to feed the machine and will do almost anything to keep students enrolled - which means incredibly dumbed-down courses and graduation requirements.

    The result is every year we have millions of newly-minted graduates who enter the workforce and in relatively short order demonstrate to employers that they aren't worth the salaries they are paid, so they either lose their jobs and move to lower-paid work or never advance much farther than their entry-level pay. Given the well-documented gaps in academic aptitude and achievement between different racial groups, naturally it follows that the highest percentage of degree-holders that will fail to achieve a rate of compensation sufficient to comfortably pay off student loans are blacks.

    In addition, millions of graduates never get jobs requiring degrees in the 1st place. Something like half of all graduates get jobs (e.g. barista) for which their degree was not a necessary credential.

    Read More
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  15. OK, my last comment didn’t answer the specific question posed by iSteve. It does give some background on this student loan bubbly-mess, though most here are probably aware. Here you go, then:

    A) Black people less often graduate college with one of the useful degrees that would give a better chance of one getting a good enough job to enable timely and complete payment of these big loans.

    B) (A) nothwithstanding, you don’t see the kind of concern for one’s word (that signature on the dotted line promising re-payment of the money) with black people as much as with old-fashioned white people.

    C) There is a severe lack of ability in money budgeting in the black “community”, lets call it, even worse than that in the white “community”. They are just terrible with coming up with payments of any sort on time, even when they make pretty good money in a small business. There’s no ability to plan a little bit and rein in the urge to spend, spend, spend, with many. I’ve seen this in person a lot.

    This, along with convenience for some people also, is the impetus for all that deductions-from-the-checking-account business that all big business pushes. Loan payments, mortgage payments, utilities, etc., big business would like it to where the payer doesn’t ever even have to conciously do anything. Poof, the money has gone – spend what you have. left.

    D) Pure, flat-out laziness. Ever come up to the cashier in a building-supply store with some stuff that has some type of price discrepancy? You’re much better off with a black cashier. She will just kind of blow it off, and enter something or other into the register computer, while a white girl will be pretty diligent in taking time (wasted for you) asking for price checks, or getting a manager involved.

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  16. Mike1 says:

    Nope nothing to do with credentials. Student loans are very well known among certain groups as free money and have become a vast welfare program. No education or credentialing occurs.

    Go to the student loan office at Los Angeles Valley College Steve. You will see 85 year old Armenian ladies who don’t speak a word of English being coached through filling out student loan forms.

    Defaulted student loans are so common on credit reports these days I mostly ignore them and see if they are paying their other bills.

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  17. Because they don’t show up for class.

    I was taking community college level gen ed classes and the first day of ENG102 there were 6 black guys in the class. Next week there were 3 and then none. I saw it spin out to where one showed up back in class after being AWOL for a month like nothing had happened, and the professor said she’d need to talk to him afterwards because he was dropped from the class. He got up with no issues, left, and then never came back.

    This was a once a week class, btw. So I have to imagine that this is another attitude writ large. They dont understand they have to withdraw or how the admissions/cashier’s offices work, think if they don’t show up they don’t pay, and then they re on the hook with nothing to show.

    Also how FAFSA can be used to ‘live it up’, versus how the GI Bill dumps your college tuition directly to the college.

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  18. @Art Deco
    Two reasons, both of which would irritate people.

    1. The descriptive statistics we have now suggest that baccalaureate granting institutions will admit any black student with an equivalency and a pulse beat. Twenty years ago, Stephan and Abigail Thernstrom examined some data sets they got hold of and concluded that about 30% of the blacks admitted to law school would not be admitted to even a tier 4 school were they not black. The collective elimination of standards in higher education is now extreme in ways that would have been surprising as late as 1997. About 43% of each age cohort either matriculates as a freshman or matriculates after a dry run in a community college. Dry performance assessments might suggest that 7% of those above the 43d percentile are black, but as we speak about 14% of the census at 4 year colleges is black. They're taking on debt and dropping out or taking on debt, finishing, getting hired, and then discovering that the credential they have exaggerates their actual skills (when their employer fires them for cause). (BTW, the distribution of black students among degree programs isn't radically different from that of the generic student. Business degrees, teaching certificates, and nursing degrees are the order of the day).

    2. I've personally known sophisticated and extensively educated blacks who are remarkably haphazard about filing their tax returns each year and paying bills on time. (Politicians who get collared and publicly shamed for not filing their tax returns for years on end - Harold Washington, David Dinkins, and Eleanor Holmes Norton - are a small but thoroughly ebony set). I think there's some actual data on this which suggests that professional-managerial class blacks have credit scores characteristic of very impecunious white wage-earners. (Cannot remember the citation). Community time preference, etc.

    Percentage of people who wait to get more money:

    Anglo-Germanic world: 70%-90%
    Nigeria: 10%
    (Angola does a lot better, but US Blacks predominantly hail from West Africa)

    Read More
    • Replies: @Arclight
    I am not personally acquainted with any Australians or Kiwis, but sorta surprised to see them so close to the bottom here. Seems way out of line with the rest of the Anglosphere.
    , @Thomm
    Angola is 55%, and is higher than Australia and New Zealand.

    This chart is inconclusive more than anything else.
    , @Anonymous
    Could you possibly supply a bit of context for the phrase "choose to wait"?
    Choose to wait to get more money, in what circumstances? For starters.
    What about "choose to work"?
    , @midtown
    A very decent immigration policy would only admit people from nations that are above the USA on that list.
    , @Twinkie

    Anglo-Germanic world: 70%-90%
     
    Seeing as the UK is barely above 70% and the U.S., Australia, and New Zealand are all below that (in the case of the latter two substantially so), perhaps you should revise that terminology to simply "Germanic."
    , @Thomm

    (Angola does a lot better, but US Blacks predominantly hail from West Africa)
     
    Angola IS in West Africa (albeit the southern part of it), and a lot of US blacks hail from there (including Chris Tucker).

    https://youtu.be/db6xs2g26OE?t=1180
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  19. TG says:

    Answer: because student loans are a scam and the banks are no longer evaluating risk but getting bailed out regardless.

    Here how it works. Rich investors are given money at about zero percent interest from the public treasury, and they loan money to a student without any due diligence risk assessment (and this money goes to pay for ever higher administrative costs). Important: it’s not even the rich investors’ money! It’s our own money! Then if the students default, the investors get their profits and capital made whole courtesy of the US taxpayer. It’s like printing money. I wish I could borrow money at 0% interest, loan it out at 6% (more for credit cards etc), and be guaranteed of repayment.

    They say that in capitalism debts must be repaid. WRONG. The essence of capitalism is that people who make bad investments must lose money. It’s an efficient system but renders harsh judgements. The system has been broken because the rich find such discipline unpleasant. Profits should accrue to those who take risks, and evaluate investment opportunities. But we now have welfare for rich investors (not for little people of course, that would degrade their moral fiber!) and so of course it’s going out of control. The relative default rates for blacks vs. hispanics etc. is I think of very little fundamental importance.

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    • Replies: @Achmed E. Newman
    AGREED 100%, TD!.

    It's great to see another libertarian on here. Best comment on the thread ... but I'm not done reading yet.
    , @unpc downunder
    The essence of capitalism is simply being free to make money out of capital, hence the name capitalism. Economic systems don't have to be fair to be successful. Slavery was pretty successful, despite its obvious moral shortcomings. Capitalism is an economic system with many unfair aspects which just happens to be more successful than alternative economic systems like communism.

    The libertarian argument that capitalism is the best economic system because it is inherently fair doesn't stand up. For example, the capitalist practice of allowing people to escape their debts by claiming bankruptcy is often unfair on creditors and small contractors, but it tends to be good for the economy because as it encourages people to take more business risks. Allowing people to pass down wealth to their offspring is socially unfair in that it gives some people an economic head start over others, but passing down wealth tends to be good for capitalist economies.

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  20. Arclight says:
    @Jack D
    Recently in Philadelphia, both a black Congressman (Chaka Fattah) and the black DA (Seth Williams) were convicted of corruption. In both cases, the corruption seemed to be driven by the fact that they wanted to live a fancier lifestyle than their salaries (which most people would consider adequate - around $175K) permitted. Blacks in professional positions like to cut a fine figure - wear expensive clothes and jewelry, drive a Mercedes, live in a nice house, etc. You can certainly survive on a $175K salary (most people make far less) but you can't if you want to live like a rich guy.

    Some years back I read some piece on consumer spending habits of different groups in the population and the upshot is that blacks who purchase luxury goods tend to do so while making a lot less money than whites. One example was what level of salary was required before a consumer would consider the purchase of a luxury car (like a BMW) and the figure was something like $80k a year for a black consumer and $120k a year for a white one, or something like that.

    Obviously retailers know this very well – it would be fascinating to see internal research of major clothing stores, auto dealers, etc.

    Read More
    • Replies: @Gutenberg
    The cues that they are targeting blacks are not subtle at all - the 90s G-Love background track and def rhythmic delivery of the voice actor the most obvious.
    , @Barnard
    That sounds like the philosophy Daymond John was marketing towards when he founded FUBU. As long as it is considered cool, blacks will considerably overpay for clothes and other consumer goods. He convinced a few rappers to wear his clothes, charged a premium for them and made a fortune.

    https://en.wikipedia.org/wiki/Daymond_John
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  21. Pat Boyle says:

    I try to be sympathetic to those who have student debts, but its hard. I have no student debt. I went to George Mason as an undergraduate. I worked as a tutor in math and I worked for the Chemistry department as a TA. I also played bridge for money but the big money was in being a janitor . I supported myself. I don’t think there were student loans in those days.

    Later when I went to San Francisco State I worked as a postal clerk in the very early morning. So I had no debt then either. Finally in graduate school I was on a full academic scholarship and I had gotten several paying fellowships. I never completed my doctorate because I would have had to paid my own tuition. I had exhausted all the sources for free money.

    If you actually belong in college my experience is that you will be recruited and subsidized. If you have to borrow money you probably should get out of school. You are not college timber.

    Read More
    • Replies: @Art Deco
    I supported myself. I don’t think there were student loans in those days.

    Student loans have been around for decades. I think they were first issued in 1965.


    If some fragmentary information I've seen is representative, tuition and room-and-board charges for private institutions have tended to increase pari passu with nominal incomes. The thing is, maybe 6% of each age cohort enrolled in baccalaureate-granting institutions in 1928 (along with another increment who enrolled in teachers' colleges and nursing schools - programs which are handled by 4 year colleges now). In 1928, you were looking at a modest (and generally contextually affluent) set whose payments could cross-subsidize a small crew of impecunious students on scholarship. Now, you're getting over 40% of each cohort. Voluntary tuition payments, donations, and bequests from the most affluent 4% are never going to cover the costs for the other 39% to allow said 39% to get by on campus jobs and off-campus service jobs. So, people pre-pay for college with loans (for which the interest rate is subsidized, the lender gets a federal guarantee, but in re the terms are just this side of a debtor's prison). It's gotten to be a social problem because higher education is capturing far too many people in each cohort and the degree programs are pointlessly long.

    One fellow I correspond with is a small town lawyer from a wage earning background who attended the University of Illinois assisted by loans. (He's also been active in various conservative causes, starting with licking envelopes for Barry Goldwater). He's an astringent critic of federal student loans. Did I mention that he's a bankruptcy specialist?
    , @Jack D
    College tuition has been going up at a rate far higher than inflation for decades now. I had some student loans in the late '70s but since the full tuition, room and board (at a private university) for the year was well under $10K annually, they didn't amount to much. Now 1 year at a private U is as much a $65K with room and board or $260,000 for a 4 year program.
    , @The Millennial Falcon
    Student debtors are hardly blameless, but it sounds like you went to school in an earlier era.

    Tuition inflation has consistently left CPI in the dust.

    When I did my undergrad in the late 2000s at the cheapest state school near me, resident tuition was $1600 a semester, which I was able to pay pretty comfortably working for low wages. A decade later it's more than double that.

    And I was raised poor and dirt-cheap so I was vastly more cost-conscious than most teenagers making college selections.

    I have a friend who went to a mediocre private school with his wife. Not dumb people by any means - he was making 6 figures within a few years of graduating. But with tuition running about $30k a year for each of them, they had more than $200k in student loans between them.

    Soaring costs, bad advice from parents, guidance counselors who care only about college admission (not cost) and a society-wide emphasis on a BA/BS as the bare minimum for a respectable professional - there's a reason why Millennials are racking up student debts at greater rates than Boomers and Xers and it's not because the latter were smarter.

    , @MarkinLA
    If you actually belong in college my experience is that you will be recruited and subsidized.

    That depends on the major. Above average (but not exceptional) people in STEM tend to find decent jobs rather easily but those students will never get much in the way of free money if they are white or Asian.
    , @Alden
    Student loans arrived in time for the 1963-1964 school year, my senior year in college.

    My parents, with 4 younger children children and an average income managed to pay my tuition at one of the most expensive private universities in the country.

    As soon as student loans arrived tuition and dorm fees even textbooks rose and rose and rose. Textbooks now cost about $200 apiece. The colleges charge as much as $18,000 a year to stuff 3 students in a 9 by 12 room with no closets, just cupboards that take up a lot of floor space. Oh, and just 2 desks for the students to share.

    Re textbooks I was a waitress during the summers. Pay check for a 48 hour week was about $40. I was able to buy all my years textbooks, 4 or 5, a ream of typing paper, a typewriter ribbon, couple bottles of White out , notebooks pens
    for about $35. That was less than one week minimum wage paycheck.

    Take home for 48 hours of minimum wage is about $30o now. That gets a student at best 2 textbooks.

    Times have changed since 1960.

    It’s the loans that feed the monster.

    Now a


    Times have changed.
    , @Alden
    When I was an undergrad at an expensive university 1960 to 1964, many, many of the guys earned ALL their tuition and dorm fees working vacation relief in factories and steel mills.

    Of course in those days there were factories and steel mills. The workers had paid vacation. The workers made enough to afford children so they took their vacations during school vacation. So college and even older high school boys had well paid vacations aiding the summer.

    But the factories are gone except for the illegal ones owned by Asian vampires who use illegal alien slaves who sleep on the factory floor
    , @Pericles

    If you actually belong in college my experience is that you will be recruited and subsidized. If you have to borrow money you probably should get out of school.

     

    Soooo ... Blacks belong in college but whites do not?
    , @Brutusale
    They were around in the late 70s.

    Before my junior year I was with a friend at the college's finance office while she was filling out her loan applications. One of the employees asked me if I was applying for a loan, too. I said no, I'm on scholarship. She asked if I lived at home, and I said no, I'm living off campus with a couple of friends. She told me that I should take out a student loan for my living expenses.

    I ended up getting $2,500 for both my junior and senior years, which allowed me to cut back on my work hours and enjoy myself more. At 3%, it was some of the cheapest money I'll ever borrow.

    I was able to pay my loans off in 4 years. My friend, who had about $35K in loans when she graduated, was paying into her 40s after many incidents with collection services. They finally just wrote off the last few grand for her.

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  22. Arclight says:
    @Anatoly Karlin
    Percentage of people who wait to get more money:

    Anglo-Germanic world: 70%-90%
    Nigeria: 10%
    (Angola does a lot better, but US Blacks predominantly hail from West Africa)

    https://www.unzcloud.com/wp-content/uploads/2012/08/future-time-orientation-by-country.png

    I am not personally acquainted with any Australians or Kiwis, but sorta surprised to see them so close to the bottom here. Seems way out of line with the rest of the Anglosphere.

    Read More
    • Replies: @Kyle Searle

    I am not personally acquainted with any Australians or Kiwis, but sorta surprised to see them so close to the bottom here. Seems way out of line with the rest of the Anglosphere.
     
    Too many neer-do-wells came in off the boat, and they have substantial pre-Western colonization populations. Being willing to wait for more money is likely strongly inversely correlated with criminality, as poor impulse control is a huge part in that.
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  23. Bill Jones says: • Website

    Blacks have an easier time getting into college than whites, it’s obviously harder in the real world.

    Read More
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  24. Ed says:

    I think we saw an example of why this weekend in the responses to Trump’s shithole comments. When it comes to blacks the establishment doesn’t criticize openly and gives blacks an overestimation of their importance. Unfortunately the market & reality correct such notions and harshly.

    White students with marginal ability are not told they’re college material. Black students are told such, here in DC the high school that has traditionally been the worst high school bragged about all of their students getting into college. NPR does some digging almost all of the graduates missed half the school year and only about 3% of the students tested proficient.

    https://www.npr.org/sections/ed/2017/11/28/564054556/what-really-happened-at-the-school-where-every-senior-got-into-college

    Read More
    • Replies: @Arclight
    As a former Washingtonian, I had previously read this piece and was not at all surprised. A good friend's kid won the charter school lottery and was attending one of the best available in the district until the spouse decided their kid should have a more 'authentic' experience and transfer to the neighborhood school. In short order my friend would describe this as a massive mistake.

    Every year the Post does an article on some DCPS grad who is now attending Georgetown or some similar upper-tier university. Without exception, the piece says the student was a straight-A high school student, valedictorian, praised by teachers, etc. and then goes on to say how the student is struggling mightily in college. Occasionally there is even some discussion or a quote from the student in which they realize that the coursework they completed in high school is a joke compared to what most of their fellow students experienced.
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  25. Art Deco says:
    @Jack D
    Recently in Philadelphia, both a black Congressman (Chaka Fattah) and the black DA (Seth Williams) were convicted of corruption. In both cases, the corruption seemed to be driven by the fact that they wanted to live a fancier lifestyle than their salaries (which most people would consider adequate - around $175K) permitted. Blacks in professional positions like to cut a fine figure - wear expensive clothes and jewelry, drive a Mercedes, live in a nice house, etc. You can certainly survive on a $175K salary (most people make far less) but you can't if you want to live like a rich guy.

    It’s been known for some time that the utility functions of blacks and whites differ and that blacks have a higher propensity to spend on display goods and a lower propensity to spend on housing. That’s a different issue than consumption v. saving preferences. What I was referring to was a different phenomenon: a low value put on a certain sort of punctuality (which, in turn, comes back to bite them). That’s functionally related to consumption v. saving (or ‘time preference’). All three phenomena are going to be correlated, but they’re not the same thing.

    One woman I knew had the money to pay her taxes on time, but said it wasn’t worth her time to do the bookkeeping. She said she paid every few years and paid penalties because the time was worth more to her than the penalties. She also lived with her husband and daughter in a nondescript 2d story walk up. She dressed handsomely, but I doubt she was breaking the bank with that (and I don’t recall she had an expensive car). A colleague who had worked with her and traveled for business with her said she made all sorts of idiosyncratic judgements like that that made a certain sort of sense when she explained them to you.

    Read More
    • Replies: @Ed
    I had an exchange once with Sandy Darity, a black economics professor at Duke. He said blacks don’t spend or save differently than whites when controlled for income. He linked some paper he did. I didn’t buy it but didn’t feel like arguing with him.
    , @Daniel H
    There was an old "racist" joke, a saying attributed to black men back in the 70s. Black man would say, "You can live out of your Cadillac, but you can't drive your apartment."

    As with all slurs and jokes, there was a small element of truth to it.
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  26. Arclight says:
    @Ed
    I think we saw an example of why this weekend in the responses to Trump’s shithole comments. When it comes to blacks the establishment doesn’t criticize openly and gives blacks an overestimation of their importance. Unfortunately the market & reality correct such notions and harshly.

    White students with marginal ability are not told they’re college material. Black students are told such, here in DC the high school that has traditionally been the worst high school bragged about all of their students getting into college. NPR does some digging almost all of the graduates missed half the school year and only about 3% of the students tested proficient.

    https://www.npr.org/sections/ed/2017/11/28/564054556/what-really-happened-at-the-school-where-every-senior-got-into-college

    As a former Washingtonian, I had previously read this piece and was not at all surprised. A good friend’s kid won the charter school lottery and was attending one of the best available in the district until the spouse decided their kid should have a more ‘authentic’ experience and transfer to the neighborhood school. In short order my friend would describe this as a massive mistake.

    Every year the Post does an article on some DCPS grad who is now attending Georgetown or some similar upper-tier university. Without exception, the piece says the student was a straight-A high school student, valedictorian, praised by teachers, etc. and then goes on to say how the student is struggling mightily in college. Occasionally there is even some discussion or a quote from the student in which they realize that the coursework they completed in high school is a joke compared to what most of their fellow students experienced.

    Read More
    • Replies: @Benjaminl
    Not just D.C. -- it turns out, you can literally be brain-damaged and make it into Berkeley, with the right Pokemon Quotient:


    http://www.latimes.com/local/la-me-c1-cal-freshmen-20130816-dto-htmlstory.html
    https://educationrealist.wordpress.com/2013/08/26/kashawn-campbell/
    http://www.unz.com/isteve/forrest-gump-goes-to-berkeley/
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  27. JustJeff says:

    They have better things to waste their money on and are a lot better at doing that than white people.

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  28. It doesn’t surprise me at all. If you’ve ever loaned a black friend money, chances are you lost a friend in the process.

    Read More
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  29. Anonymous • Disclaimer says:

    Curiously, although ‘popular wisdom’ states the contrary, blacks have much higher rate of committing so-called ‘white-collar’ crime, (fraud, forgery, embezzlement etc), than whites.

    Read More
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  30. Anonymous • Disclaimer says:

    Perhaps, a bit of an ‘off-color’ comment, (no pun intended), but the opinions of the illicit drug taking fraternity regarding the probity of blacks, in general, in the sale, buying and general dealing of drugs, might have a bearing on this question.

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  31. Art Deco says:
    @Pat Boyle
    I try to be sympathetic to those who have student debts, but its hard. I have no student debt. I went to George Mason as an undergraduate. I worked as a tutor in math and I worked for the Chemistry department as a TA. I also played bridge for money but the big money was in being a janitor . I supported myself. I don't think there were student loans in those days.

    Later when I went to San Francisco State I worked as a postal clerk in the very early morning. So I had no debt then either. Finally in graduate school I was on a full academic scholarship and I had gotten several paying fellowships. I never completed my doctorate because I would have had to paid my own tuition. I had exhausted all the sources for free money.

    If you actually belong in college my experience is that you will be recruited and subsidized. If you have to borrow money you probably should get out of school. You are not college timber.

    I supported myself. I don’t think there were student loans in those days.

    Student loans have been around for decades. I think they were first issued in 1965.

    If some fragmentary information I’ve seen is representative, tuition and room-and-board charges for private institutions have tended to increase pari passu with nominal incomes. The thing is, maybe 6% of each age cohort enrolled in baccalaureate-granting institutions in 1928 (along with another increment who enrolled in teachers’ colleges and nursing schools – programs which are handled by 4 year colleges now). In 1928, you were looking at a modest (and generally contextually affluent) set whose payments could cross-subsidize a small crew of impecunious students on scholarship. Now, you’re getting over 40% of each cohort. Voluntary tuition payments, donations, and bequests from the most affluent 4% are never going to cover the costs for the other 39% to allow said 39% to get by on campus jobs and off-campus service jobs. So, people pre-pay for college with loans (for which the interest rate is subsidized, the lender gets a federal guarantee, but in re the terms are just this side of a debtor’s prison). It’s gotten to be a social problem because higher education is capturing far too many people in each cohort and the degree programs are pointlessly long.

    One fellow I correspond with is a small town lawyer from a wage earning background who attended the University of Illinois assisted by loans. (He’s also been active in various conservative causes, starting with licking envelopes for Barry Goldwater). He’s an astringent critic of federal student loans. Did I mention that he’s a bankruptcy specialist?

    Read More
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  32. Anon • Disclaimer says:

    I think people are operating under the wrong assumption here. Blacks don’t have any intention of paying the money back and never did. When you live a semi-criminal life under a welfare system, in which money grows on trees for you, anyone who gives you cash is just another sucker. Besides, if the bank or government comes to collect, what can they get from you if you have nothing? Nothing. Until they put blacks in jail for not paying off loans, the loaner will never get them to pay up.

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  33. Jack D says:
    @Pat Boyle
    I try to be sympathetic to those who have student debts, but its hard. I have no student debt. I went to George Mason as an undergraduate. I worked as a tutor in math and I worked for the Chemistry department as a TA. I also played bridge for money but the big money was in being a janitor . I supported myself. I don't think there were student loans in those days.

    Later when I went to San Francisco State I worked as a postal clerk in the very early morning. So I had no debt then either. Finally in graduate school I was on a full academic scholarship and I had gotten several paying fellowships. I never completed my doctorate because I would have had to paid my own tuition. I had exhausted all the sources for free money.

    If you actually belong in college my experience is that you will be recruited and subsidized. If you have to borrow money you probably should get out of school. You are not college timber.

    College tuition has been going up at a rate far higher than inflation for decades now. I had some student loans in the late ’70s but since the full tuition, room and board (at a private university) for the year was well under $10K annually, they didn’t amount to much. Now 1 year at a private U is as much a $65K with room and board or $260,000 for a 4 year program.

    Read More
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  34. @Pat Boyle
    I try to be sympathetic to those who have student debts, but its hard. I have no student debt. I went to George Mason as an undergraduate. I worked as a tutor in math and I worked for the Chemistry department as a TA. I also played bridge for money but the big money was in being a janitor . I supported myself. I don't think there were student loans in those days.

    Later when I went to San Francisco State I worked as a postal clerk in the very early morning. So I had no debt then either. Finally in graduate school I was on a full academic scholarship and I had gotten several paying fellowships. I never completed my doctorate because I would have had to paid my own tuition. I had exhausted all the sources for free money.

    If you actually belong in college my experience is that you will be recruited and subsidized. If you have to borrow money you probably should get out of school. You are not college timber.

    Student debtors are hardly blameless, but it sounds like you went to school in an earlier era.

    Tuition inflation has consistently left CPI in the dust.

    When I did my undergrad in the late 2000s at the cheapest state school near me, resident tuition was $1600 a semester, which I was able to pay pretty comfortably working for low wages. A decade later it’s more than double that.

    And I was raised poor and dirt-cheap so I was vastly more cost-conscious than most teenagers making college selections.

    I have a friend who went to a mediocre private school with his wife. Not dumb people by any means – he was making 6 figures within a few years of graduating. But with tuition running about $30k a year for each of them, they had more than $200k in student loans between them.

    Soaring costs, bad advice from parents, guidance counselors who care only about college admission (not cost) and a society-wide emphasis on a BA/BS as the bare minimum for a respectable professional – there’s a reason why Millennials are racking up student debts at greater rates than Boomers and Xers and it’s not because the latter were smarter.

    Read More
    • Replies: @Twinkie

    Student debtors are hardly blameless
     
    Read and weep: https://www.washingtonpost.com/lifestyle/style/this-life-an-existence-she-loves-under-a-growing-cloud-of-student-debt/2018/01/08/3daac3ce-f32b-11e7-97bf-bba379b809ab_story.html

    And just imagine she was likely the most sympathetic example the reporter could find...
    , @Achmed E. Newman
    Yes, but I hope you followed through on this thinking a bit further, to "why the soaring tuition?"

    Question: Why have universities raised tuition at a much faster rate than inflation?

    Answer: Because they can!

    Extended Answer: The universities can honestly promise to any student and/or parents (major of study, intelligence not a factor) that he will get enough money to get through school. They have highly-paid professionals at the financial aid office to help him through all of it. After all, graduate/don't graduate, get gainfully employed/become a bum, what the hell difference does that make to the school?
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  35. Bubba says:
    @Buffalo Joe
    Boom! Problem solved. Andrew Cuomo is offering free college tuition to NY state residents at SUNY colleges and universities. Of course free is a nebulous term as it cost NY taxpayers 163 million in the first year. Tough to default on free.

    LOL! I agree and would like to add that Cuomo’s idea of “free” college tuition accompanied with lowered academic standards (“everyone can go college”) will eventually make SUNY college & university degrees worthless. It happened to CUNY (which still charges $6.5K a year for in-state residents & illegal aliens). Their admissions requirements are minimal – just need a 480 SAT Verbal and a NYS High School Regents diploma. Hard to believe it is the same college that produced Nobel Prize winners in chemistry.

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  36. Realist says:

    “Why Do Blacks Have Such Bad Student Loan Default Rates?”

    Because they have no sense of responsibility.
    And they can’t find a job with their African Studies major.

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  37. David says:

    To paraphrase Rep John Lewis, default is in their DNA. (Is it racist to say that Trump has racism in his DNA?)

    Seriously, extend credit to people with little potential to earn enough to pay it off, then watch a large portion of them default. Even with equal dept and earning potential, I bet black people would default much more. Poor impulse control has consequences.

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  38. Realist says:
    @Art Deco
    Two reasons, both of which would irritate people.

    1. The descriptive statistics we have now suggest that baccalaureate granting institutions will admit any black student with an equivalency and a pulse beat. Twenty years ago, Stephan and Abigail Thernstrom examined some data sets they got hold of and concluded that about 30% of the blacks admitted to law school would not be admitted to even a tier 4 school were they not black. The collective elimination of standards in higher education is now extreme in ways that would have been surprising as late as 1997. About 43% of each age cohort either matriculates as a freshman or matriculates after a dry run in a community college. Dry performance assessments might suggest that 7% of those above the 43d percentile are black, but as we speak about 14% of the census at 4 year colleges is black. They're taking on debt and dropping out or taking on debt, finishing, getting hired, and then discovering that the credential they have exaggerates their actual skills (when their employer fires them for cause). (BTW, the distribution of black students among degree programs isn't radically different from that of the generic student. Business degrees, teaching certificates, and nursing degrees are the order of the day).

    2. I've personally known sophisticated and extensively educated blacks who are remarkably haphazard about filing their tax returns each year and paying bills on time. (Politicians who get collared and publicly shamed for not filing their tax returns for years on end - Harold Washington, David Dinkins, and Eleanor Holmes Norton - are a small but thoroughly ebony set). I think there's some actual data on this which suggests that professional-managerial class blacks have credit scores characteristic of very impecunious white wage-earners. (Cannot remember the citation). Community time preference, etc.

    What you say is true, but many universities have lowered their standards for whites as well….chasing the almighty dollar.

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  39. Realist says:
    @Arclight
    It is obvious that we have far too many people of all stripes attending 'higher ed' of some sort that are not remotely qualified for actual college-level work, but colleges and universities need to feed the machine and will do almost anything to keep students enrolled - which means incredibly dumbed-down courses and graduation requirements.

    The result is every year we have millions of newly-minted graduates who enter the workforce and in relatively short order demonstrate to employers that they aren't worth the salaries they are paid, so they either lose their jobs and move to lower-paid work or never advance much farther than their entry-level pay. Given the well-documented gaps in academic aptitude and achievement between different racial groups, naturally it follows that the highest percentage of degree-holders that will fail to achieve a rate of compensation sufficient to comfortably pay off student loans are blacks.

    My exact sentiment.

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  40. Realist says:
    @Buffalo Joe
    Boom! Problem solved. Andrew Cuomo is offering free college tuition to NY state residents at SUNY colleges and universities. Of course free is a nebulous term as it cost NY taxpayers 163 million in the first year. Tough to default on free.

    They’ll get what they pay for.

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  41. Spud Boy says:

    And the reparations continue under different names. This one’s called the student loan program.
    .
    .

    Read More
    • Replies: @Anonymous

    And the reparations continue under different names. This one’s called the student loan program.
     
    Not to mention Pell Grants, etc. Someone is keeping a list of all the various forms of reparations somewhere online, I trust?

    "Grants and scholarships are often called “gift aid” because they are free money"
     
    (From https://studentaid.ed.gov/ )
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  42. @Arclight
    I am not personally acquainted with any Australians or Kiwis, but sorta surprised to see them so close to the bottom here. Seems way out of line with the rest of the Anglosphere.

    I am not personally acquainted with any Australians or Kiwis, but sorta surprised to see them so close to the bottom here. Seems way out of line with the rest of the Anglosphere.

    Too many neer-do-wells came in off the boat, and they have substantial pre-Western colonization populations. Being willing to wait for more money is likely strongly inversely correlated with criminality, as poor impulse control is a huge part in that.

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  43. My friend’s son was planning to marry a fellow student. His son’s fiancé was already in debt from undergraduate school, about $60,000. She wanted to attend Georgetown for law school, easily another $60,000 debt. He pointed out that while his son had minimal debt, he would assume $120,000 in debt when he said…”I do.” After much reflection, and the fact that the fiancé would not consider less expensive options for law school, they parted ways. Heavy debt is an anchor to a happy life.

    Read More
    • Replies: @Alden
    There is a name for it, the negative dowry.
    , @YetAnotherAnon
    Are husbands responsible for a wife's debt in the States?
    , @Daniel H
    Once the young lady graduated and got a job in a law firm, she probably would have gotten uppity, divorced the lad and left him with at least half the debt. Good move that he walked away.

    He should marry a nurse. He will be happy.
    , @Achmed E. Newman
    Joe, that is one wise man at that age, to make this good decision or at least to listen to his parents on this. Something tells me the woman couldn't have been that hot, as the big head prevailed on this one.

    I shiver at the idea of being married to a lawyer to begin with, even a rich one. I've never met too many that were really right in the head - actually, I should limit that point to just the ambulance-chaser types.

    , @Moses
    That young man dodged a bullet, and it wasn't just debt. A man should never, ever marry a lawyer if he wants to maximize his chances of a happy marriage..
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  44. Yak-15 says:

    Because they go to lower quality colleges and major in worthless subjects like African American Studies.

    I was watching the new PBS Vietnam series and one of the interviewees was a black woman that “occupied” an administration building at Northwestern to implore the university to build a Black Studies program. When watching, I came away understanding that she basically immiserated a whole generation of black students.

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  45. Alden says:
    @Jack D
    Recently in Philadelphia, both a black Congressman (Chaka Fattah) and the black DA (Seth Williams) were convicted of corruption. In both cases, the corruption seemed to be driven by the fact that they wanted to live a fancier lifestyle than their salaries (which most people would consider adequate - around $175K) permitted. Blacks in professional positions like to cut a fine figure - wear expensive clothes and jewelry, drive a Mercedes, live in a nice house, etc. You can certainly survive on a $175K salary (most people make far less) but you can't if you want to live like a rich guy.

    Teachers parking lots in big city schools where there are a lot of black teachers and administrators illustrate what you just said.

    The blacks always have the most expensive $650 a month payment cars while the Whites have modest cars. The black women have their $3,000 dollar wigs , and expensive vacations. White teachers get their hair done at Supercuts.

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  46. MarkinLA says:
    @Pat Boyle
    I try to be sympathetic to those who have student debts, but its hard. I have no student debt. I went to George Mason as an undergraduate. I worked as a tutor in math and I worked for the Chemistry department as a TA. I also played bridge for money but the big money was in being a janitor . I supported myself. I don't think there were student loans in those days.

    Later when I went to San Francisco State I worked as a postal clerk in the very early morning. So I had no debt then either. Finally in graduate school I was on a full academic scholarship and I had gotten several paying fellowships. I never completed my doctorate because I would have had to paid my own tuition. I had exhausted all the sources for free money.

    If you actually belong in college my experience is that you will be recruited and subsidized. If you have to borrow money you probably should get out of school. You are not college timber.

    If you actually belong in college my experience is that you will be recruited and subsidized.

    That depends on the major. Above average (but not exceptional) people in STEM tend to find decent jobs rather easily but those students will never get much in the way of free money if they are white or Asian.

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  47. Bugg says:
    @Art Deco
    Two reasons, both of which would irritate people.

    1. The descriptive statistics we have now suggest that baccalaureate granting institutions will admit any black student with an equivalency and a pulse beat. Twenty years ago, Stephan and Abigail Thernstrom examined some data sets they got hold of and concluded that about 30% of the blacks admitted to law school would not be admitted to even a tier 4 school were they not black. The collective elimination of standards in higher education is now extreme in ways that would have been surprising as late as 1997. About 43% of each age cohort either matriculates as a freshman or matriculates after a dry run in a community college. Dry performance assessments might suggest that 7% of those above the 43d percentile are black, but as we speak about 14% of the census at 4 year colleges is black. They're taking on debt and dropping out or taking on debt, finishing, getting hired, and then discovering that the credential they have exaggerates their actual skills (when their employer fires them for cause). (BTW, the distribution of black students among degree programs isn't radically different from that of the generic student. Business degrees, teaching certificates, and nursing degrees are the order of the day).

    2. I've personally known sophisticated and extensively educated blacks who are remarkably haphazard about filing their tax returns each year and paying bills on time. (Politicians who get collared and publicly shamed for not filing their tax returns for years on end - Harold Washington, David Dinkins, and Eleanor Holmes Norton - are a small but thoroughly ebony set). I think there's some actual data on this which suggests that professional-managerial class blacks have credit scores characteristic of very impecunious white wage-earners. (Cannot remember the citation). Community time preference, etc.

    I am a tax attorney. A friend of mine is a retired cop who has become a college professor as a 2nd career at what you would call a remedial junior college. He has referred a significant number of new clients to me who all fit the same profile; African-Americans who despite being college instructors, and in some cases, lawyers themselves, have failed to file taxes for as many as 10 years running. And many of them failed to file despite likely being entitled to refunds had they done so in a timely fashion. Also significant numbers of African-American filers generally tend to not withhold nearly enough, such that had they simply gone to their HR departments and addressed that, they would also get refunds.

    Another issue, especially with low income tax credits; the threshold to get the Earned Income Tax Credit has stayed the same for a long time. Like AMT, it’s never been indexed for inflation. Had a few mostly latinos lose their shit in my office when their income was too high to get the big money, such they left and probably went someplace else to break the law.

    Problem in both cases is an inner city view of personal finances. Tax time is more like having a good day at a casino playing slots than anything else. Virtually none of these people have anything saved for retirement unless they have a civil service job that has a pension component. And even there, a lot stupidly borrow from pensions despite huge penalties for doing so.

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  48. Alden says:
    @Pat Boyle
    I try to be sympathetic to those who have student debts, but its hard. I have no student debt. I went to George Mason as an undergraduate. I worked as a tutor in math and I worked for the Chemistry department as a TA. I also played bridge for money but the big money was in being a janitor . I supported myself. I don't think there were student loans in those days.

    Later when I went to San Francisco State I worked as a postal clerk in the very early morning. So I had no debt then either. Finally in graduate school I was on a full academic scholarship and I had gotten several paying fellowships. I never completed my doctorate because I would have had to paid my own tuition. I had exhausted all the sources for free money.

    If you actually belong in college my experience is that you will be recruited and subsidized. If you have to borrow money you probably should get out of school. You are not college timber.

    Student loans arrived in time for the 1963-1964 school year, my senior year in college.

    My parents, with 4 younger children children and an average income managed to pay my tuition at one of the most expensive private universities in the country.

    As soon as student loans arrived tuition and dorm fees even textbooks rose and rose and rose. Textbooks now cost about $200 apiece. The colleges charge as much as $18,000 a year to stuff 3 students in a 9 by 12 room with no closets, just cupboards that take up a lot of floor space. Oh, and just 2 desks for the students to share.

    Re textbooks I was a waitress during the summers. Pay check for a 48 hour week was about $40. I was able to buy all my years textbooks, 4 or 5, a ream of typing paper, a typewriter ribbon, couple bottles of White out , notebooks pens
    for about $35. That was less than one week minimum wage paycheck.

    Take home for 48 hours of minimum wage is about $30o now. That gets a student at best 2 textbooks.

    Times have changed since 1960.

    It’s the loans that feed the monster.

    Now a

    Times have changed.

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    • Replies: @Achmed E. Newman
    Great comment, Adlen, and lots of other good ones explaining what the moral hazard is, when the taxpayers get put on the hook for questionable-return loans vs. the banks that give out the money.

    Your commenting on the scam of modern textbook sales is right on the money. It was always a bit of a scam, but the workarounds were textbook exchanges - first paper ads, then databases with phone numbers, then of course internet versions. They've got it locked up pretty good now, as the access codes that come with the course material are only good for the semester. The teachers insist that you won't pass the class or do well anyway, if you don't use that DVD, if they are part of the scam.

    I just found my Peak Stupidity post, "The great university textbook scam"
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  49. Ed says:
    @Art Deco
    It's been known for some time that the utility functions of blacks and whites differ and that blacks have a higher propensity to spend on display goods and a lower propensity to spend on housing. That's a different issue than consumption v. saving preferences. What I was referring to was a different phenomenon: a low value put on a certain sort of punctuality (which, in turn, comes back to bite them). That's functionally related to consumption v. saving (or 'time preference'). All three phenomena are going to be correlated, but they're not the same thing.

    One woman I knew had the money to pay her taxes on time, but said it wasn't worth her time to do the bookkeeping. She said she paid every few years and paid penalties because the time was worth more to her than the penalties. She also lived with her husband and daughter in a nondescript 2d story walk up. She dressed handsomely, but I doubt she was breaking the bank with that (and I don't recall she had an expensive car). A colleague who had worked with her and traveled for business with her said she made all sorts of idiosyncratic judgements like that that made a certain sort of sense when she explained them to you.

    I had an exchange once with Sandy Darity, a black economics professor at Duke. He said blacks don’t spend or save differently than whites when controlled for income. He linked some paper he did. I didn’t buy it but didn’t feel like arguing with him.

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    • Replies: @Art Deco
    He said blacks don’t spend or save differently than whites when controlled for income.

    The income gap is about 1.6 to 1 while the asset gap is (per some sources) 13 to 1. I'd be very skeptical of his contention. Haven't seen the paper, of course.

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  50. Gutenberg says:
    @Jack D
    Recently in Philadelphia, both a black Congressman (Chaka Fattah) and the black DA (Seth Williams) were convicted of corruption. In both cases, the corruption seemed to be driven by the fact that they wanted to live a fancier lifestyle than their salaries (which most people would consider adequate - around $175K) permitted. Blacks in professional positions like to cut a fine figure - wear expensive clothes and jewelry, drive a Mercedes, live in a nice house, etc. You can certainly survive on a $175K salary (most people make far less) but you can't if you want to live like a rich guy.

    I think you hit the nail on the head with the “Bling” mentality. When I see an obviously worn-down and second-hand high-end car with a prestigious brand, or a low-cost car with superficial bling added, 90-95% of the time it’s a trill-ass gentleman driving. All about that peacocking.

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  51. Gutenberg says:
    @Arclight
    Some years back I read some piece on consumer spending habits of different groups in the population and the upshot is that blacks who purchase luxury goods tend to do so while making a lot less money than whites. One example was what level of salary was required before a consumer would consider the purchase of a luxury car (like a BMW) and the figure was something like $80k a year for a black consumer and $120k a year for a white one, or something like that.

    Obviously retailers know this very well - it would be fascinating to see internal research of major clothing stores, auto dealers, etc.

    The cues that they are targeting blacks are not subtle at all – the 90s G-Love background track and def rhythmic delivery of the voice actor the most obvious.

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    • Replies: @Anonymous
    If it rhyme, buyin' it would be sublime!
    , @Anon
    The cues that they are targeting blacks are not subtle at all – the 90s G-Love background track and def rhythmic delivery of the voice actor the most obvious.

    Or the message that buy our product and you'll get the White or light-skinned black female.
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  52. American Black per capita income is now close to par with White, counting Jews as non-White. Yet total Black net worth in America will always be pretty close to zero. With their extremely high time preference and their entourage culture, few Blacks save no matter how much they earn, and they have adapted, and been provided, many ways to carry on without savings. A huge one is that the Black middle class is so heavily public sector, ie has good benefits and pensions. Another is the ‘can’t wring blood from a stone’ principle, ie loan default.

    PS: Regarding the entourage culture, which Steve has commented on (of course, it’s even more prominent with Black footballers than other Black entertainers, given they don’t actually have much on the ball mentally), an interesting item came up when Tucker interviewed Donna Brazile on the event of her book publication.

    Many of my fellow Alt-righters were criticizing her for her remorseless shilling of the book, but hell, that’s what you’re supposed to do in that situation. I actually liked her with Tucker – chipper, and her accent and delivery reminded me of Ali at his best with ‘red birds fly with red birds.’

    Anyway, I don’t know how many caught it, but a few minutes in, amid another conspicuous reference to her book’s title, she said “Donna’s got a lot of mouths to feed.”

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  53. Thomm says:
    @Anatoly Karlin
    Percentage of people who wait to get more money:

    Anglo-Germanic world: 70%-90%
    Nigeria: 10%
    (Angola does a lot better, but US Blacks predominantly hail from West Africa)

    https://www.unzcloud.com/wp-content/uploads/2012/08/future-time-orientation-by-country.png

    Angola is 55%, and is higher than Australia and New Zealand.

    This chart is inconclusive more than anything else.

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  54. Art Deco says:
    @Ed
    I had an exchange once with Sandy Darity, a black economics professor at Duke. He said blacks don’t spend or save differently than whites when controlled for income. He linked some paper he did. I didn’t buy it but didn’t feel like arguing with him.

    He said blacks don’t spend or save differently than whites when controlled for income.

    The income gap is about 1.6 to 1 while the asset gap is (per some sources) 13 to 1. I’d be very skeptical of his contention. Haven’t seen the paper, of course.

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  55. guest says:

    Why do blacks have such bad everything?

    That is, besides athletic ability, dance moves, and influence in things like slang and fashion.

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  56. Alden says:
    @Buffalo Joe
    My friend's son was planning to marry a fellow student. His son's fiancé was already in debt from undergraduate school, about $60,000. She wanted to attend Georgetown for law school, easily another $60,000 debt. He pointed out that while his son had minimal debt, he would assume $120,000 in debt when he said..."I do." After much reflection, and the fact that the fiancé would not consider less expensive options for law school, they parted ways. Heavy debt is an anchor to a happy life.

    There is a name for it, the negative dowry.

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  57. Lowe says:
    @Art Deco
    Two reasons, both of which would irritate people.

    1. The descriptive statistics we have now suggest that baccalaureate granting institutions will admit any black student with an equivalency and a pulse beat. Twenty years ago, Stephan and Abigail Thernstrom examined some data sets they got hold of and concluded that about 30% of the blacks admitted to law school would not be admitted to even a tier 4 school were they not black. The collective elimination of standards in higher education is now extreme in ways that would have been surprising as late as 1997. About 43% of each age cohort either matriculates as a freshman or matriculates after a dry run in a community college. Dry performance assessments might suggest that 7% of those above the 43d percentile are black, but as we speak about 14% of the census at 4 year colleges is black. They're taking on debt and dropping out or taking on debt, finishing, getting hired, and then discovering that the credential they have exaggerates their actual skills (when their employer fires them for cause). (BTW, the distribution of black students among degree programs isn't radically different from that of the generic student. Business degrees, teaching certificates, and nursing degrees are the order of the day).

    2. I've personally known sophisticated and extensively educated blacks who are remarkably haphazard about filing their tax returns each year and paying bills on time. (Politicians who get collared and publicly shamed for not filing their tax returns for years on end - Harold Washington, David Dinkins, and Eleanor Holmes Norton - are a small but thoroughly ebony set). I think there's some actual data on this which suggests that professional-managerial class blacks have credit scores characteristic of very impecunious white wage-earners. (Cannot remember the citation). Community time preference, etc.

    I don’t think anyone fires a black person for cause, simply because they they were a poor worker, or not as competent as their credentials suggested. That sounds like a great way to get sued and have to settle or lose.

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    • Replies: @Jim Bob Lassiter
    Spot on. They hire them a White personal assistant with an associate degree to shadow them and clean up their messes.
    , @Art Deco
    In 2016, the number of employed persons averaged about 151 million. The number of unemployed persons who had been permanently terminated (as opposed to completing a completing a temporary term of employment or being laid off &c.) averaged about 2.21 million. The ratio of one to the other amounted to 0.0146. The number of employed blacks averaged 18 million. Unemployed persons who'd been permanently terminated averaged 397,000. The ratio of one to the other was 0.022. You're telling me that the black population manages to produce half-again as many involuntary terminations while producing no one fired for cause. Do I have that right?
    , @bartok
    High time-preference is a boon for employers when they offer severance in exchange for signing an agreement.

    State and federal law likely gives whingers a do-over if they want to sue even after signing. But most will go away after signing.

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  58. Alden says:

    If you like John Gresham, I reccomebd hid latest. It’s about law students who look at their almost $200,000 debt, an expensive bar exam course and no guarantee of a job

    So they decide to practice law without a license. They spend a few weeks watching traffic and criminal court, get some cards printed up and start soliciting clients in the halls.

    It works for a while.

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    • Replies: @Anonymous
    Why don't they just take the bar exam--it's not that hard--and then practice legally? Something I'm missing here?
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  59. Student debt will increasingly interfere with household formation among the white-collar middle class. Young people just entering the labor force burdened with debt do not merely have nothing to start with – they have negative net worths. Marriage, family, and home ownership along the lines typical of their parents’ generation will at least be postponed and may not happen at all.

    Bubbles are caused by overextension of credit, and busts by subsequent withdrawal of liquidity. Look at what happened to the discount rate between 2002 and 2006. It’s a sufficient explanation of the bust of 2008 quite apart from all the other factors that were in play. The Fed historically oversteers (in both directions). This was rendered possible by the loss of the external discipline implicit in the limited gold standard that took place when Nixon abandoned Bretton Woods, and has lengthened the frequency of the business cycle at the expense of increasing its amplitude.

    The alternative to another sharp turn like that of 2008 is an inflation that effectively devalues the debt, first and foremost of the United States Treasury, and along with it, of all other debtors along for the ride. I believe this is already in its early stages. It will accelerate. The rise in the Dow Jones average, the price of Bitcoin, and the rebound of real estate are all evidence of this. Consumer prices have yet to feel it to comparable extent, but will

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    • Replies: @Anonymous
    "Student debt will increasingly interfere with household formation among the white-collar middle class."

    Which is exactly what the liberal elites are looking for. As Sailer has pointed out, white, stable, middle class married workers with families are overwhelmingly more likely to think and vote Conservative. The left really is the coalition of the fringes. Bringing in hordes of foreigners, and stroking black grievances are one way to get votes; another is to play Santa Claus/Daddy Warbucks to single, struggling, unmarried whites. Bury young whites in crippling debt so they will be beholden to the government, and you've got more Dem voters for years to come.
    , @The Practical Conservative
    This one is hard to untangle. People who already have kids are having more, but fewer people are starting families. The majority of children born are born to degree-holding mothers, with that percentage increasing every year. A supermajority are born to mothers who have attended college.

    But there's fewer and fewer births overall. The college requirement is brutal, but those folks are also increasingly the only ones able to have children, plural. And there's been a sharp decline in single motherhood in the last couple of years that may be the collapse. We could very possibly see births drop down to 3.5 million or so as soon as 10 years out, composed of 80% college-attending mothers and 65% degree-holding mothers, with an OOW rate of around 20% that is almost entirely Hispanic.
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  60. @Buffalo Joe
    My friend's son was planning to marry a fellow student. His son's fiancé was already in debt from undergraduate school, about $60,000. She wanted to attend Georgetown for law school, easily another $60,000 debt. He pointed out that while his son had minimal debt, he would assume $120,000 in debt when he said..."I do." After much reflection, and the fact that the fiancé would not consider less expensive options for law school, they parted ways. Heavy debt is an anchor to a happy life.

    Are husbands responsible for a wife’s debt in the States?

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    • Replies: @Ed
    Not technically but money that would be going to other expenses or savings for the household is diverted to the loans. That’s the issue, could delay home buying, lead to fights etc.
    , @(((Owen)))
    Yes. A man is responsible for his wife's debts. And the wife has the right to borrow directly against the man's credit.

    It's been a basic part of the Anglo-American marriage contract for centuries.
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  61. Alden says:
    @Pat Boyle
    I try to be sympathetic to those who have student debts, but its hard. I have no student debt. I went to George Mason as an undergraduate. I worked as a tutor in math and I worked for the Chemistry department as a TA. I also played bridge for money but the big money was in being a janitor . I supported myself. I don't think there were student loans in those days.

    Later when I went to San Francisco State I worked as a postal clerk in the very early morning. So I had no debt then either. Finally in graduate school I was on a full academic scholarship and I had gotten several paying fellowships. I never completed my doctorate because I would have had to paid my own tuition. I had exhausted all the sources for free money.

    If you actually belong in college my experience is that you will be recruited and subsidized. If you have to borrow money you probably should get out of school. You are not college timber.

    When I was an undergrad at an expensive university 1960 to 1964, many, many of the guys earned ALL their tuition and dorm fees working vacation relief in factories and steel mills.

    Of course in those days there were factories and steel mills. The workers had paid vacation. The workers made enough to afford children so they took their vacations during school vacation. So college and even older high school boys had well paid vacations aiding the summer.

    But the factories are gone except for the illegal ones owned by Asian vampires who use illegal alien slaves who sleep on the factory floor

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  62. This is obvious: These are the ones who get enough learning to see an easy way to get reparations from whitey.

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  63. The true villains here are not the students and not the loan providers but the institutions of “higher education” which immediately pocket most of the money that has supposedly been “lent” to the students. These institutional scam artists — and almost all are running scams, including all the ivies — are charging more and more money for less and less education.

    These institutions know that the majority of students they are accepting, particularly Negroes, are totally unprepared for a useful, i.e., rigorous, college or university education. But they accept them anyway, either to milk them for money until they drop out or to string them along with useless intellectual pablum until they graduate. The money these junior colleges, colleges, and universities collect is mostly not spent on improving educational quality. Instead it goes to pay the constantly increasing salaries of an ever-expanding swarm of administrators and fund the construction and maintenance of ever more luxurious luxuries for these useless administrators, anti-intellectual faculty, and clueless students. This Ponzi scheme requires a constant influx of new student fodder.

    The scam begins in the nation’s secondary schools, where students who definitely do not have the capacity for and/or interest in any level of academic endeavor but likely do have the capacity and inclination for a rewarding and productive career in some trade are conned into jumping into the same higher ed Moloch that consumed their poorly prepared teachers.

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  64. Bill P says:

    Well, here’s a big factor:

    Say you’ve got student debt you’re paying down when you have a relationship with a woman, who then decides she wants to have a kid. Very common as everyone knows for blacks to have kids out of wedlock. Also black divorce rates are very high.

    So she has the kid, and as often happens in these situations mom and dad part ways.

    Now the black debtor has two serious debts, but there’s a difference: one debt will put him in jail if he doesn’t pay it. So naturally he pays the child support and neglects the student loan debt.

    I bet if you break down the default rates by sex black men will turn out to default at higher rates than black women for just this reason.

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  65. Barnard says:
    @Arclight
    Some years back I read some piece on consumer spending habits of different groups in the population and the upshot is that blacks who purchase luxury goods tend to do so while making a lot less money than whites. One example was what level of salary was required before a consumer would consider the purchase of a luxury car (like a BMW) and the figure was something like $80k a year for a black consumer and $120k a year for a white one, or something like that.

    Obviously retailers know this very well - it would be fascinating to see internal research of major clothing stores, auto dealers, etc.

    That sounds like the philosophy Daymond John was marketing towards when he founded FUBU. As long as it is considered cool, blacks will considerably overpay for clothes and other consumer goods. He convinced a few rappers to wear his clothes, charged a premium for them and made a fortune.

    https://en.wikipedia.org/wiki/Daymond_John

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    • Replies: @Anonymous
    I put a phone system and did terminal wiring (in 2003-2004 they were still using VT220s!) in a collections boiler room and all, I mean all the blacks were wearing FUBU or similar crap.

    The very Jewish collection manager, a skinny stylish but Jewishly unattractive Mona Charen type, confided to me that this stood for "Farmers Used to Buy Us.".

    I allowed myself the slightest smile.
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  66. Anonymous • Disclaimer says:

    Its pretty clear liberals don’t really believe in the race is just a social construct nonsense. If they did, they would have no problem with Rachel Dolezal self-declaring as black. If it’s all just a meaningless social construct then why couldn’t she declare herself whatever she desires? Further this points out the lie in the claim that they want to exterminate whiteness without exterminating white people. If white people cannot identify as anything but white, then what would exterminating whiteness be exterminating?

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    • Replies: @rogue-one
    >Its pretty clear liberals don’t really believe in the race is just a social construct nonsense.

    It is not an belief. It is a tactic. When it helps their argument they say race is a social construct (such as when you talk about crime, iq.)

    >If they did, they would have no problem with Rachel Dolezal self-declaring as black.

    In this case race as a social construct is opposed to liberal goals. Hence racial essentialism.

    >If white people cannot identify as anything but white, then what would exterminating whiteness be exterminating?

    Exterminating the possibility of whites to organize as a political group? Hispanics are encouraged to see themselves as one people. So are blacks or jews. But whites must never ever be allowed to organize and pursue their interests.
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  67. Fundamental answer to the question in the title of this blogpost:

    Sub-saharan Africans evolved behavioral tendencies to maximize reproductive success in a high-disease environment with limited seasonal variation in temperature and food availability. On average their planning horizons are shorter and their time-discounting higher than their East Asian and Caucasian cousins, who evolved to deal with low-disease, cold climates with sharp seasonal variation in temperature and food availability. This also helps explain why African-Americans have incredibly low median financial wealth, even adjusted for their lower average incomes.

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  68. Anonymous • Disclaimer says:
    @Crawfurdmuir
    Student debt will increasingly interfere with household formation among the white-collar middle class. Young people just entering the labor force burdened with debt do not merely have nothing to start with - they have negative net worths. Marriage, family, and home ownership along the lines typical of their parents' generation will at least be postponed and may not happen at all.

    Bubbles are caused by overextension of credit, and busts by subsequent withdrawal of liquidity. Look at what happened to the discount rate between 2002 and 2006. It's a sufficient explanation of the bust of 2008 quite apart from all the other factors that were in play. The Fed historically oversteers (in both directions). This was rendered possible by the loss of the external discipline implicit in the limited gold standard that took place when Nixon abandoned Bretton Woods, and has lengthened the frequency of the business cycle at the expense of increasing its amplitude.

    The alternative to another sharp turn like that of 2008 is an inflation that effectively devalues the debt, first and foremost of the United States Treasury, and along with it, of all other debtors along for the ride. I believe this is already in its early stages. It will accelerate. The rise in the Dow Jones average, the price of Bitcoin, and the rebound of real estate are all evidence of this. Consumer prices have yet to feel it to comparable extent, but will

    “Student debt will increasingly interfere with household formation among the white-collar middle class.”

    Which is exactly what the liberal elites are looking for. As Sailer has pointed out, white, stable, middle class married workers with families are overwhelmingly more likely to think and vote Conservative. The left really is the coalition of the fringes. Bringing in hordes of foreigners, and stroking black grievances are one way to get votes; another is to play Santa Claus/Daddy Warbucks to single, struggling, unmarried whites. Bury young whites in crippling debt so they will be beholden to the government, and you’ve got more Dem voters for years to come.

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    • Replies: @Achmed E. Newman
    AGREED!
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  69. r3518439 says:
    Read More
    • Replies: @anon
    When you spend all your money on junk ("bling") and have no ability to delay gratification or engage in long term planning you will probably end up broke. Of course it is much easier to simply say that "racism" is the reason.
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  70. Jake says:

    Why the astronomically high rates of black student loan default? The first reason is that blacks know they are the pet spoiled brats of the filthy rich Caucasians – first the WASPs and then the Jews. Pet spoiled brats know they always get away with stuff. Second, blacks have very poor math skills, poorer than their reading and writing skills. Third, black morality very rarely includes debt, unless you count fear of being killed or maimed by the pusher and pimp the black person stiffed or insulted.

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    • Replies: @Art Deco
    Why the astronomically high rates of black student loan default? The first reason is that blacks know they are the pet spoiled brats of the filthy rich Caucasians – first the WASPs and then the Jews. Pet spoiled brats know they always get away with stuff.

    Blacks cannot discharge their student loans in bankruptcy proceedings anymore than you can.
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  71. Is this a rhetorical question?

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  72. Pericles says:
    @Pat Boyle
    I try to be sympathetic to those who have student debts, but its hard. I have no student debt. I went to George Mason as an undergraduate. I worked as a tutor in math and I worked for the Chemistry department as a TA. I also played bridge for money but the big money was in being a janitor . I supported myself. I don't think there were student loans in those days.

    Later when I went to San Francisco State I worked as a postal clerk in the very early morning. So I had no debt then either. Finally in graduate school I was on a full academic scholarship and I had gotten several paying fellowships. I never completed my doctorate because I would have had to paid my own tuition. I had exhausted all the sources for free money.

    If you actually belong in college my experience is that you will be recruited and subsidized. If you have to borrow money you probably should get out of school. You are not college timber.

    If you actually belong in college my experience is that you will be recruited and subsidized. If you have to borrow money you probably should get out of school.

    Soooo … Blacks belong in college but whites do not?

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  73. Anonymous • Disclaimer says:

    Ladies and Gentlemen: I appreciate the generally serious and responsible tenor of the discussion thus far. Nonetheless, I believe the conversation could use some leavening, which I propose to accomplish graphically. First, to our esteemed host, in relation to his choice of topic matter:

    Read More
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  74. Anonymous • Disclaimer says:

    And spare a thought for the perplexed, please?

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    • Replies: @Father O'Hara
    Some black women deal with this by using, ya might say, their female negotiating skills.
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  75. Anonymous • Disclaimer says:

    And there’s always one gif which explains everything

    Thank you. That is all.

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    • Replies: @Jim Bob Lassiter
    You forgot snakes.
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  76. Anonymous • Disclaimer says:
    @Anatoly Karlin
    Percentage of people who wait to get more money:

    Anglo-Germanic world: 70%-90%
    Nigeria: 10%
    (Angola does a lot better, but US Blacks predominantly hail from West Africa)

    https://www.unzcloud.com/wp-content/uploads/2012/08/future-time-orientation-by-country.png

    Could you possibly supply a bit of context for the phrase “choose to wait”?
    Choose to wait to get more money, in what circumstances? For starters.
    What about “choose to work”?

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  77. unit472 says:

    One thing that is seldom taken into account on black/white income and debt levels is housing costs. For example a negro can buy a perfectly serviceable home in the Newtown area of Sarasota for under $100/sqft while to buy an equivalent house in a white neighborhood would cost $200/sq ft. Of course Newtown has the typical problems associated with black neighborhoods but blacks can and do live there so blacks only pay the same housing costs as whites if they CHOOSE to live in predominately white neighborhoods.

    Having a mortgage half the size of a white or paying a similarly reduced monthly rental payment should wipe out most if not all the income gap between blacks and others yet black loan defaults, credit ratings and net worths indicate they don’t capitalize ( literally) on their lower housing costs.

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  78. Daniel H says:
    @Art Deco
    It's been known for some time that the utility functions of blacks and whites differ and that blacks have a higher propensity to spend on display goods and a lower propensity to spend on housing. That's a different issue than consumption v. saving preferences. What I was referring to was a different phenomenon: a low value put on a certain sort of punctuality (which, in turn, comes back to bite them). That's functionally related to consumption v. saving (or 'time preference'). All three phenomena are going to be correlated, but they're not the same thing.

    One woman I knew had the money to pay her taxes on time, but said it wasn't worth her time to do the bookkeeping. She said she paid every few years and paid penalties because the time was worth more to her than the penalties. She also lived with her husband and daughter in a nondescript 2d story walk up. She dressed handsomely, but I doubt she was breaking the bank with that (and I don't recall she had an expensive car). A colleague who had worked with her and traveled for business with her said she made all sorts of idiosyncratic judgements like that that made a certain sort of sense when she explained them to you.

    There was an old “racist” joke, a saying attributed to black men back in the 70s. Black man would say, “You can live out of your Cadillac, but you can’t drive your apartment.”

    As with all slurs and jokes, there was a small element of truth to it.

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  79. Daniel H says:
    @Buffalo Joe
    My friend's son was planning to marry a fellow student. His son's fiancé was already in debt from undergraduate school, about $60,000. She wanted to attend Georgetown for law school, easily another $60,000 debt. He pointed out that while his son had minimal debt, he would assume $120,000 in debt when he said..."I do." After much reflection, and the fact that the fiancé would not consider less expensive options for law school, they parted ways. Heavy debt is an anchor to a happy life.

    Once the young lady graduated and got a job in a law firm, she probably would have gotten uppity, divorced the lad and left him with at least half the debt. Good move that he walked away.

    He should marry a nurse. He will be happy.

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    • Replies: @Twinkie

    Once the young lady graduated and got a job in a law firm, she probably would have gotten uppity, divorced the lad and left him with at least half the debt. Good move that he walked away.

    He should marry a nurse. He will be happy.
     
    No, he won't, because she will be whining to him every night that she is doing the same work as a doctor, but gets paid much less.
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  80. M_Young says:

    Why do blacks have higher rates of chlamydia infection?
    Why do blacks have higher homicide rates?
    Why do blacks have lower rates of savings?

    Read More
    • Replies: @Anonymous
    The answers to all of your questions, and most others: White Racism.
    , @Anon
    Why do blacks have higher rates of chlamydia infection?
    Why do blacks have higher homicide rates?
    Why do blacks have lower rates of savings?


    As everyone knows, clearly, the answer is racism!
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  81. midtown says:
    @Anatoly Karlin
    Percentage of people who wait to get more money:

    Anglo-Germanic world: 70%-90%
    Nigeria: 10%
    (Angola does a lot better, but US Blacks predominantly hail from West Africa)

    https://www.unzcloud.com/wp-content/uploads/2012/08/future-time-orientation-by-country.png

    A very decent immigration policy would only admit people from nations that are above the USA on that list.

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  82. gunner29 says:

    Real Estate joke from 40 years ago;

    Why do negros drive really nice cars but have really crappy housing?

    They can live in their car, but can’t drive the house!

    It was near universal with negro clients that they had good income from the gobt job, but then the credit report came in. Foreclosures, repo’s, bankruptcy, late pays, no pays, every way you could destroy a credit rating was in there.

    Of course we could never sell them a house with that. This is where Acorn and other lefty clowns are complaining about how negros with the same income to whites and asians aren’t getting to buying a house. It was the credit report, not discrimination. Yet you’ll never see any mention of credit reports killing any chance of becoming a conforming borrower and getting a loan.

    Any lender that had a plan to sell the loan to Fannie Mae had to toe the line with a conforming loan package. Or else they would be stuck with it….

    Back during the housing bubble, there was an Orange County Housing blog I read. OC in Kali. He had some posts about how the subprime mortgage came into being.

    Mid ’80s there was a Savings and Loan that the owner decided to try and do second mortgages to peeps that had shit credit, but had lots of equity in the home. He figured they would make every effort to pay his loan back and skip on the car and credit card bills, because they didn’t want to live in the streets.

    It worked; and he could charge 16% and 5 loan points and other garbage fees on the loans.

    Pretty quickly the other S&L’s started doing it. Lenders were making fantastic returns with no risk; there was always enough equity to cover the loan amount if they did quit paying.

    Only problem was they couldn’t sell the loan to Fannie Mae and get more loans done. Then about ’97, somebody convinced Wall Street to buy $70 million in loans. Those loans got resold to pension funds, insurance companies, whomever needed a high yield with basically no risk. So within 5 years they were clamoring for more subprime loans; these things had about the same risk as a US treasury bond but paid about triple in yield.

    Of course by about then everybody went hog wild and made loans where they didn’t have much equity in the home and we all know how that ended…..

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    • Replies: @Jim Don Bob
    These securities had loans bundled in levels called tranches. The tranche that held the worst loans was call mezzanine, because they didn't want to call it ground floor.
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  83. Twinkie says:
    @The Millennial Falcon
    Student debtors are hardly blameless, but it sounds like you went to school in an earlier era.

    Tuition inflation has consistently left CPI in the dust.

    When I did my undergrad in the late 2000s at the cheapest state school near me, resident tuition was $1600 a semester, which I was able to pay pretty comfortably working for low wages. A decade later it's more than double that.

    And I was raised poor and dirt-cheap so I was vastly more cost-conscious than most teenagers making college selections.

    I have a friend who went to a mediocre private school with his wife. Not dumb people by any means - he was making 6 figures within a few years of graduating. But with tuition running about $30k a year for each of them, they had more than $200k in student loans between them.

    Soaring costs, bad advice from parents, guidance counselors who care only about college admission (not cost) and a society-wide emphasis on a BA/BS as the bare minimum for a respectable professional - there's a reason why Millennials are racking up student debts at greater rates than Boomers and Xers and it's not because the latter were smarter.

    Student debtors are hardly blameless

    Read and weep: https://www.washingtonpost.com/lifestyle/style/this-life-an-existence-she-loves-under-a-growing-cloud-of-student-debt/2018/01/08/3daac3ce-f32b-11e7-97bf-bba379b809ab_story.html

    And just imagine she was likely the most sympathetic example the reporter could find…

    Read More
    • Replies: @u1624806

    Student loans took care of tuition, books and leftover living expenses.
     
    I didn't even know this was possible. This is similar to the funny loans people got during the housing bubble where the loan rolled in all sorts of extra stuff.
    , @Anonymous

    And just imagine she was likely the most sympathetic example the reporter could find…
     
    That's the part which always blows my mind. The examples in the MSM always have gaping holes in the narrative, but it's the best they could find. Should tell them something..

    And re: "leftover living expenses" --yep, there's no oversight at all as to how the extra money is spent. Hmm, aren't 19-year-olds the most responsible people when given free money? Heck, they weren't two generations ago; they're certainly not now. But our betters--they know better.

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  84. Jason F says:
    @Jack D
    Recently in Philadelphia, both a black Congressman (Chaka Fattah) and the black DA (Seth Williams) were convicted of corruption. In both cases, the corruption seemed to be driven by the fact that they wanted to live a fancier lifestyle than their salaries (which most people would consider adequate - around $175K) permitted. Blacks in professional positions like to cut a fine figure - wear expensive clothes and jewelry, drive a Mercedes, live in a nice house, etc. You can certainly survive on a $175K salary (most people make far less) but you can't if you want to live like a rich guy.

    You should have no trouble at all cutting a fine figure on $175k salary in Philadelphia!

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  85. Twinkie says:

    The overall student loan default rate among Asians since 2004 is 6.2%, among whites 12.4%, among Hispanics 20.0%, and among blacks 37.5%.

    To clarify further, here are the changes between 1996 and 2004:

    “Race/ethnicity” “amount owed 1996″ “amount owed 2004″ (change) “defaulted 1996″ “defaulted 2004″ (change)

    White $8,417 $13,491 (60% increase) 7.4% 12.4% (68% increase)
    Black $13,644 $25,731 (89% increase) 23.4% 37.5% (60% increase)
    Hispanic $7,905 $11,568 (46% increase) 13.1% 20% (53% increase)
    Asian/PI $10,282 $15,524 (51% increase) 7.8% 6.2% (21% decrease)

    So, blacks continue to be the biggest borrowers and the biggest defaulters. Hispanics continue to be the smallest borrowers and Asians the lowest rate defaulters. And on top of that black borrowing actually increased the most (by 89%!) in the 8-year period. The greatest increase in default rate in the same period has been among whites, however, followed by blacks. Unlike all the other groups, Asians actually decreased in default rate.

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  86. Twinkie says:
    @Daniel H
    Once the young lady graduated and got a job in a law firm, she probably would have gotten uppity, divorced the lad and left him with at least half the debt. Good move that he walked away.

    He should marry a nurse. He will be happy.

    Once the young lady graduated and got a job in a law firm, she probably would have gotten uppity, divorced the lad and left him with at least half the debt. Good move that he walked away.

    He should marry a nurse. He will be happy.

    No, he won’t, because she will be whining to him every night that she is doing the same work as a doctor, but gets paid much less.

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  87. Art Deco says:
    @Jake
    Why the astronomically high rates of black student loan default? The first reason is that blacks know they are the pet spoiled brats of the filthy rich Caucasians - first the WASPs and then the Jews. Pet spoiled brats know they always get away with stuff. Second, blacks have very poor math skills, poorer than their reading and writing skills. Third, black morality very rarely includes debt, unless you count fear of being killed or maimed by the pusher and pimp the black person stiffed or insulted.

    Why the astronomically high rates of black student loan default? The first reason is that blacks know they are the pet spoiled brats of the filthy rich Caucasians – first the WASPs and then the Jews. Pet spoiled brats know they always get away with stuff.

    Blacks cannot discharge their student loans in bankruptcy proceedings anymore than you can.

    Read More
    • Replies: @Anonymous
    Defaulting when you have few to no assets is far more strategic than if you do.

    Also, you mean "any more" not "anymore". You actually mean "any more readily" but I digress.
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  88. u1624806 says:
    @Twinkie

    Student debtors are hardly blameless
     
    Read and weep: https://www.washingtonpost.com/lifestyle/style/this-life-an-existence-she-loves-under-a-growing-cloud-of-student-debt/2018/01/08/3daac3ce-f32b-11e7-97bf-bba379b809ab_story.html

    And just imagine she was likely the most sympathetic example the reporter could find...

    Student loans took care of tuition, books and leftover living expenses.

    I didn’t even know this was possible. This is similar to the funny loans people got during the housing bubble where the loan rolled in all sorts of extra stuff.

    Read More
    • Replies: @gunner29
    Really no rules on how or on what it's spent on. Lots of college campuses have ridiculous rental fees, expensive food, everything else costs a fortune because most don't have a car and can't get to the inexpensive rentals or shopping outside of the student ghetto.

    It could easily be half of your expenses are not tuition, books, and fees....whole thing is a racket.
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  89. Twinkie says:
    @Anatoly Karlin
    Percentage of people who wait to get more money:

    Anglo-Germanic world: 70%-90%
    Nigeria: 10%
    (Angola does a lot better, but US Blacks predominantly hail from West Africa)

    https://www.unzcloud.com/wp-content/uploads/2012/08/future-time-orientation-by-country.png

    Anglo-Germanic world: 70%-90%

    Seeing as the UK is barely above 70% and the U.S., Australia, and New Zealand are all below that (in the case of the latter two substantially so), perhaps you should revise that terminology to simply “Germanic.”

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  90. rogue-one says:
    @Anonymous
    Its pretty clear liberals don't really believe in the race is just a social construct nonsense. If they did, they would have no problem with Rachel Dolezal self-declaring as black. If it's all just a meaningless social construct then why couldn't she declare herself whatever she desires? Further this points out the lie in the claim that they want to exterminate whiteness without exterminating white people. If white people cannot identify as anything but white, then what would exterminating whiteness be exterminating?

    >Its pretty clear liberals don’t really believe in the race is just a social construct nonsense.

    It is not an belief. It is a tactic. When it helps their argument they say race is a social construct (such as when you talk about crime, iq.)

    >If they did, they would have no problem with Rachel Dolezal self-declaring as black.

    In this case race as a social construct is opposed to liberal goals. Hence racial essentialism.

    >If white people cannot identify as anything but white, then what would exterminating whiteness be exterminating?

    Exterminating the possibility of whites to organize as a political group? Hispanics are encouraged to see themselves as one people. So are blacks or jews. But whites must never ever be allowed to organize and pursue their interests.

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  91. @Lowe
    I don't think anyone fires a black person for cause, simply because they they were a poor worker, or not as competent as their credentials suggested. That sounds like a great way to get sued and have to settle or lose.

    Spot on. They hire them a White personal assistant with an associate degree to shadow them and clean up their messes.

    Read More
    • Replies: @Alden
    So many of those powerful role model black woman school principals have 2 or 3 White assistants who do all the work.
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  92. @Tyrion 2
    Off-topic but...

    I've been thinking for a while about a term to use to describe SJW political correctness. We need a better one. So here is my suggestion: received opinion.

    It is subtle enough to be accepted. It also captures a great deal of why it is nonsense.

    “received opinion”

    Yes, that’s very good. Liked “received pronunciation” in England.

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    • Replies: @Twinkie

    “received opinion”

    Yes, that’s very good. Liked “received pronunciation” in England.
     
    Isn't "received opinion" an even more derisive* version of "received wisdom"? The latter is often used in a sneering manner by atheists/leftists to mock tradition and religion.

    *In this case, entirely appropriate.
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  93. @Anonymous
    And there's always one gif which explains everything

    https://image.ibb.co/gm5qZ6/negro_scare.jpg

    Thank you. That is all.

    You forgot snakes.

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    • Replies: @Anonymous
    Wypipo be afraid of snakes too.
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  94. Ed says:
    @YetAnotherAnon
    Are husbands responsible for a wife's debt in the States?

    Not technically but money that would be going to other expenses or savings for the household is diverted to the loans. That’s the issue, could delay home buying, lead to fights etc.

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    • Replies: @YetAnotherAnon
    In that case the same will apply in the UK, where most first-degree students now will graduate owing more than £60k. With high house prices it's a double whammy on family formation.
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  95. Anonymous • Disclaimer says:
    @Spud Boy
    And the reparations continue under different names. This one's called the student loan program.
    .
    .

    And the reparations continue under different names. This one’s called the student loan program.

    Not to mention Pell Grants, etc. Someone is keeping a list of all the various forms of reparations somewhere online, I trust?

    “Grants and scholarships are often called “gift aid” because they are free money”

    (From https://studentaid.ed.gov/ )

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  96. Anonymous • Disclaimer says:
    @M_Young
    Why do blacks have higher rates of chlamydia infection?
    Why do blacks have higher homicide rates?
    Why do blacks have lower rates of savings?
    ...

    The answers to all of your questions, and most others: White Racism.

    Read More
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  97. Anonymous • Disclaimer says:
    @Jim Bob Lassiter
    You forgot snakes.

    Wypipo be afraid of snakes too.

    Read More
    • Replies: @Anonymous
    Any people without an innate fear of snakes tends not to survive. Morbid avoidance of any and all snakes is the only sane policy unless you have a first world education on snakes and/or access to antivenins for all likely snakes you may encounter.

    Most North American venomous snakes have less than a fifty percent chance of killing a healthy young adult with a fully envenomated bite, but a copperhead could cost you a limb if untreated.

    Africa and Australia are chock full of snakes where a fully envenomated bite has a virtually 100 percent chance of killing you, and many of those are quite aggressive.
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  98. Anonymous • Disclaimer says:
    @Twinkie

    Student debtors are hardly blameless
     
    Read and weep: https://www.washingtonpost.com/lifestyle/style/this-life-an-existence-she-loves-under-a-growing-cloud-of-student-debt/2018/01/08/3daac3ce-f32b-11e7-97bf-bba379b809ab_story.html

    And just imagine she was likely the most sympathetic example the reporter could find...

    And just imagine she was likely the most sympathetic example the reporter could find…

    That’s the part which always blows my mind. The examples in the MSM always have gaping holes in the narrative, but it’s the best they could find. Should tell them something..

    And re: “leftover living expenses” –yep, there’s no oversight at all as to how the extra money is spent. Hmm, aren’t 19-year-olds the most responsible people when given free money? Heck, they weren’t two generations ago; they’re certainly not now. But our betters–they know better.

    Read More
    • Replies: @Anonymous

    Within 18 months she was promoted twice and is now a children’s librarian, presiding over toddler story times...Sarah would not have this job, she knows, if she didn’t have an advanced degree.
     
    Okay, reason number 1 million why I simply cannot read the MSM. People are idiots, and I'm not referring to Sarah.
    , @Anonymous

    Within 18 months she was promoted twice and is now a children’s librarian, presiding over toddler story times...Sarah would not have this job, she knows, if she didn’t have an advanced degree.
     
    Okay, reason number 1 million why I simply cannot read the MSM. People are idiots, and I'm not referring to Sarah.

    Sarah is on an income-based repayment plan
     
    I wonder how many people know we didn't used to have nice things like that.
    I wonder how many wonder who's taking up the slack.
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  99. Anonymous • Disclaimer says:
    @Barnard
    That sounds like the philosophy Daymond John was marketing towards when he founded FUBU. As long as it is considered cool, blacks will considerably overpay for clothes and other consumer goods. He convinced a few rappers to wear his clothes, charged a premium for them and made a fortune.

    https://en.wikipedia.org/wiki/Daymond_John

    I put a phone system and did terminal wiring (in 2003-2004 they were still using VT220s!) in a collections boiler room and all, I mean all the blacks were wearing FUBU or similar crap.

    The very Jewish collection manager, a skinny stylish but Jewishly unattractive Mona Charen type, confided to me that this stood for “Farmers Used to Buy Us.”.

    I allowed myself the slightest smile.

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  100. Anonymous • Disclaimer says:
    @Anonymous

    And just imagine she was likely the most sympathetic example the reporter could find…
     
    That's the part which always blows my mind. The examples in the MSM always have gaping holes in the narrative, but it's the best they could find. Should tell them something..

    And re: "leftover living expenses" --yep, there's no oversight at all as to how the extra money is spent. Hmm, aren't 19-year-olds the most responsible people when given free money? Heck, they weren't two generations ago; they're certainly not now. But our betters--they know better.

    Within 18 months she was promoted twice and is now a children’s librarian, presiding over toddler story times…Sarah would not have this job, she knows, if she didn’t have an advanced degree.

    Okay, reason number 1 million why I simply cannot read the MSM. People are idiots, and I’m not referring to Sarah.

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  101. Anonymous • Disclaimer says:
    @Anonymous

    And just imagine she was likely the most sympathetic example the reporter could find…
     
    That's the part which always blows my mind. The examples in the MSM always have gaping holes in the narrative, but it's the best they could find. Should tell them something..

    And re: "leftover living expenses" --yep, there's no oversight at all as to how the extra money is spent. Hmm, aren't 19-year-olds the most responsible people when given free money? Heck, they weren't two generations ago; they're certainly not now. But our betters--they know better.

    Within 18 months she was promoted twice and is now a children’s librarian, presiding over toddler story times…Sarah would not have this job, she knows, if she didn’t have an advanced degree.

    Okay, reason number 1 million why I simply cannot read the MSM. People are idiots, and I’m not referring to Sarah.

    Sarah is on an income-based repayment plan

    I wonder how many people know we didn’t used to have nice things like that.
    I wonder how many wonder who’s taking up the slack.

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    • Replies: @Anonymous

    enrollment in a public service student loan forgiveness program that would clear her remaining debt if she puts in seven more years of work with the government
     
    Yes, we didn't have that either. And BTW housing and living expenses in Staunton are dirt cheap. I really really need to stop reading. It's bad for my blood pressure.

    Sarah held her breath and applied for a mortgage.

    “And I still don’t really understand how I got approved,” Sarah says while sitting on a hand-me-down couch in that house, which now belongs to her.
     

    What on earth is wrong with you white-male-alt-right types? Don't you see that everything should be free for everyone? What sad people you are. And you even want borders on your country? I can't even.

    Twinkie, no more links to the Washington Post. Please. Do it for the grownups.

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  102. Icedoc says:
    @Buffalo Joe
    Boom! Problem solved. Andrew Cuomo is offering free college tuition to NY state residents at SUNY colleges and universities. Of course free is a nebulous term as it cost NY taxpayers 163 million in the first year. Tough to default on free.

    Tough, you say, to default on free? They will find a way.
    My take: free is just another way to say 100% default rate.

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  103. Luke says:

    Bill P says:
    January 14, 2018 at 8:05 pm GMT • 100 Words
    “Well, here’s a big factor:

    Say you’ve got student debt you’re paying down when you have a relationship with a woman, who then decides she wants to have a kid. Very common as everyone knows for blacks to have kids out of wedlock. Also black divorce rates are very high.

    So she has the kid, and as often happens in these situations mom and dad part ways.

    Now the black debtor has two serious debts, but there’s a difference: one debt will put him in jail if he doesn’t pay it. So naturally he pays the child support and neglects the student loan debt.”

    Actually, the black guy’s almost certainly not going to pay any child support, either.

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  104. @Alden
    Student loans arrived in time for the 1963-1964 school year, my senior year in college.

    My parents, with 4 younger children children and an average income managed to pay my tuition at one of the most expensive private universities in the country.

    As soon as student loans arrived tuition and dorm fees even textbooks rose and rose and rose. Textbooks now cost about $200 apiece. The colleges charge as much as $18,000 a year to stuff 3 students in a 9 by 12 room with no closets, just cupboards that take up a lot of floor space. Oh, and just 2 desks for the students to share.

    Re textbooks I was a waitress during the summers. Pay check for a 48 hour week was about $40. I was able to buy all my years textbooks, 4 or 5, a ream of typing paper, a typewriter ribbon, couple bottles of White out , notebooks pens
    for about $35. That was less than one week minimum wage paycheck.

    Take home for 48 hours of minimum wage is about $30o now. That gets a student at best 2 textbooks.

    Times have changed since 1960.

    It’s the loans that feed the monster.

    Now a


    Times have changed.

    Great comment, Adlen, and lots of other good ones explaining what the moral hazard is, when the taxpayers get put on the hook for questionable-return loans vs. the banks that give out the money.

    Your commenting on the scam of modern textbook sales is right on the money. It was always a bit of a scam, but the workarounds were textbook exchanges – first paper ads, then databases with phone numbers, then of course internet versions. They’ve got it locked up pretty good now, as the access codes that come with the course material are only good for the semester. The teachers insist that you won’t pass the class or do well anyway, if you don’t use that DVD, if they are part of the scam.

    I just found my Peak Stupidity post, “The great university textbook scam”

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  105. I have not read all the comments under this post yet, nor most of the ones under the subsequent post on the next economic crisis to come.

    All, I can say on this one at first glance, is that the Libertarian in some of y’all is emerging. All this talk about the problems with the public being put on the tab and private organization, the banks, keeping a guaranteed profit is making me think something like “no shit, how’s it feel to be a newly-minted libertard? Join the party, pal!”

    So there is something wrong with having governments get involved in what should be private business transactions, isn’t there? Anyone still blabbing on about “single-payer”, i.e. government-run health care? Come on, put your hands up – we know you’re lurking out there.

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  106. Benjaminl says:
    @Arclight
    As a former Washingtonian, I had previously read this piece and was not at all surprised. A good friend's kid won the charter school lottery and was attending one of the best available in the district until the spouse decided their kid should have a more 'authentic' experience and transfer to the neighborhood school. In short order my friend would describe this as a massive mistake.

    Every year the Post does an article on some DCPS grad who is now attending Georgetown or some similar upper-tier university. Without exception, the piece says the student was a straight-A high school student, valedictorian, praised by teachers, etc. and then goes on to say how the student is struggling mightily in college. Occasionally there is even some discussion or a quote from the student in which they realize that the coursework they completed in high school is a joke compared to what most of their fellow students experienced.
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  107. Anonymous • Disclaimer says:
    @Anonymous

    Within 18 months she was promoted twice and is now a children’s librarian, presiding over toddler story times...Sarah would not have this job, she knows, if she didn’t have an advanced degree.
     
    Okay, reason number 1 million why I simply cannot read the MSM. People are idiots, and I'm not referring to Sarah.

    Sarah is on an income-based repayment plan
     
    I wonder how many people know we didn't used to have nice things like that.
    I wonder how many wonder who's taking up the slack.

    enrollment in a public service student loan forgiveness program that would clear her remaining debt if she puts in seven more years of work with the government

    Yes, we didn’t have that either. And BTW housing and living expenses in Staunton are dirt cheap. I really really need to stop reading. It’s bad for my blood pressure.

    Sarah held her breath and applied for a mortgage.

    “And I still don’t really understand how I got approved,” Sarah says while sitting on a hand-me-down couch in that house, which now belongs to her.

    What on earth is wrong with you white-male-alt-right types? Don’t you see that everything should be free for everyone? What sad people you are. And you even want borders on your country? I can’t even.

    Twinkie, no more links to the Washington Post. Please. Do it for the grownups.

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    • Replies: @Twinkie
    You are going to love this: this young single mother with student debt and a mortgage (who is now working in a job that pays less than what she studied to become, because she just decided that job wasn't for her after racking up $60K in private college/grad school debt), is considering fostering children. Why? Probably because the "income" from fostering doesn't count as income under her government student loan subsidization scheme.

    Lovely, just lovely. Make a series of bad life choices... then cry to the Washington Post, because the evil Trump administration might take away her subsidies (i.e. money from the rest of us who worked for a living, some of which required us to do stuff we didn't want to do, not just things we liked to do).

    I am a charitable person. I give a considerable portion of my income and wealth to charity every year, and I also build homes for the poor, but this kind of state-sponsored parasitism by people who are physically able and are not mentally defective really bothers me.
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  108. @Anonymous
    https://image.ibb.co/gm5qZ6/negro_scare.jpg

    Heh, funny that. However, I am of the lighter persuasion myself, but I promised to myself years ago: no more opening any certified or registered letters unless I know or have been told what’s coming. Yeah, I had a few problems with The State. Never, ever, sign for any letters of unknown content. If it’s something good someone should have alread told you.

    I’m OK with most dogs and ghosts.

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  109. @TG
    Answer: because student loans are a scam and the banks are no longer evaluating risk but getting bailed out regardless.

    Here how it works. Rich investors are given money at about zero percent interest from the public treasury, and they loan money to a student without any due diligence risk assessment (and this money goes to pay for ever higher administrative costs). Important: it's not even the rich investors' money! It's our own money! Then if the students default, the investors get their profits and capital made whole courtesy of the US taxpayer. It's like printing money. I wish I could borrow money at 0% interest, loan it out at 6% (more for credit cards etc), and be guaranteed of repayment.

    They say that in capitalism debts must be repaid. WRONG. The essence of capitalism is that people who make bad investments must lose money. It's an efficient system but renders harsh judgements. The system has been broken because the rich find such discipline unpleasant. Profits should accrue to those who take risks, and evaluate investment opportunities. But we now have welfare for rich investors (not for little people of course, that would degrade their moral fiber!) and so of course it's going out of control. The relative default rates for blacks vs. hispanics etc. is I think of very little fundamental importance.

    AGREED 100%, TD!.

    It’s great to see another libertarian on here. Best comment on the thread … but I’m not done reading yet.

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  110. @The Millennial Falcon
    Student debtors are hardly blameless, but it sounds like you went to school in an earlier era.

    Tuition inflation has consistently left CPI in the dust.

    When I did my undergrad in the late 2000s at the cheapest state school near me, resident tuition was $1600 a semester, which I was able to pay pretty comfortably working for low wages. A decade later it's more than double that.

    And I was raised poor and dirt-cheap so I was vastly more cost-conscious than most teenagers making college selections.

    I have a friend who went to a mediocre private school with his wife. Not dumb people by any means - he was making 6 figures within a few years of graduating. But with tuition running about $30k a year for each of them, they had more than $200k in student loans between them.

    Soaring costs, bad advice from parents, guidance counselors who care only about college admission (not cost) and a society-wide emphasis on a BA/BS as the bare minimum for a respectable professional - there's a reason why Millennials are racking up student debts at greater rates than Boomers and Xers and it's not because the latter were smarter.

    Yes, but I hope you followed through on this thinking a bit further, to “why the soaring tuition?”

    Question: Why have universities raised tuition at a much faster rate than inflation?

    Answer: Because they can!

    Extended Answer: The universities can honestly promise to any student and/or parents (major of study, intelligence not a factor) that he will get enough money to get through school. They have highly-paid professionals at the financial aid office to help him through all of it. After all, graduate/don’t graduate, get gainfully employed/become a bum, what the hell difference does that make to the school?

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  111. @Buffalo Joe
    My friend's son was planning to marry a fellow student. His son's fiancé was already in debt from undergraduate school, about $60,000. She wanted to attend Georgetown for law school, easily another $60,000 debt. He pointed out that while his son had minimal debt, he would assume $120,000 in debt when he said..."I do." After much reflection, and the fact that the fiancé would not consider less expensive options for law school, they parted ways. Heavy debt is an anchor to a happy life.

    Joe, that is one wise man at that age, to make this good decision or at least to listen to his parents on this. Something tells me the woman couldn’t have been that hot, as the big head prevailed on this one.

    I shiver at the idea of being married to a lawyer to begin with, even a rich one. I’ve never met too many that were really right in the head – actually, I should limit that point to just the ambulance-chaser types.

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  112. Because they don’t give a shit about defaulting. They aren’t scared of it the way Whites are.

    Everyone they’ve ever known has had bad credit, has had stuff repo-ed, has had a bankruptcy.

    It’s just no big deal. It’s not like they’re scared of having to live in a black neighborhood.

    They don’t absorb the same brainwashing that Whites absorb about muh capitalism = debts must be paid, or about the vital importance of credit and financial discipline to living a happy life as a modern bugman.

    They just don’t care. And good for them to be honest.

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    • Replies: @Anonymous
    A recently retired Overland Park PD ex cop told me that yes, they do pull over people all the time for Driving While Black. Despite the fact that many of the officers dislike Chinese more than they dislike Blacks, and despite the fact that blacks drive more competently than Chinese in many cases, they avoided pulling the Chinese over like the plague.


    Reason: Blacks very often have warrants or equipment violations which mean money for the system. That pays their salary and for all the newest spiffiest equipment.

    Chinese always have all their paperwork in order and if you do write them a ticket they always go to court and usually with an attorney who will cross examine them every time. The Chinese may lose, but it took half your day in court.

    Racist? Maybe.
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  113. Moses says:
    @Achmed E. Newman
    What Miss Clayton calls a crisis is a crisis for the people backing the loans, not the students of whatever race. I would have assumed the black graduates would care the least about the people backing the loans, as the default rates show.

    The proportion of graduates who can realistically pay back student loans is so much lower than 30 or even 20 years ago, as tuition is much higher (say 5 X higher) than it was, yet the availability of decent jobs for graduates with degrees other than in engineering and computer-sci is much lower.

    Who are these "backers" of the loans? Why, you taxpaying fools, of course. As explained herein, herein, and herein, there is a big moral hazard that was introduced when the US Feral gov't started backing all these loans. Would an art history major (and nothing against this area of study, really) have been lended full tuition amounts to back in 1985, when the bank loan officer's ass was on the line. No way.

    It's been a vicious cycle. Loans are available to anyone, regardless of prospects for payback, so the universities raise tuition accordingly, meaning bigger loans are needed, but it's all backed by Joe Taxpayer, so the schools can raise tuition even more for these beautiful student dorms, gyms, and administrative office buildings.

    The students can live large for 4-6 years on the taxpayer's credit card, and come out with a possibly worthless degree and a loan the size of his Daddy's 1985 mortgage. What can go wrong?

    Student loan defaults - women and minorities hardest hit!

    so the schools can raise tuition even more for these beautiful student dorms, gyms, and administrative office buildings.

    My alma mater is always pleading poverty and asking me for money. I went to a reunion a few years ago. I was shocked by the expanse of palatial new academic, sports and administrative buildings. I resolved then and there never to give them another cent. I feel like a sucker for giving them money in the past.

    And yes, easy gubment money creates moral hazard. The schools simply raise tuition and fees and get fat. The ratio of administrators to students has gone sky-high in the past 25 years. They have no incentive to manage costs. Entrenched interest groups capture the uni and exploit it like a golden goose. And students don’t care because, hey, free gubment money they don’t have to pay back!

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  114. Moses says:
    @Buffalo Joe
    My friend's son was planning to marry a fellow student. His son's fiancé was already in debt from undergraduate school, about $60,000. She wanted to attend Georgetown for law school, easily another $60,000 debt. He pointed out that while his son had minimal debt, he would assume $120,000 in debt when he said..."I do." After much reflection, and the fact that the fiancé would not consider less expensive options for law school, they parted ways. Heavy debt is an anchor to a happy life.

    That young man dodged a bullet, and it wasn’t just debt. A man should never, ever marry a lawyer if he wants to maximize his chances of a happy marriage..

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  115. gunner29 says:
    @u1624806

    Student loans took care of tuition, books and leftover living expenses.
     
    I didn't even know this was possible. This is similar to the funny loans people got during the housing bubble where the loan rolled in all sorts of extra stuff.

    Really no rules on how or on what it’s spent on. Lots of college campuses have ridiculous rental fees, expensive food, everything else costs a fortune because most don’t have a car and can’t get to the inexpensive rentals or shopping outside of the student ghetto.

    It could easily be half of your expenses are not tuition, books, and fees….whole thing is a racket.

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    • Replies: @stillCARealist
    When my sister finished law school in 1991 she was 30k in debt. She had a classmate in exactly her financial situation who finished with 90k in debt. She just chose to work every summer, live cheap, and accumulate nothing. Her classmate chose to buy a fancy car, travel, go out constantly, live expensively and acquire much. He fully agreed at the end that the money was just too easy to borrow and spend.
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  116. @Anonymous
    "Student debt will increasingly interfere with household formation among the white-collar middle class."

    Which is exactly what the liberal elites are looking for. As Sailer has pointed out, white, stable, middle class married workers with families are overwhelmingly more likely to think and vote Conservative. The left really is the coalition of the fringes. Bringing in hordes of foreigners, and stroking black grievances are one way to get votes; another is to play Santa Claus/Daddy Warbucks to single, struggling, unmarried whites. Bury young whites in crippling debt so they will be beholden to the government, and you've got more Dem voters for years to come.

    AGREED!

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  117. Art Deco says:
    @Lowe
    I don't think anyone fires a black person for cause, simply because they they were a poor worker, or not as competent as their credentials suggested. That sounds like a great way to get sued and have to settle or lose.

    In 2016, the number of employed persons averaged about 151 million. The number of unemployed persons who had been permanently terminated (as opposed to completing a completing a temporary term of employment or being laid off &c.) averaged about 2.21 million. The ratio of one to the other amounted to 0.0146. The number of employed blacks averaged 18 million. Unemployed persons who’d been permanently terminated averaged 397,000. The ratio of one to the other was 0.022. You’re telling me that the black population manages to produce half-again as many involuntary terminations while producing no one fired for cause. Do I have that right?

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  118. It’s the marriage gap. White women go to college and find their husbands there and that’s how their debt is paid off (and obviously most of them aren’t pushing that by racking up six figures’ worth as a norm).

    Black women go to college for the degree itself, but the larger number of marginal acceptances means a bunch end up not able to finish or take several tries to do so, making the average debt load higher. On top of that, since they aren’t there to get a husband, even if they do finish with a degree, they are frequently working the same lowish paying jobs a lot of degreed white women are, but without a husband’s 50-100% larger paycheck.

    Single women of all races are terrible about paying debt off, and the most single happens to be black women.

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    • Agree: Triumph104
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  119. @Crawfurdmuir
    Student debt will increasingly interfere with household formation among the white-collar middle class. Young people just entering the labor force burdened with debt do not merely have nothing to start with - they have negative net worths. Marriage, family, and home ownership along the lines typical of their parents' generation will at least be postponed and may not happen at all.

    Bubbles are caused by overextension of credit, and busts by subsequent withdrawal of liquidity. Look at what happened to the discount rate between 2002 and 2006. It's a sufficient explanation of the bust of 2008 quite apart from all the other factors that were in play. The Fed historically oversteers (in both directions). This was rendered possible by the loss of the external discipline implicit in the limited gold standard that took place when Nixon abandoned Bretton Woods, and has lengthened the frequency of the business cycle at the expense of increasing its amplitude.

    The alternative to another sharp turn like that of 2008 is an inflation that effectively devalues the debt, first and foremost of the United States Treasury, and along with it, of all other debtors along for the ride. I believe this is already in its early stages. It will accelerate. The rise in the Dow Jones average, the price of Bitcoin, and the rebound of real estate are all evidence of this. Consumer prices have yet to feel it to comparable extent, but will

    This one is hard to untangle. People who already have kids are having more, but fewer people are starting families. The majority of children born are born to degree-holding mothers, with that percentage increasing every year. A supermajority are born to mothers who have attended college.

    But there’s fewer and fewer births overall. The college requirement is brutal, but those folks are also increasingly the only ones able to have children, plural. And there’s been a sharp decline in single motherhood in the last couple of years that may be the collapse. We could very possibly see births drop down to 3.5 million or so as soon as 10 years out, composed of 80% college-attending mothers and 65% degree-holding mothers, with an OOW rate of around 20% that is almost entirely Hispanic.

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  120. anon • Disclaimer says:

    Whether it is a loan from a friend to a loan from a bank, paying back debt is to some extent simply a matter of character, integrity and responsibility. I suspect this may account for some of the racial discrepancy.

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  121. Anonymous • Disclaimer says:
    @Anonymous
    Wypipo be afraid of snakes too.

    Any people without an innate fear of snakes tends not to survive. Morbid avoidance of any and all snakes is the only sane policy unless you have a first world education on snakes and/or access to antivenins for all likely snakes you may encounter.

    Most North American venomous snakes have less than a fifty percent chance of killing a healthy young adult with a fully envenomated bite, but a copperhead could cost you a limb if untreated.

    Africa and Australia are chock full of snakes where a fully envenomated bite has a virtually 100 percent chance of killing you, and many of those are quite aggressive.

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    • Replies: @Anonymous
    As copperheads are endemic where I live, this is not comforting.
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  122. anon • Disclaimer says:
    @r3518439
    That was no typo: The median net worth of black Bostonians really is $8
    https://www.bostonglobe.com/metro/2017/12/11/that-was-typo-the-median-net-worth-black-bostonians-really/ze5kxC1jJelx24M3pugFFN/story.html

    When you spend all your money on junk (“bling”) and have no ability to delay gratification or engage in long term planning you will probably end up broke. Of course it is much easier to simply say that “racism” is the reason.

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  123. bartok says:
    @Lowe
    I don't think anyone fires a black person for cause, simply because they they were a poor worker, or not as competent as their credentials suggested. That sounds like a great way to get sued and have to settle or lose.

    High time-preference is a boon for employers when they offer severance in exchange for signing an agreement.

    State and federal law likely gives whingers a do-over if they want to sue even after signing. But most will go away after signing.

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  124. Anonymous • Disclaimer says:
    @Gutenberg
    The cues that they are targeting blacks are not subtle at all - the 90s G-Love background track and def rhythmic delivery of the voice actor the most obvious.

    If it rhyme, buyin’ it would be sublime!

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  125. with an OOW rate of around 20% that is almost entirely Hispanic.

    ? Blacks are going to stop having children!?!

    I think you’re on to some of the overall trends, but blacks generally won’t be in that 65%. Degreed black women have miserable fertility. They want–as college women generally do–to have children within marriage, but they have a hard time finding suitable black men to marry. (Fewer degreed black men and–cue Sailer’s “Is Love Colorblind”–the ones that do have options.)

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  126. Anonymous • Disclaimer says:
    @27 year old
    Because they don't give a shit about defaulting. They aren't scared of it the way Whites are.

    Everyone they've ever known has had bad credit, has had stuff repo-ed, has had a bankruptcy.

    It's just no big deal. It's not like they're scared of having to live in a black neighborhood.

    They don't absorb the same brainwashing that Whites absorb about muh capitalism = debts must be paid, or about the vital importance of credit and financial discipline to living a happy life as a modern bugman.

    They just don't care. And good for them to be honest.

    A recently retired Overland Park PD ex cop told me that yes, they do pull over people all the time for Driving While Black. Despite the fact that many of the officers dislike Chinese more than they dislike Blacks, and despite the fact that blacks drive more competently than Chinese in many cases, they avoided pulling the Chinese over like the plague.

    Reason: Blacks very often have warrants or equipment violations which mean money for the system. That pays their salary and for all the newest spiffiest equipment.

    Chinese always have all their paperwork in order and if you do write them a ticket they always go to court and usually with an attorney who will cross examine them every time. The Chinese may lose, but it took half your day in court.

    Racist? Maybe.

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    • Replies: @Art Deco
    Reason: Blacks very often have warrants or equipment violations which mean money for the system. That pays their salary and for all the newest spiffiest equipment.

    New York City collected $993 million in fines during fiscal year 2016. That accounted for a whopping 1.27% of their revenue stream.
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  127. Anonymous • Disclaimer says:
    @Alden
    If you like John Gresham, I reccomebd hid latest. It’s about law students who look at their almost $200,000 debt, an expensive bar exam course and no guarantee of a job

    So they decide to practice law without a license. They spend a few weeks watching traffic and criminal court, get some cards printed up and start soliciting clients in the halls.

    It works for a while.

    Why don’t they just take the bar exam–it’s not that hard–and then practice legally? Something I’m missing here?

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    • Replies: @ScarletNumber
    Generally speaking you must be a graduate of an accredited law school in order to sit for the bar exam.
    , @Alden
    It’s a book of fiction, The Rooster Bar.
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  128. Anonymous • Disclaimer says:
    @Art Deco
    Why the astronomically high rates of black student loan default? The first reason is that blacks know they are the pet spoiled brats of the filthy rich Caucasians – first the WASPs and then the Jews. Pet spoiled brats know they always get away with stuff.

    Blacks cannot discharge their student loans in bankruptcy proceedings anymore than you can.

    Defaulting when you have few to no assets is far more strategic than if you do.

    Also, you mean “any more” not “anymore”. You actually mean “any more readily” but I digress.

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  129. Anonymous • Disclaimer says:
    @Anonymous
    Any people without an innate fear of snakes tends not to survive. Morbid avoidance of any and all snakes is the only sane policy unless you have a first world education on snakes and/or access to antivenins for all likely snakes you may encounter.

    Most North American venomous snakes have less than a fifty percent chance of killing a healthy young adult with a fully envenomated bite, but a copperhead could cost you a limb if untreated.

    Africa and Australia are chock full of snakes where a fully envenomated bite has a virtually 100 percent chance of killing you, and many of those are quite aggressive.

    As copperheads are endemic where I live, this is not comforting.

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  130. Why do you exceptional types have nothing better to do than pick on black folk?

    Blacks are multiple generations without a functional working class excepting government employment. The intellectuals who have mostly book smarts rather than common sense or business acumen are ideologically driven to encourage minorities to use a college degree as the route to equality with whites. That the degrees don’t mesh well with available job opportunities escapes these idealists notice. Other factors such as aptitude and preparation aren’t sufficiently abstract for such geniuses to ponder.

    Personally I believe there will be a correction of this mal-investment although I can’t be certain what form it will take. If my generation had had more children, it might have happened already. And I don’t think many people, even the darker hued ones, who struggled with college debt will fail to give their kids better advice about taking on the debt in the first place.

    I also wonder how much default occurs with people who only made it through one or two years before flunking out. Of course the whole post may be facetious b/c isteve doesn’t always know the difference between funny and not. And, while I’m on the topic of interpersonal communication skills, seems that some of you wouldn’t really know enough people of any race to know and share their tales of woe.

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    • Replies: @Art Deco
    Blacks are multiple generations without a functional working class excepting government employment.

    Just where do you live, Miss Marple? Vermont, perhaps? Nova Scotia? Wee Village of St. Mary Mead?

    About 12% of those currently employed in this country are black. Employment-to-population ratios for the black population are about 10% lower than those of the other racial categories; that's 10%, not 90%. About 16% of the black working population is employed by public agencies.
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  131. @TG
    Answer: because student loans are a scam and the banks are no longer evaluating risk but getting bailed out regardless.

    Here how it works. Rich investors are given money at about zero percent interest from the public treasury, and they loan money to a student without any due diligence risk assessment (and this money goes to pay for ever higher administrative costs). Important: it's not even the rich investors' money! It's our own money! Then if the students default, the investors get their profits and capital made whole courtesy of the US taxpayer. It's like printing money. I wish I could borrow money at 0% interest, loan it out at 6% (more for credit cards etc), and be guaranteed of repayment.

    They say that in capitalism debts must be repaid. WRONG. The essence of capitalism is that people who make bad investments must lose money. It's an efficient system but renders harsh judgements. The system has been broken because the rich find such discipline unpleasant. Profits should accrue to those who take risks, and evaluate investment opportunities. But we now have welfare for rich investors (not for little people of course, that would degrade their moral fiber!) and so of course it's going out of control. The relative default rates for blacks vs. hispanics etc. is I think of very little fundamental importance.

    The essence of capitalism is simply being free to make money out of capital, hence the name capitalism. Economic systems don’t have to be fair to be successful. Slavery was pretty successful, despite its obvious moral shortcomings. Capitalism is an economic system with many unfair aspects which just happens to be more successful than alternative economic systems like communism.

    The libertarian argument that capitalism is the best economic system because it is inherently fair doesn’t stand up. For example, the capitalist practice of allowing people to escape their debts by claiming bankruptcy is often unfair on creditors and small contractors, but it tends to be good for the economy because as it encourages people to take more business risks. Allowing people to pass down wealth to their offspring is socially unfair in that it gives some people an economic head start over others, but passing down wealth tends to be good for capitalist economies.

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    • Replies: @Art Deco
    The libertarian argument that capitalism is the best economic system because it is inherently fair doesn’t stand up.

    That's not the libertarian argument.
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  132. rogue-one says:
    @Tyrion 2
    Off-topic but...

    I've been thinking for a while about a term to use to describe SJW political correctness. We need a better one. So here is my suggestion: received opinion.

    It is subtle enough to be accepted. It also captures a great deal of why it is nonsense.

    Or Social Justice Jihadi & Social Jihadi Orthodoxy.

    Sort of captures the radical and destructive nature of SJWs and their opinions. (The second one is a bit long though. 3 words instead of 2.)

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    • Replies: @Tyrion 2
    That makes you sound weird. Just saying the word Jihadi reduces your presumed credibility as a speaker.
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  133. Tyrion 2 says:
    @rogue-one
    Or Social Justice Jihadi & Social Jihadi Orthodoxy.

    Sort of captures the radical and destructive nature of SJWs and their opinions. (The second one is a bit long though. 3 words instead of 2.)

    That makes you sound weird. Just saying the word Jihadi reduces your presumed credibility as a speaker.

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    • Replies: @rogue-one
    Fair enough.
    , @Anonymous
    Agreed: but "social grievance warrior" is apt as is the more concise phrase "received opinion" as proposed upthread.
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  134. Neoconned says:

    I owe, at age 34, roughly ~33k$ in outstanding student loan debt last time I checked. I work in the service industry and have my loans currently in some kind of deferral or forebearance status or some such.

    My grandpa had diabetes in his 40s & my mother who’s not rail thin but hardly fat has early stage diabetes, cataracts, and glaucoma. She’s 90% legally blind in her left eye and 40% blind in the other, “because glaucoma.”

    What scares the shit out of me is she doesn’t smoke, eats twice a day, and only rarely drinks a glass of wine. She had 20/20 vision til age 47 & she was given glasses. Within 4 years she went legally blind, her thyroid went to shit, and she had a mild heart attack. Even though she qualifies for govt disability she chooses to work.

    I spoke w a friend who’s a nurse & after describing symptoms they told me I have pre diabetes.

    I figure I got 5-10 good years left. My gf is 20 and wants kids. If I follow my mother’s genetics I got 12 odd yrs before I lose my vision.

    My manager at work was telling me about his dad. Korea veteran. Ex Miami PD and ex sniper & CIA spook. Had a pension. When he hit 55 was diagnosed w inoperable colon cancer and given a year to live.

    His dad took out a reverse mortgage and borrowed money and hit the coke and the hookers hard. He died about” on time w the doctors predictions.

    My point is….no one lives forever. And your youth is even shorter. If they start putting a lien on my check fuck em I won’t make enough to work.

    I’ll hit the dope and the women and let the Federal reserve eat my student loan debt.

    I’ll be 40 in five years. I’ll never own a house. Instead of a mortgage I have student loans. One of the multitude of reasons I’ve held off marrying or having kids is this shit. Too much debt.

    Screw it, the illegals get their loans socialized. We white guys should all act like welfare queens and dump the tax bill on the Hispanics.

    It’s like the dumb ass constable who came to my mother’s house looking for my cousin trying to get child support.

    My cousin is a dope addict, drunk and derelict.

    He gives my mother’s address as his own because he lives in the woods or sleeps in the baseball dugout in the city park…..by choice.

    Can’t squeeze child support from that.

    It’s going to be a bitch when these Asians and Hispanics get targeted by the IRS as there won’t be enough white suckers left to pay for anything….

    I’m thinking about going back on the bottle after being sober ten yrs.

    It isn’t like well have a country in ten yrs to worry about anyway

    Trump or no Trump were doomed….I’ll default and let the hardworking dreamers pay off my student debt….hey, somebody has to pay for it

    My health is near failing. And these clowns expect me to work harder to pay them back so they can lounge around..mm

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    • Replies: @Anonymous
    Hmm a lot of material there. FWIW it's possible--likely even--that your family's experiences mean you'll be the exception. My logic is that most families don't all die young--one or two make it to old age. So I'd recommend growing up and becoming as responsible as you can. This isn't to deny any of the several truths in your post. It's hard, this life.
    , @Anonymous
    Dr. DOUG McGuff - for physical

    Jordan B Peterson - for the rest

    Both on Youtube.

    Godspeed
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  135. @Ed
    Not technically but money that would be going to other expenses or savings for the household is diverted to the loans. That’s the issue, could delay home buying, lead to fights etc.

    In that case the same will apply in the UK, where most first-degree students now will graduate owing more than £60k. With high house prices it’s a double whammy on family formation.

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  136. My employer just promoted a pleasant, though somewhat over-her-head, 29 y/o black female to a fluff, unnecessary coordinator-type position, at $50K.* She’s the sole breadwinner in the family of eight, including three children with her husband and three of his that he brought into the marriage. Kids range in age from 1 to 10 y/o. Management pretends to be impressed with her phony diploma-mill MBA. The other day, she told me that her student loan debt totals $60K but repayment is currently in “deferment.” She almost fell over when I told her that interest is still accruing!

    She should collect about $6000 EITC this year. She told me she’s going to buy a car for her husband.

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  137. NickG says:

    It’s bigoted and racist to keep these stats, and even more racist to release them.

    Something must be done!

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  138. Anon • Disclaimer says:
    @Gutenberg
    The cues that they are targeting blacks are not subtle at all - the 90s G-Love background track and def rhythmic delivery of the voice actor the most obvious.

    The cues that they are targeting blacks are not subtle at all – the 90s G-Love background track and def rhythmic delivery of the voice actor the most obvious.

    Or the message that buy our product and you’ll get the White or light-skinned black female.

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  139. Anon • Disclaimer says:
    @M_Young
    Why do blacks have higher rates of chlamydia infection?
    Why do blacks have higher homicide rates?
    Why do blacks have lower rates of savings?
    ...

    Why do blacks have higher rates of chlamydia infection?
    Why do blacks have higher homicide rates?
    Why do blacks have lower rates of savings?

    As everyone knows, clearly, the answer is racism!

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  140. rogue-one says:
    @Steve in Greensboro
    The good-white solution to this specific problem is more “robust efforts to regulate the for-profit sector”, which follows from the general rule which is “the solution for every societal problem is ‘kill the Boer’”.

    What happens when you run out of Boers?

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    • Replies: @Steve in Greensboro
    Haiti, Rhodesia, Baltimore, etc.
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  141. rogue-one says:
    @Tyrion 2
    That makes you sound weird. Just saying the word Jihadi reduces your presumed credibility as a speaker.

    Fair enough.

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  142. @Anonymous
    And spare a thought for the perplexed, please?

    https://image.ibb.co/m3TNgm/Rent.jpg

    Some black women deal with this by using, ya might say, their female negotiating skills.

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    • Replies: @Anonymous
    Well now even I must now step up in defense of black women to point out that women of any color will do this..
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  143. Anonymous • Disclaimer says:
    @Anonymous
    https://image.ibb.co/gm5qZ6/negro_scare.jpg

    You should add snakes and ‘the occult’ to that list.

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  144. Anonymous • Disclaimer says:
    @Anonymous
    https://image.ibb.co/gm5qZ6/negro_scare.jpg

    Or, come to think of it, ‘work’.

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  145. @rogue-one
    What happens when you run out of Boers?

    Haiti, Rhodesia, Baltimore, etc.

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  146. Art Deco says:
    @Anonymous
    A recently retired Overland Park PD ex cop told me that yes, they do pull over people all the time for Driving While Black. Despite the fact that many of the officers dislike Chinese more than they dislike Blacks, and despite the fact that blacks drive more competently than Chinese in many cases, they avoided pulling the Chinese over like the plague.


    Reason: Blacks very often have warrants or equipment violations which mean money for the system. That pays their salary and for all the newest spiffiest equipment.

    Chinese always have all their paperwork in order and if you do write them a ticket they always go to court and usually with an attorney who will cross examine them every time. The Chinese may lose, but it took half your day in court.

    Racist? Maybe.

    Reason: Blacks very often have warrants or equipment violations which mean money for the system. That pays their salary and for all the newest spiffiest equipment.

    New York City collected $993 million in fines during fiscal year 2016. That accounted for a whopping 1.27% of their revenue stream.

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  147. Art Deco says:
    @unpc downunder
    The essence of capitalism is simply being free to make money out of capital, hence the name capitalism. Economic systems don't have to be fair to be successful. Slavery was pretty successful, despite its obvious moral shortcomings. Capitalism is an economic system with many unfair aspects which just happens to be more successful than alternative economic systems like communism.

    The libertarian argument that capitalism is the best economic system because it is inherently fair doesn't stand up. For example, the capitalist practice of allowing people to escape their debts by claiming bankruptcy is often unfair on creditors and small contractors, but it tends to be good for the economy because as it encourages people to take more business risks. Allowing people to pass down wealth to their offspring is socially unfair in that it gives some people an economic head start over others, but passing down wealth tends to be good for capitalist economies.

    The libertarian argument that capitalism is the best economic system because it is inherently fair doesn’t stand up.

    That’s not the libertarian argument.

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    • Replies: @Anonymous
    You are correct: it's not. Meanwhile I must display my ignorance by asking what principal alternatives exist to laissez-faire capitalism on the one hand and socialist communism on the other? Yes there can be middle ground, where in fact we all live, but I'm asking what 'third ways' there are? Anyone?
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  148. Art Deco says:
    @miss marple
    Why do you exceptional types have nothing better to do than pick on black folk?

    Blacks are multiple generations without a functional working class excepting government employment. The intellectuals who have mostly book smarts rather than common sense or business acumen are ideologically driven to encourage minorities to use a college degree as the route to equality with whites. That the degrees don't mesh well with available job opportunities escapes these idealists notice. Other factors such as aptitude and preparation aren't sufficiently abstract for such geniuses to ponder.

    Personally I believe there will be a correction of this mal-investment although I can't be certain what form it will take. If my generation had had more children, it might have happened already. And I don't think many people, even the darker hued ones, who struggled with college debt will fail to give their kids better advice about taking on the debt in the first place.

    I also wonder how much default occurs with people who only made it through one or two years before flunking out. Of course the whole post may be facetious b/c isteve doesn't always know the difference between funny and not. And, while I'm on the topic of interpersonal communication skills, seems that some of you wouldn't really know enough people of any race to know and share their tales of woe.

    Blacks are multiple generations without a functional working class excepting government employment.

    Just where do you live, Miss Marple? Vermont, perhaps? Nova Scotia? Wee Village of St. Mary Mead?

    About 12% of those currently employed in this country are black. Employment-to-population ratios for the black population are about 10% lower than those of the other racial categories; that’s 10%, not 90%. About 16% of the black working population is employed by public agencies.

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    • Replies: @Anonymous
    The fun thing is that her "multiple generations" observation leaves wide open the possibility that she considers slavery to constitute "a functional working class".

    And well it might, I suppose, but I doubt that's quite her intention.
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  149. @gunner29
    Really no rules on how or on what it's spent on. Lots of college campuses have ridiculous rental fees, expensive food, everything else costs a fortune because most don't have a car and can't get to the inexpensive rentals or shopping outside of the student ghetto.

    It could easily be half of your expenses are not tuition, books, and fees....whole thing is a racket.

    When my sister finished law school in 1991 she was 30k in debt. She had a classmate in exactly her financial situation who finished with 90k in debt. She just chose to work every summer, live cheap, and accumulate nothing. Her classmate chose to buy a fancy car, travel, go out constantly, live expensively and acquire much. He fully agreed at the end that the money was just too easy to borrow and spend.

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  150. @Anonymous
    Why don't they just take the bar exam--it's not that hard--and then practice legally? Something I'm missing here?

    Generally speaking you must be a graduate of an accredited law school in order to sit for the bar exam.

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    • Replies: @Ed
    Interesting thought the bar associations would preserve a Lincoln option, where one could self-study into admittance.
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  151. @gunner29
    Real Estate joke from 40 years ago;

    Why do negros drive really nice cars but have really crappy housing?

    They can live in their car, but can't drive the house!

    It was near universal with negro clients that they had good income from the gobt job, but then the credit report came in. Foreclosures, repo's, bankruptcy, late pays, no pays, every way you could destroy a credit rating was in there.

    Of course we could never sell them a house with that. This is where Acorn and other lefty clowns are complaining about how negros with the same income to whites and asians aren't getting to buying a house. It was the credit report, not discrimination. Yet you'll never see any mention of credit reports killing any chance of becoming a conforming borrower and getting a loan.

    Any lender that had a plan to sell the loan to Fannie Mae had to toe the line with a conforming loan package. Or else they would be stuck with it....

    Back during the housing bubble, there was an Orange County Housing blog I read. OC in Kali. He had some posts about how the subprime mortgage came into being.

    Mid '80s there was a Savings and Loan that the owner decided to try and do second mortgages to peeps that had shit credit, but had lots of equity in the home. He figured they would make every effort to pay his loan back and skip on the car and credit card bills, because they didn't want to live in the streets.

    It worked; and he could charge 16% and 5 loan points and other garbage fees on the loans.

    Pretty quickly the other S&L's started doing it. Lenders were making fantastic returns with no risk; there was always enough equity to cover the loan amount if they did quit paying.

    Only problem was they couldn't sell the loan to Fannie Mae and get more loans done. Then about '97, somebody convinced Wall Street to buy $70 million in loans. Those loans got resold to pension funds, insurance companies, whomever needed a high yield with basically no risk. So within 5 years they were clamoring for more subprime loans; these things had about the same risk as a US treasury bond but paid about triple in yield.

    Of course by about then everybody went hog wild and made loans where they didn't have much equity in the home and we all know how that ended.....

    These securities had loans bundled in levels called tranches. The tranche that held the worst loans was call mezzanine, because they didn’t want to call it ground floor.

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  152. Saint Bob says:

    “The overall student loan default rate among Asians since 2004 is 6.2%, among whites 12.4%, among Hispanics 20.0%, and among blacks 37.5%.”

    Ahem, Mr. Sailer: how about a tip of the cap to Phillippe Rushton for calling this one?

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    • Replies: @Twinkie

    “The overall student loan default rate among Asians since 2004 is 6.2%, among whites 12.4%, among Hispanics 20.0%, and among blacks 37.5%.”

    Ahem, Mr. Sailer: how about a tip of the cap to Phillippe Rushton for calling this one?
     
    In 1996, whites in America actually had a slightly lower default rate than Asians did. By 2004, however, the default rate of the former was twice that of the latter (see my comment no. 85 above). This was an entirely preventable phenomenon, so it doesn't fit Rushton's paradigm well.
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  153. Brutusale says:
    @Buffalo Joe
    Boom! Problem solved. Andrew Cuomo is offering free college tuition to NY state residents at SUNY colleges and universities. Of course free is a nebulous term as it cost NY taxpayers 163 million in the first year. Tough to default on free.

    It’s easy to default on free. Do what the mayor and aldermen did in my town: get an education grant for pre-K “education”, offer free preschool for all residents with young children, then institute a $400/month fee (which was in the story back when the grant was first announced) when the grant ends.

    The wailing and gnashing of teeth could be heard in the next county. It’s amazing how little reading comprehension there is among the middle class.

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  154. Ed says:
    @ScarletNumber
    Generally speaking you must be a graduate of an accredited law school in order to sit for the bar exam.

    Interesting thought the bar associations would preserve a Lincoln option, where one could self-study into admittance.

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    • Replies: @ScarletNumber
    California, Virginia, Vermont, and Washington still have the option.
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  155. Brutusale says:
    @Pat Boyle
    I try to be sympathetic to those who have student debts, but its hard. I have no student debt. I went to George Mason as an undergraduate. I worked as a tutor in math and I worked for the Chemistry department as a TA. I also played bridge for money but the big money was in being a janitor . I supported myself. I don't think there were student loans in those days.

    Later when I went to San Francisco State I worked as a postal clerk in the very early morning. So I had no debt then either. Finally in graduate school I was on a full academic scholarship and I had gotten several paying fellowships. I never completed my doctorate because I would have had to paid my own tuition. I had exhausted all the sources for free money.

    If you actually belong in college my experience is that you will be recruited and subsidized. If you have to borrow money you probably should get out of school. You are not college timber.

    They were around in the late 70s.

    Before my junior year I was with a friend at the college’s finance office while she was filling out her loan applications. One of the employees asked me if I was applying for a loan, too. I said no, I’m on scholarship. She asked if I lived at home, and I said no, I’m living off campus with a couple of friends. She told me that I should take out a student loan for my living expenses.

    I ended up getting $2,500 for both my junior and senior years, which allowed me to cut back on my work hours and enjoy myself more. At 3%, it was some of the cheapest money I’ll ever borrow.

    I was able to pay my loans off in 4 years. My friend, who had about $35K in loans when she graduated, was paying into her 40s after many incidents with collection services. They finally just wrote off the last few grand for her.

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  156. @Ed
    Interesting thought the bar associations would preserve a Lincoln option, where one could self-study into admittance.

    California, Virginia, Vermont, and Washington still have the option.

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    • Replies: @Anonymous
    Anyway I was assuming graduation--they were already most of the way toward graduation. Most law schools aren't that hard you know. More grinding than intellectual firepower req'd.
    , @Alden
    Don’t they have to work for a law firm for 5 years before taking the exam?
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  157. Thomm says:
    @Anatoly Karlin
    Percentage of people who wait to get more money:

    Anglo-Germanic world: 70%-90%
    Nigeria: 10%
    (Angola does a lot better, but US Blacks predominantly hail from West Africa)

    https://www.unzcloud.com/wp-content/uploads/2012/08/future-time-orientation-by-country.png

    (Angola does a lot better, but US Blacks predominantly hail from West Africa)

    Angola IS in West Africa (albeit the southern part of it), and a lot of US blacks hail from there (including Chris Tucker).

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    • Replies: @Ed
    Angola is not considered West Africa. West Africa is bulge region of the continent. Angola is also to the east of this area in terms of longitude so it’s not just a question of latitudinal positioning.
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  158. Anonymous • Disclaimer says:
    @Neoconned
    I owe, at age 34, roughly ~33k$ in outstanding student loan debt last time I checked. I work in the service industry and have my loans currently in some kind of deferral or forebearance status or some such.

    My grandpa had diabetes in his 40s & my mother who's not rail thin but hardly fat has early stage diabetes, cataracts, and glaucoma. She's 90% legally blind in her left eye and 40% blind in the other, "because glaucoma."

    What scares the shit out of me is she doesn't smoke, eats twice a day, and only rarely drinks a glass of wine. She had 20/20 vision til age 47 & she was given glasses. Within 4 years she went legally blind, her thyroid went to shit, and she had a mild heart attack. Even though she qualifies for govt disability she chooses to work.

    I spoke w a friend who's a nurse & after describing symptoms they told me I have pre diabetes.

    I figure I got 5-10 good years left. My gf is 20 and wants kids. If I follow my mother's genetics I got 12 odd yrs before I lose my vision.

    My manager at work was telling me about his dad. Korea veteran. Ex Miami PD and ex sniper & CIA spook. Had a pension. When he hit 55 was diagnosed w inoperable colon cancer and given a year to live.

    His dad took out a reverse mortgage and borrowed money and hit the coke and the hookers hard. He died about" on time w the doctors predictions.

    My point is....no one lives forever. And your youth is even shorter. If they start putting a lien on my check fuck em I won't make enough to work.

    I'll hit the dope and the women and let the Federal reserve eat my student loan debt.

    I'll be 40 in five years. I'll never own a house. Instead of a mortgage I have student loans. One of the multitude of reasons I've held off marrying or having kids is this shit. Too much debt.

    Screw it, the illegals get their loans socialized. We white guys should all act like welfare queens and dump the tax bill on the Hispanics.

    It's like the dumb ass constable who came to my mother's house looking for my cousin trying to get child support.

    My cousin is a dope addict, drunk and derelict.

    He gives my mother's address as his own because he lives in the woods or sleeps in the baseball dugout in the city park.....by choice.

    Can't squeeze child support from that.

    It's going to be a bitch when these Asians and Hispanics get targeted by the IRS as there won't be enough white suckers left to pay for anything....

    I'm thinking about going back on the bottle after being sober ten yrs.

    It isn't like well have a country in ten yrs to worry about anyway

    Trump or no Trump were doomed....I'll default and let the hardworking dreamers pay off my student debt....hey, somebody has to pay for it

    My health is near failing. And these clowns expect me to work harder to pay them back so they can lounge around..mm

    Hmm a lot of material there. FWIW it’s possible–likely even–that your family’s experiences mean you’ll be the exception. My logic is that most families don’t all die young–one or two make it to old age. So I’d recommend growing up and becoming as responsible as you can. This isn’t to deny any of the several truths in your post. It’s hard, this life.

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  159. Anonymous • Disclaimer says:
    @Art Deco
    Blacks are multiple generations without a functional working class excepting government employment.

    Just where do you live, Miss Marple? Vermont, perhaps? Nova Scotia? Wee Village of St. Mary Mead?

    About 12% of those currently employed in this country are black. Employment-to-population ratios for the black population are about 10% lower than those of the other racial categories; that's 10%, not 90%. About 16% of the black working population is employed by public agencies.

    The fun thing is that her “multiple generations” observation leaves wide open the possibility that she considers slavery to constitute “a functional working class”.

    And well it might, I suppose, but I doubt that’s quite her intention.

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  160. Anonymous • Disclaimer says:
    @Art Deco
    The libertarian argument that capitalism is the best economic system because it is inherently fair doesn’t stand up.

    That's not the libertarian argument.

    You are correct: it’s not. Meanwhile I must display my ignorance by asking what principal alternatives exist to laissez-faire capitalism on the one hand and socialist communism on the other? Yes there can be middle ground, where in fact we all live, but I’m asking what ‘third ways’ there are? Anyone?

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  161. Anonymous • Disclaimer says:
    @Tyrion 2
    That makes you sound weird. Just saying the word Jihadi reduces your presumed credibility as a speaker.

    Agreed: but “social grievance warrior” is apt as is the more concise phrase “received opinion” as proposed upthread.

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  162. Ed says:
    @Thomm

    (Angola does a lot better, but US Blacks predominantly hail from West Africa)
     
    Angola IS in West Africa (albeit the southern part of it), and a lot of US blacks hail from there (including Chris Tucker).

    https://youtu.be/db6xs2g26OE?t=1180

    Angola is not considered West Africa. West Africa is bulge region of the continent. Angola is also to the east of this area in terms of longitude so it’s not just a question of latitudinal positioning.

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    • Replies: @Anonymous
    Exactly right. South Florida is far more 'southern' than Angola is 'west african' and South Florida ain't southern at all.
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  163. Anonymous • Disclaimer says:
    @Neoconned
    I owe, at age 34, roughly ~33k$ in outstanding student loan debt last time I checked. I work in the service industry and have my loans currently in some kind of deferral or forebearance status or some such.

    My grandpa had diabetes in his 40s & my mother who's not rail thin but hardly fat has early stage diabetes, cataracts, and glaucoma. She's 90% legally blind in her left eye and 40% blind in the other, "because glaucoma."

    What scares the shit out of me is she doesn't smoke, eats twice a day, and only rarely drinks a glass of wine. She had 20/20 vision til age 47 & she was given glasses. Within 4 years she went legally blind, her thyroid went to shit, and she had a mild heart attack. Even though she qualifies for govt disability she chooses to work.

    I spoke w a friend who's a nurse & after describing symptoms they told me I have pre diabetes.

    I figure I got 5-10 good years left. My gf is 20 and wants kids. If I follow my mother's genetics I got 12 odd yrs before I lose my vision.

    My manager at work was telling me about his dad. Korea veteran. Ex Miami PD and ex sniper & CIA spook. Had a pension. When he hit 55 was diagnosed w inoperable colon cancer and given a year to live.

    His dad took out a reverse mortgage and borrowed money and hit the coke and the hookers hard. He died about" on time w the doctors predictions.

    My point is....no one lives forever. And your youth is even shorter. If they start putting a lien on my check fuck em I won't make enough to work.

    I'll hit the dope and the women and let the Federal reserve eat my student loan debt.

    I'll be 40 in five years. I'll never own a house. Instead of a mortgage I have student loans. One of the multitude of reasons I've held off marrying or having kids is this shit. Too much debt.

    Screw it, the illegals get their loans socialized. We white guys should all act like welfare queens and dump the tax bill on the Hispanics.

    It's like the dumb ass constable who came to my mother's house looking for my cousin trying to get child support.

    My cousin is a dope addict, drunk and derelict.

    He gives my mother's address as his own because he lives in the woods or sleeps in the baseball dugout in the city park.....by choice.

    Can't squeeze child support from that.

    It's going to be a bitch when these Asians and Hispanics get targeted by the IRS as there won't be enough white suckers left to pay for anything....

    I'm thinking about going back on the bottle after being sober ten yrs.

    It isn't like well have a country in ten yrs to worry about anyway

    Trump or no Trump were doomed....I'll default and let the hardworking dreamers pay off my student debt....hey, somebody has to pay for it

    My health is near failing. And these clowns expect me to work harder to pay them back so they can lounge around..mm

    Dr. DOUG McGuff – for physical

    Jordan B Peterson – for the rest

    Both on Youtube.

    Godspeed

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    • Replies: @Neoconned
    Thanks for the recommendation
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  164. Anonymous • Disclaimer says:
    @Father O'Hara
    Some black women deal with this by using, ya might say, their female negotiating skills.

    Well now even I must now step up in defense of black women to point out that women of any color will do this..

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  165. Anonymous • Disclaimer says:
    @ScarletNumber
    California, Virginia, Vermont, and Washington still have the option.

    Anyway I was assuming graduation–they were already most of the way toward graduation. Most law schools aren’t that hard you know. More grinding than intellectual firepower req’d.

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  166. Anonymous • Disclaimer says:
    @Ed
    Angola is not considered West Africa. West Africa is bulge region of the continent. Angola is also to the east of this area in terms of longitude so it’s not just a question of latitudinal positioning.

    Exactly right. South Florida is far more ‘southern’ than Angola is ‘west african’ and South Florida ain’t southern at all.

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  167. Alden says:
    @ScarletNumber
    California, Virginia, Vermont, and Washington still have the option.

    Don’t they have to work for a law firm for 5 years before taking the exam?

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  168. Alden says:
    @Jim Bob Lassiter
    Spot on. They hire them a White personal assistant with an associate degree to shadow them and clean up their messes.

    So many of those powerful role model black woman school principals have 2 or 3 White assistants who do all the work.

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  169. Alden says:
    @Anonymous
    Why don't they just take the bar exam--it's not that hard--and then practice legally? Something I'm missing here?

    It’s a book of fiction, The Rooster Bar.

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  170. Neoconned says:
    @Anonymous
    Dr. DOUG McGuff - for physical

    Jordan B Peterson - for the rest

    Both on Youtube.

    Godspeed

    Thanks for the recommendation

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  171. Twinkie says:
    @Anonymous

    enrollment in a public service student loan forgiveness program that would clear her remaining debt if she puts in seven more years of work with the government
     
    Yes, we didn't have that either. And BTW housing and living expenses in Staunton are dirt cheap. I really really need to stop reading. It's bad for my blood pressure.

    Sarah held her breath and applied for a mortgage.

    “And I still don’t really understand how I got approved,” Sarah says while sitting on a hand-me-down couch in that house, which now belongs to her.
     

    What on earth is wrong with you white-male-alt-right types? Don't you see that everything should be free for everyone? What sad people you are. And you even want borders on your country? I can't even.

    Twinkie, no more links to the Washington Post. Please. Do it for the grownups.

    You are going to love this: this young single mother with student debt and a mortgage (who is now working in a job that pays less than what she studied to become, because she just decided that job wasn’t for her after racking up $60K in private college/grad school debt), is considering fostering children. Why? Probably because the “income” from fostering doesn’t count as income under her government student loan subsidization scheme.

    Lovely, just lovely. Make a series of bad life choices… then cry to the Washington Post, because the evil Trump administration might take away her subsidies (i.e. money from the rest of us who worked for a living, some of which required us to do stuff we didn’t want to do, not just things we liked to do).

    I am a charitable person. I give a considerable portion of my income and wealth to charity every year, and I also build homes for the poor, but this kind of state-sponsored parasitism by people who are physically able and are not mentally defective really bothers me.

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  172. Twinkie says:
    @Steve Sailer
    "received opinion"

    Yes, that's very good. Liked "received pronunciation" in England.

    “received opinion”

    Yes, that’s very good. Liked “received pronunciation” in England.

    Isn’t “received opinion” an even more derisive* version of “received wisdom”? The latter is often used in a sneering manner by atheists/leftists to mock tradition and religion.

    *In this case, entirely appropriate.

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  173. Twinkie says:
    @Saint Bob
    "The overall student loan default rate among Asians since 2004 is 6.2%, among whites 12.4%, among Hispanics 20.0%, and among blacks 37.5%."

    Ahem, Mr. Sailer: how about a tip of the cap to Phillippe Rushton for calling this one?

    “The overall student loan default rate among Asians since 2004 is 6.2%, among whites 12.4%, among Hispanics 20.0%, and among blacks 37.5%.”

    Ahem, Mr. Sailer: how about a tip of the cap to Phillippe Rushton for calling this one?

    In 1996, whites in America actually had a slightly lower default rate than Asians did. By 2004, however, the default rate of the former was twice that of the latter (see my comment no. 85 above). This was an entirely preventable phenomenon, so it doesn’t fit Rushton’s paradigm well.

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  174. @Arclight
    It is obvious that we have far too many people of all stripes attending 'higher ed' of some sort that are not remotely qualified for actual college-level work, but colleges and universities need to feed the machine and will do almost anything to keep students enrolled - which means incredibly dumbed-down courses and graduation requirements.

    The result is every year we have millions of newly-minted graduates who enter the workforce and in relatively short order demonstrate to employers that they aren't worth the salaries they are paid, so they either lose their jobs and move to lower-paid work or never advance much farther than their entry-level pay. Given the well-documented gaps in academic aptitude and achievement between different racial groups, naturally it follows that the highest percentage of degree-holders that will fail to achieve a rate of compensation sufficient to comfortably pay off student loans are blacks.

    Not to mention that for some reason we require professional students (medicine and law) to acquire useless undergraduate degrees for purposes of admission (Europe doesn’t), thus driving up their salary requirements.

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  175. @YetAnotherAnon
    Are husbands responsible for a wife's debt in the States?

    Yes. A man is responsible for his wife’s debts. And the wife has the right to borrow directly against the man’s credit.

    It’s been a basic part of the Anglo-American marriage contract for centuries.

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