Friday, July 1, 2011

Open Letter to President Obama

In your state of the Union address you espoused the benefits of education and how America’s workforce needs to be educated in order to succeed in the future. Now given that you’re a Harvard Law grad it’s obvious that your experience with school is much different than mine and many others in this country that attend TTT’s. A TTT is a third tier toilet, or low ranked school. TTT’s include law schools, mba programs, for profit universities such as Argosy, University of Phoenix, and a plethora of other educational institutions that exist for the sole purpose of enriching the faculty and the education industrial complex. The reason these schools are labeled as TTT’s is because typically the students graduate with huge amounts of student loan debt which I’m sure you know is non dischargeable in bankruptcy and poor job prospects. Leveraged TTT grads are finding themselves in a terrible situation. Just ask many of my class mates that have graduated with over 150k in debt after 7 years of secondary education that find themselves barely able to afford rent, let alone pay back their loans. Unlike you, Mr. Obama, not everyone can become a famous politician and sell books, thereby paying back their loans like you did so easily. You went to Harvard law and STILL needed to sell a best selling book in order to pay off your loans. Imagine us TTT proles that languish on the bottom of the totem pole.

So many millions of young able bodied Americans are wasting their most productive years in school learning practically nothing of value and incurring debt while losing out on earning capacity. Just think about the economic repercussions of the student loan debt time bomb on the national economy as millions of potential customers of products will not be able to afford things that the boomers took for granted. Buying a car? Good luck qualifying after rent and student loan expenses. A house? For many in my generation, absent a co-signer or a lottery ticket, they will not be buying a house for a long time, if ever. And maybe they shouldn’t, because by adding a new wave of homebuyers simply allows the ponzi to keep going. Perhaps by the time we pay off our loans, home prices will have fallen to generational lows, permitting us, members of the Subprime generation to buy a house for own families. And in case you haven’t realized, the Subprime generation is delaying household formation, including the introduction of new citizens via children. Again, the ponzi takes a hit as this equates to less workers per retiree blowing up the Social Security Trust Fund projections.

I find it despicable that people who speculated in the housing market to the tune of hundreds of thousands of dollars are allowed to simply walk away from their “obligations” and live rent free for up to 3 years while student loan borrowers that borrow to “invest” in their future get slammed with late fees, late penalties, accruing interest, wage garnishment and even denial of social security benefits. Student loan debt is nearing a trillion dollars and is growing close to $100 billion per year. Throw in total interest and it really grows by over $200 billion. When will the time come to put a stop to this train wreck? When student loans hit $1.5 trillion? $2 trillion? Just know that the bigger the debt grows the larger the correction will be. And don’t forget that ever since the Department of Education took over the student loan market, it is now tax payer money that is at risk when student loan debtors go into default. The Department may not be able to collect for a long period of time. What a terrible misallocation of tax payer capital if you ask me.

I’m curious to see when the focus will finally shift to the student loan slave, if ever. I’m sure that your office is being hounded daily by the wall street oligarchs and their lobbyists, demanding this or that loophole. But don’t forget that this country runs on the backs of the everyday person that goes to work and produces real things of value, and not the CDO peddling, high frequency trading algorithm using investment banks skimming 401k money out of the accounts of every day saps. And for Christ sakes please say or do something about the rampant outsourcing of labor that is taking place. Enough of this garbage about “free trade.” There is free trade and then there is fair trade. Surely your Harvard educated mind has figured this out by now. Or maybe you’re surrounded by so many wealthy people nowadays that you simply can no longer relate to the common people. In fact, it’s been quite a few years since you joined the high society club.

One good thing I can say about your presidency is the Afghan war pullout. Even though you made the foolish decision to implement the “surge” which simply did nothing but bankrupt the country further, lead to more casualties and more slaughter of the Afghan people. What was the purpose of that war, to show the world that you’re a hardass? How many times did you ever visit any forward operating base out in Kunar or Helmand province? At least Alexander the Great who also invaded Afghanistan had the balls to go there himself and spill some blood. The conquerors of today are no match compared to the conquerors of antiquity. I guess the rulers of today send the naïve young men of this country to faraway places to die while they play golf with the heads of the opposition party. Here is the latest list of US casualties and notice how these soldiers were from small town America:

Spc. Nicholas P. Bernier, 21, of East Kingston, N.H., died June 25 at Landstuhl Regional Medical Center, Landstuhl, Germany, of injuries suffered June 22 when insurgents attacked his unit using small arms fire in Kherwar, Afghanistan. He was assigned to the 2nd Battalion, 30th Infantry Regiment, 4th Brigade Combat Team, 10th Mountain Division, Fort Polk, La.

Lance Cpl. Mark R. Goyet, 22, of Sinton, Texas, died June 28 while conducting combat operations in Helmand province, Afghanistan. He was assigned to 3rd Battalion, 4th Marine Regiment, 1st Marine Division, I Marine Expeditionary Force, Twentynine Palms, Calif.

Lance Cpl. John F. Farias, 20, of New Braunfels, Texas, died June 28 while conducting combat operations in Helmand province, Afghanistan. He was assigned to 1st Battalion, 5th Marine Regiment, 1st Marine Division, I Marine Expeditionary Force, Camp Pendleton, Calif.

Staff Sgt. Donald V. Stacy, 23, of Avondale, Ariz., died June 28 in Kandahar, Afghanistan, of wounds suffered when insurgents attacked his unit with an improvised explosive device. He was assigned to the 1st Battalion, 505th Parachute Infantry Regiment, 3rd Brigade Combat Team, 82nd Airborne Division, Fort Bragg, N.C.

Personally, I think you’re in way over your head with this job. Granted, when you decided to run for president the economy was slowing down but very few people had the foresight that the economy would fall apart by the fall of 2008. Let’s face it; you’re a politician, not an economist. You listen to advisers and make sure to cater to your campaign donors. I’m sure you figured that you would be able to squeeze in some of your ideas for the country, such as the health care reform bill. I see your heart was in the right place as the US healthcare system is completely messed up, but please, not a 2400 page bill.

If you win the 2012 election I’m sure you are well aware that you will have a lot of things on your plate. Being the named leader of the most powerful country in the world that is currently in decline and slowly going broke must be a very difficult job. But one thing that you can do to redeem yourself is to take a close look at the student loan rules and student loan industry in general. At the very least, you can propose that interest doesn’t accrue until the borrower finds a decent paying job. By effectively financially wiping out the next round of earners is terrible economic policy. Talk about a country eating its young. I know that student loan payments go to the department of education, which then uses the money to issue more loans or remits the payments to the treasury department which then gets passed on to medicare and social security recipients. Is this what the student loan business is about? Creating a $100 billion market in education, student housing, appliances and other consumer spending on the front end, and then acting as a tax increase on the back end as student loan payments go directly to the federal government? From a cursory analysis, this is what the game plan seems to be.

In the end, if there is no reform of this terrible and ridiculous system, the country will experience a combination of indebted serfs with shattered expectations and self esteem, and a plethora of young and able bodied Americans fleeing the country in pursuit of happiness and economic liberty. I know so many levered college grads right now and when they hear about the overseas option their eyes light up with hope. Yes, Mr. President, people will start leaving if they feel that their lives have been ruined here and that they may have opportunity abroad. I myself almost considered the option, and still think about it from time to time. Just as America benefited from the brain drain experienced from other countries, so will this country experience the same exact phenomena; only in reverse.

In conclusion, if you or any of your staffers ever read this, I implore you to do something about this situation. I seriously doubt that this will ever be read, but it’s worth a shot.

Peace Mr. President.

31 comments:

  1. Obama doesn't care about you. All he cares about is making sure his handlers don't throw him under the bus in 2012. He has to raise taxes to pay the Federal Reserve and the bankers all that interest on the paper debt.

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  2. I think bringing up the dead soldiers and the Afghan "surge" was a bit much, but you hit the problem on the head: people are being forced out of "normal" life due to their idiotically high college debts, and it will bite the consumer goods markets pretty badly, if not already.

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  3. Obama's first job out of college was with Business International Corporation. If you look closely, you will notice a curious synergy/revolving door between the U.S. national security apparatus and investment banks.

    http://en.wikipedia.org/wiki/Business_International_Corporation

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  4. Thank you Subprime. Not a day goes by that I don't reel with the pains of our situation in this country, yet I feel completely stymied by isolation and lack of action. A course of action--some thing, some act to DO in my own community. Hang a sign? Literally get on a soapbox and implore action? FUCK!! I feel like I'm going to explode.

    I'm one of the lucky ones. I found a job--$15/hour, no benefits, and my boss is the same age as me, no formal education and is a typical capitalist (read: his health care insurance is outstanding, he makes well over $300K, owns his home, has several yuppie cars, etc). But after working for 8 hours a day, bringing home $100 per day (this is after $40 is taken out for "taxes") and seeing my 2 year-old son look at me as if to say, "Where the hell have you been all day?", is too much for me.

    I want to work--believe me--but not for some schmuck. I don't want to work 8-10 hours a day, leaving my family behind. I want to enjoy my life, I want to do something fruitful with my time and I DON'T WANT TO BE 65 when I can enjoy the "fruits of my labor." FUCK.

    twiddling thumbs.....what to do...... what to do....... what to do....

    In my darkest hour I feel like this country and its accompanying youth are too brain dead to grasp the gravity of our situation. They are too busy with the latest app and hollywood gossip to give a monkey shit about their own destinies.

    There is no hope.

    My saving grace is connecting with people at work, on the street, and talking real talk--trying to expose, without looking like a complete nut, the fraud that is ever present in this fucking country. THERE IS NO justification for wealth gaps anymore. Political power rests within every person....it starts locally no doubt, since I have more control over what happens are city hall than in DC.

    I feel like a ping pong ball. It's hard to focus on just one issue--because it is all intertwined. My mind is racing.

    What next? What do we do? Dress professionally and stand on the corner with a sign? How do we reach out to our fellow citizens?

    Or do those of us who see the writing on the wall simply tune in and drop out...?

    Arielle

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  5. Gil Scott-Heron

    A rat done bit my sister Nell.
    (with Whitey on the moon)

    Her face and arms began to swell.
    (and Whitey's on the moon)

    I can't pay no doctor bills.
    (but Whitey's on the moon)

    Ten years from now I'll be payin' still
    While Whitey's on the moon.

    You know, the man jus' upped my rent las' night,
    'cause Whitey's on the moon.

    No hot water, no toilets, no lights,
    but Whitey's on the moon.

    I wonder why he's uppin me?
    'cause Whitey's on the moon?

    Well I was already giving him fifty a week
    And now Whitey's on the moon.

    Taxes taking my whole damn check,

    The junkies make me a nervous wreck,

    The price of food is going up,

    And as if all that shit wasn't enough,
    A rat done bit my sister Nell.
    (with Whitey on the moon)

    Her face and arms began to swell
    And Whitey's on the moon.

    Was all that money I made last year
    For Whitey on the moon?

    How come I ain't got no money here?
    Hmm! Whitey's on the moon.

    Y'know I just about had my fill
    Of Whitey on the moon.
    I think I'll send these doctor bills,
    Airmail special

    To Whitey on the moon

    posted by: arielle

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  6. Yes, whatever would the rest of us do if all the deadbeat student loan debtors left the country?

    Golly, what a crushing blow that would be.

    Keep up the whining as I'm sure the Republican Congress is just waiting for the right moment to bailout folks who borrowed a ton of cash, spent it on themselves to become LAWYERS, and now want to do everything but repay the money.

    Note that everyone else is to blame - after all, how could anything be their fault.

    There will be no relief for student loan debtors so pay back the money or live with the consequences...or do us all a favor and make good on the ludicrous "threat" to emigrate.

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  7. "Yes, whatever would the rest of us do if all the deadbeat student loan debtors left the country?"

    Watch the country's finances tumble further.

    "...to bailout folks who borrowed a ton of cash, spent it on themselves to become LAWYERS, and now want to do everything but repay the money."

    First, the "LAWYER" folks are the minority. Most facing crushing student loans merely went to undergrad, which is now a "prerequisite" to getting many jobs that don't require it. Second, I don't know anyone who doesn't want to repay their rightful debts.

    "...or do us all a favor and make good on the ludicrous "threat" to emigrate."

    You're truly a class-A moron if you actually want bright, hard-working people to take their federally-backed debt and flee the country.

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  8. Holy crap! I'm watching CNN and they're having a segment on the unemployment issue and the anchor was interviewing a panel, including Mort Zuckerman, Elloit Spitzer and Arianna Huffington. Anchor asked them what the problems were and then anchor says "now that we've talked about the problems, lets talk about the specific solutions, from corporate America and government."

    The merger of state and corporations is fascism. Good job Mr. Anchor.

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  9. Have you heard back from President Obama yet?

    Now that he's read your letter, I'm sure he's working on a deal with Congress right now to bailout those with student loans. Or maybe not.

    President Obama and the Dems had the Presidency and both houses of Congress for two years and did nothing for those with student loans.

    With the Repubs in control of the House there is no chance of relief for those who took out student loans. Even if Obama is reelected, it will take a miracle for the Dems to take back the House and hold the Senate in 2012, which is the only chance for a legislative change. So the status quo can be expected to prevail for years to come.

    Ain't life grand?

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  10. @ 10:59am Good political analysis. Reform won't come from the top end but from the bottom. Things are slowly moving in the right direction. I heard Arianna Huffington say that we have "a real crisis with college grads and student loans." Awareness about the issue is growing as more MSM outlets are picking up on the story.

    But more or less I agree that "the status quo can be expected to prevail for years to come." The sad part is by the time things start changing the pool of leveraged grads will be much bigger than it should ever get. The bigger the bubble, the harder and louder it will burst.

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  11. Middle Class ConJuly 2, 2011 at 11:43 AM

    Eventually, the student loan bubble will burst, it's just a matter of time and severity. If nothing else, our children (if we can afford to have any), will be the first generation of children who will be advised that more education does not equal more money.

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  12. @ Anonymous Troll 6:37 AM -

    Just a question: Did you have fun with the mortgage mess? I hope you liked it lots because it's coming around again. It would be like if there were a massive panic that millions of people were going to default on their credit card debt and not be able to spend as consumers (You know, that disproportionately important part of the U.S. economy that utterly fucks everything up when things aren't going well.) - only worse. Because there's more student loan debt in the U.S. than credit card debt.

    So . . . um. Yeah. Have a happy Fourth of July weekend. Try not to get too drunk and demonstrate any more of your incredibly uninformed, ignorant opinions on internet message boards.

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  13. I don't wish Obama "peace". I want to see that bloody war criminal put on trial and hanged.

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  14. Hey everyone, 12:28pm can predict the future! He/she knows what is "coming around again". I guess rich folks are in big trouble now "because there's more student loan debt in the U.S. than credit card debt." Anyone with resources has scored huge in commodities and equities since the bottom of the last downturn so another big buying opportunity sounds good to many. Time will tell.

    Did anyone else think it odd that 12:28pm derided another poster as an "anonymous troll" while posting anonymously?

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  15. Bachman/ Palin 2012 'cause a swift thrust to teh neck is faster than a death by a thousand cuts. Let the house of cards fall. Then what happens to all that debt?

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  16. The Bigger the Bubble...
    The Better the Rubble...

    The Bigger the Corruption...
    The Better the Eruption...

    The Bigger the Cushion...
    The Better the Push'n....

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  17. George Carlin: "We need more 'Etha Cay Thun'!"

    http://www.theonion.com/articles/department-of-education-study-finds-teaching-these,18461/

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  18. I have a funny feeling the "poet" on this board is that idiot J.D. Painter.

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  19. They paint the walls to hide my pen...
    But Obama and da Global Bankers have struck again...

    Sticks and stones can break my bones...
    But yo' JD grads'll neva pay back dem loans....

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  20. I had the good sense not to vote for that fraud and war criminal that sits in the White House and his assisting foreign bankers in looting this country. I dedicate this tortured piece of poetry to our war mongering leader:


    Hey kid look over there
    there is something in Obama's hair

    Watch closely, those are the strings
    the puppet masters control the tune he sings

    Look at him dance, listen to his jive talk
    he sure looks like he can do the walk

    But oh child never forget
    he is only a controlled marionette

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  21. Law school students...
    Gullible indeed...
    Wanker professors...
    For the Bankers, they'll bleed...

    Three full years...
    Take'n it up the butt...
    Sallie Mae's a call'n...
    What the FUCK?!...

    Obama punked me...
    Stole my vote...
    Fucked my future...
    The Audacity of Hope....

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  22. twitter.com/geraldcelente
    http://geraldcelentechannel.blogspot.com/
    http://www.prisonplanet.com/
    http://www.youtube.com/user/TheAlexJonesChannel
    NEW WORLD ORDER
    ILLUMINATI
    http://www.youtube.com/watch?v=VpZtX32sKVE - College Conspiracy

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  23. The Obama Deception -
    http://www.youtube.com/watch?v=eAaQNACwaLw

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  24. This blog is definitely on a down trend. Too many conspiracy nuts are flocking here now. I think it has a lot to do with the blog's recent content. Oh well, all good things must come to an end.

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  25. Conspiracy? The only conspiracy here is the left-wing shill promoting the educational industrial complex. Which bank do you work for you piece of garbage? Or perhaps you're employed by Sallie Mae making $10 dollars an hour cold calling recent law grads with 150k in debt? You worthless trash.

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  26. I was referencing the two preceding comments, you flippin' moron. Prisonplanet.com, Alex Jones, Illuminati---come on, really?

    If you ass clowns allow yourselves to become associated (or confused) with these run-of-the-mill conspiracy theory nut cases, you and your noble cause (this isn't sarcasm) is going to lose creditability with your wider audience. I'm just pointing out the obvious here. Look at Ron Paul. Being lumped among the 911-truther movement, rightfully so or not, brought into question his judgment and consequently damaged his reputation.

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  27. I don't listen to conspiracy theories and personally I disagree with a lot that comes out of Alex Jones' mouth. However, the man has been right about many things, including Obama. You can call anyone that disagrees with the controlled MSM a conspiracy nut but I don't trust our government, regardless of whether it's a republican or democrat in the white house. The last decent president that we had tried to end the Federal Reserve and his brains got blown to bits.

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  28. Well, I don't want to throw the baby out with the bathwater. But as far as Alex Jones goes, it's tough to give a modicum of credence to anything the man says. This is the same guy who truly claims the world's elite meets annually at Bohemian Grove to participate in homo-erotic ritualistic sex and drink the blood of sacrificed infants. Again, this is not the type of dude you want your message being tangled up with.

    You do raise a good point about Kennedy. He, like Lincoln, Garfield, and McKinley before him, was assassinated under highly unusual circumstances. All of these men shared one thing in common, however. Each opposed the idea of the Federal Reserve to varying degrees. Andrew Jackson, too, would have been counted among these assassinated Presidents had the assassin's pistol not misfired. And he, too, opposed centralized banking.

    There's truth to conspiracy theories. But you just have to be careful who you listen too, and who you identify with. You don't want to muddy your own message.

    David Icke is yet another perfect example. He says some very brilliant things sometimes. But at the end of the day, how much of it can we rely on the claims of a guy who believes the global elite are really answering to extra-dimensional reptilian beings. A serious researcher couldn't use this nut as a credible reference.

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  29. They way I see it, wealth has been transferred to a small percentage of the population at the top of the wealth pyramid. The majority of this wealth is "debt" of others. It's not the first nor the last time this will happen in human history. Eventually, conditions reach a crescendo where either the people revolt, there is mass debt repudiation or we enter a new feudal era. In 1929, wealth disparity reached a record level. By the time world war 2 was over, wealth was evened out again. Now we have surpassed the 1929 record with the most wealthy doing everything in their power to maintain the status quo. In the end I believe they will fail.

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  30. The JFK-Federal Reserve Assassination link is an urban legend. This is what Bill Still of the Money Masters says (www.themoneymasters.com). Start listening at 30:35:

    http://video.google.com/videoplay?docid=-7027020665149585773&q=Bill+Still&total=4338&start=0&num=10&so=0&type=search&plindex=0#

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  31. Well, there you have it. Bill Still says it's an urban legend, therefore it must be so. He claims Kennedy was an internationalist to his core, but what evidence does he provide to prove his point? None. It's simply unadulterated opinion. Why is his opinion to be taken as gospel?

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