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Toxic Student Debt Might Blow Up Our Economy -- Why the Fed Must Bail Out the Millions of Young People Crushed by Student Loans
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Among the many ideas posed by different groups of protesters on Wall Street and around the nation is student debt forgiveness—a debt "jubilee. Occupy Philly has a "Student Loan Jubilee Working Group," and other groups are studying the issue. Commentators say debt forgiveness is impossible. Who would foot the bill? But there is one deep pocket that could pull it off - the Federal Reserve. In its first quantitative easing program (QE1), the Fed removed $1.3 trillion in toxic assets from the books of Wall Street banks. For QE4, it could remove $1 trillion in toxic debt from the backs of millions of students.
The economy would only be the better for it, as was shown by the GI Bill, which provided virtually free higher education for returning veterans, along with low-interest loans for housing and business. The GI Bill had a sevenfold return. It was one of the best investments Congress ever made.
There are arguments against a complete student debt write-off, including that it would reward private universities that are already charging too much and it would unfairly exclude other forms of debt from relief. But the point here is that it could be done and it (or some similar form of consumer "jubilee") would represent a significant stimulus to the economy.
Toxic Student Debt: The Next "Black Swan"?
The Occupy Wall Street movement is heavily populated with students. Many without jobs, they are groaning under the impossible load of student debts that have been excluded from the usual consumer protections. A whole generation of young people has been seduced into debt peonage by the promise of better jobs if they invest in higher education, only to find that the jobs are not there when they graduate. If they default on their loans, lenders can now jack up interest rates and fees, garnish wages and destroy credit ratings; and the debts can no longer be discharged in bankruptcy.
Total US student debt has risen to $1 trillion - more than US credit card debt. Defaults are rising as well. According to Department of Education data, 8.8 percent of recipients of federal student loans defaulted in fiscal year 2010, up from 7 percent the previous year. With an anemic recovery from a severe recession and a difficult job market, the situation is expected to get worse. The threat of massive student loan defaults requiring another taxpayer bailout has been called a systemic risk as serious as the bank failures that brought the US economy to the brink of collapse in 2008. To prevent another disaster like the one caused by the toxic debts on the books of Wall Street banks, we need to defuse the student debt bomb before it blows. But how?
The Federal Reserve could do it in the same way it defused the credit crisis of 2008: by aiming its fire hose of very low interest credit in the direction of the struggling student population. Since September 2008, the Fed has made trillions of dollars available to financial institutions at a fraction of 1 percent interest; and in audits since then, we've seen that the Fed is capable of coming up with any amount of money required or desired. To the Fed, it is all just accounting entries, available with the stroke of a computer key.
The Fed is not allowed to lend to individuals directly, but it can buy Treasury securities; and with the Student Aid and Fiscal Responsibility Act (SAFRA) of March 2010, the Treasury is now formally in the business of student lending. It can also buy asset-backed securities, including securitized student debt; and there is talk of another round of quantitative easing aimed at just that sort of asset.
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This cake is amazing. Cooking Light recipe, but it tastes incredibly decadent
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caramel apple dip
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text: Find the certificate that best fits your occasion. Complete and mail the top portion with gift to the address listed on the certificate. Complete the bottom portion of the certificate and present it to the lucky recipient of the gift! Happy Birthday Congrats Graduate Baby Girl Baby Boy Virginia529 prePAID Virginia529 inVEST Holiday Special Occasion


text: Nickelodeon Standing By Cyber Bully Jason Biggs Print article Send a Tip by Ben Shapiro 3 Sep 2012 post a comment Nickelodeon, the kids' TV channel, apparently sees no problem with directing children to the Twitter feed of one of its voiceover stars, Jason Biggs – even if Biggs tweets reprehensible things about the anuses of conservative political women like Janna Ryan, wife of VP candidate Paul Ryan. It would be difficult to describe Biggs' tweets as anything other than the worst sort of cyberbullying. But Nickelodeon doesn't seem to care. They don't seem to care, even though one of their biggest initiatives is their Anti-Bullying Initiative. The website for that initiative insists, "Bullying doesn't have to happen in person. Sometimes bullies will say hurtful things on the Internet. It's important to also learn about cyberbullying!" Not only that – Nickelodeon encourages you to "Stand up for someone that you see being bullied and tell an adult about the problem." In that spirit, it's time for Americans to get active and tell the adult in the room – Nickelodeon – about the problem. In fact, our Managing Editor, Alex Marlow, has already emailed West Coast Vice President Ariana Urbont: Hello, I'm an editor for Breitbart News. Recently, one of your employees, Jason Biggs, tweeted to his 100,000+ twitter followers misogynist remarks about the anuses of two prominent Republican women, Janna Ryan and Ann Romney. As of now, Nickelodeon has not made a public statement against the actions of Mr. Biggs. I would like to offer you the opportunity to get on the record regarding these tweets. If not, the public can safely assume that you are standing by Mr. Biggs. Some quick questions: -Do you intend to go forward with the Teenage Mutant Ninja Turtle reboot with Biggs as the voice of Leonardo? -Do you believe Mr. Biggs' cyber-bullying of conservative women compromises your company's anti-bullying efforts? http://www.nick.com/thebighelp/anti-bullying -Do you believe Jason Biggs' misogynist tweets about conservative women will alienate families who watch your programming? -If Jason Biggs had tweeted about Michelle Obama's anus, would he be able to keep his job with you? Some details here: http://www.breitbart.com/Big-Hollywood/2012/08/30/american-disgrace-biggs-tweets-ryans http://www.breitbart.com/Big-Hollywood/2012/09/03/Nickelodeon-Promotes-Biggs-Twitter-Account http://twitchy.com/2012/08/31/american-idiot-2-jason-biggs-knocks-christians-targets-ann-romney-and-janna-ryan-with-vile-tweets/ Thank you. If you want to join Alex in emailing Ms. Urbont to express your feelings, feel free to try her at email@example.com.


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DEFINITION of 'Double Advantage Safe Harbor 401(k) - DASH 401(k)'
An employer-sponsored retirement plan, that combines the benefits of a 401(k) with a profit sharing plan. The Double Advantage Safe Harbor 401(k) (DASH401(k)), maximizes tax efficiency by stacking several tax code provisions.
There are three steps to creating a DASH401(k):
- First, the employer makes 3\% vested contributions to elect "safe harbor" plan status. This buys the plan an exemption from the ADP testing requirements and thus allows higher paid employees to maximize their elective deferrals.
- Because the ADP testing requirements have been removed, the second step is to maximize elective deferrals by the highly paid employees (i.e. employee contributions).
- Additional profit sharing employer contributions are then made. Calculations are made to determine the amount of additional contributions that can be made without diluting the allocations to the business owner.
INVESTOPEDIA EXPLAINS 'Double Advantage Safe Harbor 401(k) - DASH 401(k)'
The DASH401(k) retirement plan is commonly used by employers who want to maximize contributions to a select group, such as owners and executives. In exchange for mandatory vested employer contributions, administration fees are generally lower than with those with a standard 401(k) plan, and contribution limits are much higher.
Because the DASH401(k) plan combines an age-based plan with a Safe Harbor plan, the DASH401(k) is ideal for business owners and management that are older than their employees. It is also important to note that the employer is making a 3% contribution with immediate vesting commitment to all eligible employees. For this reason, the DASH401(k) plan is not for all employers.
401(k) PlanA qualified plan established by employers to which eligible employees ...
Employee Contribution PlanA company-sponsored retirement plan where employees may elect ...
Qualified Retirement PlanA plan that meets requirements of the Internal Revenue Code and ...
Roth 401(k)An employer-sponsored investment savings account that is funded ...
SBO-401(k)A tax-deferred, government-registered retirement savings plan ...
Supplemental Executive Retirement ...A non-qualified retirement plan for key company employees, such ...
The Danger Of A 401(k) Flameout
Tips For Moving Retirement Plan Assets
Introduction To SIMPLE 401(k) Plans
We are in a 401(k) at work. Can we also ...


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These delicious pate sandwiches of asparagus and cheese on sourdough are grilled in the broiler. Very tasty served with a rich tomato soup such as Saks Fifth Avenue Tomato Bisque for a special luncheon. Makes 4 sandwiches. From Saks Fifth Avenue Cafe.
Serves: 4
sandwic ...
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I am an Intimacy Coach & Tantra master based out of NYC and Maui. I am passionate about helping others grow in intimacy with their partner and with themselves. I had a private psychotherapy practice for many years, working with individuals in New York City. When I discovered Tantra, I was amazed to see how quickly a qualified Tantrika could achieve the same results that took a psychotherapist weeks or months to achieve. It was clear to me that working through the body allows us to get around the blocks in the mind, to target specific problems or issues. My techniques combine elements from both disciplines: psychotherapy and tantra - allowing me to draw the best from scientific western knowledge, and the eastern tantric wisdom developed over thousands of years.


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Our critics weigh in on local theater
Our reviewer weighs in on local theater
Our critics weigh in on local theater
Our reviewers weigh in on local theater
A charming show from Stages -- with no Scrooge!
A light Stages musical helps beat the heat
It's hard to care when an ill-matched couple calls it quits
Theater LaB hosts a love-to-hate-you ode to ticket sellers
Lessons for The Women are as relevant as ever
Why did Benedict Arnold defect? The Alley has an unusual explanation
The premiere of Baby Jane puts local talent in the spotlight
A cheese maker bites it in Actors Theatre's melodrama
Romance/Romance runs hot, or at least warm, and cold
Hilarious Anton in Show Business sics the three furies on the theater world
Juvenile to the core, Zombies from the Beyond mines junior-high locker rooms for jokes
Stages' I Love You stuffs your stocking with a little gender conflict
Deep Down doesn't mine its potential
Reality underwhelms Masquerade's big show