Been a while since I posted on the law school scam but here goes.
Across the country approximately 50,000 students have begun their law school education. Congratulations, idiots! You couldn't have picked a worse time in recent US history to attend law school as you're all buying into a overpriced product with little in potential yield. Back in the fall of 2006 when my class was beginning we at least had a booming economy (or so we thought) as a backdrop in support of our decisions. Scam blogs did not exist and the mainstream media was in love with law schools. Enter 2011 and there is a world of notice that attending law school at the present time is a terrible financial decision.
By simply googling "law school" you will see link after link trashing American law schools as a scam and a ripoff. Even conservative articles question the decision to attend law school at these nosebleed prices. JD Underground has been trashing law schools for years but most recently the word has spread to Top Law School Forums, a place where the lemmings congregate and discuss their futures as biglaw associates working on complex matters regarding intergalactic trade between the Milky Way and Andromeda galaxies. But let me tell you inter-galactic space law is thought provoking and challenging. Han Solo was at my latest deposition and was telling me how the black-hole quasar Appeals Court was introducing new methods to assist with different languages amongst attorneys from different worlds. It was great.
Back to reality. In three years from now after you have graduated and taken the lovely bar exam, you will begin to get your first loan payment letter. And you better have the money otherwise you will be stuck in the terrible hell of student loan default where your credit will get shot and the only car loan you can dream of getting qualified for will be for one with 20% interest. Of course there is the option of IBR, but do realize that the government only subsidizes federal loans, not private loans. If you ever do make decent money, expect to pay a monster principal as the interest accrues during hard times. The other day I spoke with a old classmate that had his loans down to 80k, hit a 2 year rough patch of unemployment, and is now staring at 200k in debt. There goes any dream of buying a house or a decent car.
So have fun reading about the rule of perpetuities and future interests. Don't forget about the fun stuff you will learn in Civil Procedure I with "personal jurisdiction" being a personal favorite. The next time I file a rear end complaint I will add that personal jurisdiction requirements have been satisfied, in honor of you law school lemmings that will further enrich the pockets of the greedy professorship which thrives off your ignorance. And the next time you cower in fear over being "called" in class on a case, try reading lawprof's blog as he clearly states that half of them don't know much more about the subject they are teaching other than the information on the outline they have been reading from for the past decade.
For those that are attending the lower tiered schools with no scholarships or financial backing, you are by far the biggest retards of all. Have fun graduating with over $150,000.00 in debt with absolutely horrid job prospects. If you haven't taken your heads out of your asses, three law schools have already been sued in class action lawsuits for fraud and cooking the books re employment data and there will be more to follow. Surely you say to yourselves "well they must be losers, I am different and will succeed." Sure, some of you will, but many will join the dustbin of student loan default hell and in the end you will join the rest of us in bashing the system. I'm confident by the time you graduate that the law school cartel will be in complete disarray as federal funding will get cut when it is widely known that default rates at this third tier toilets are north of 30 percent, if not more.
Most of the members of my class did not have notice. You young fools on the other hand have a world of it. Just open your eyes and do some simple research and see that if you have to finance law school, especially a lower tiered one, you are not only wasting your precious time, but also are risking your financial and emotional well-being. All for what, to have your chance in the courtroom? Or to work as a director at a Fortune 500 company supported by your law school credentials? Give me fucking break. Instead, you will probably work on the low end of the legal caste system, not that there is anything necessarily wrong with that but with debt north of 150k you wont be able to pay back your loans. In fact, the only salvation this class will have is if the loans are obliterated in hyperinflation which high priest Bernanke may possibly bring upon us with his madness. But even then you will have wasted your time as demand for legal services in this country will continue to fall.
Congratulations for buying at the very top of the law school bubble. But there is still time to get the fuck out of the law school trap. Some will run for their lives. Most will stay. Economic Darwinism is at play motherfuckers.
You have been warned
Subprime JD: A blog dedicated to exposing the law school and higher education scam.
Showing posts with label law school scam. Show all posts
Showing posts with label law school scam. Show all posts
Tuesday, August 30, 2011
Wednesday, August 10, 2011
Two More Law Schools Sued, London In Chaos
So much shit happening right now! Markets in turmoil, London in flames and the Law School Scam just suffered another massive blow as two more law schools have been named in class action suits. New York Law School and Thomas Cooley just got sued by former students represented by Kurzon Strauss, a NYC litigation firm. Give them hell boys. Pretty soon dozens of third tier law schools will be fighting off class action lawsuits and hopefully applications for next year will plunge like the dow is plunging LOL. Here is the link to the NYLS law suit.
http://www.kurzonstrauss.com/uploads/NYLS_Filed_w_Index_Number_Summons_and_Complaint.pdf
This firm is seeking to sue a bunch of schools across the country so give them a call if you want to pick a fight with your alma mater. I would like to personally thank attorney David Anziska for all his hard work and dedication into bringing these suits into fruition. Good luck as the schools will give you hell in opposing these law suits so give them hell X 500 in return.
Even EDMC is getting sued for fraud LOL LOL byebye University of Phoenix playtime is over.
Gold hit a record $1815 just a few hours ago while silver is chilling at the $39 range. I thought that we would have a meaningful correction but that has not come to pass. Despite the equity markets taking a hit silver has stood firm. I'm loading up this week on a bunch of eagles.
Witness the incredible gold bull market:
Now check out the historical dow/gold chart:
This footage out of London is absolutely incredible. Amazing how a world class city like London can go mad max so quickly. If the authorities don't get a handle on this situation soon then the tanks will have to be forced out of Helmand province in a scramble to secure their capitol city. How embarassing for the establishment.
Watch the police get overrun.
Unreal. I'm curious to see if similar shit will happen here soon. Just imagine if the US Dollar suffered a terrible loss of value in a short period of time. Imagine if prices here double or tripled in the span of a few weeks. That would equate to a large group of terribly pissed off people.
Stay tuned, the freak show continues.
http://www.kurzonstrauss.com/uploads/NYLS_Filed_w_Index_Number_Summons_and_Complaint.pdf
This firm is seeking to sue a bunch of schools across the country so give them a call if you want to pick a fight with your alma mater. I would like to personally thank attorney David Anziska for all his hard work and dedication into bringing these suits into fruition. Good luck as the schools will give you hell in opposing these law suits so give them hell X 500 in return.
Even EDMC is getting sued for fraud LOL LOL byebye University of Phoenix playtime is over.
Gold hit a record $1815 just a few hours ago while silver is chilling at the $39 range. I thought that we would have a meaningful correction but that has not come to pass. Despite the equity markets taking a hit silver has stood firm. I'm loading up this week on a bunch of eagles.
Witness the incredible gold bull market:
Now check out the historical dow/gold chart:
This footage out of London is absolutely incredible. Amazing how a world class city like London can go mad max so quickly. If the authorities don't get a handle on this situation soon then the tanks will have to be forced out of Helmand province in a scramble to secure their capitol city. How embarassing for the establishment.
Watch the police get overrun.
Unreal. I'm curious to see if similar shit will happen here soon. Just imagine if the US Dollar suffered a terrible loss of value in a short period of time. Imagine if prices here double or tripled in the span of a few weeks. That would equate to a large group of terribly pissed off people.
Stay tuned, the freak show continues.
Monday, April 25, 2011
Goldman Sachs Profiting Off The Law School Scam
Ever heard of Western State College of Law? If you haven't, it's a notorious TTTT located in sunny Southern California in Orange County. Western State is known for its atrocious attrition rate and even worse bar pass rate. Some years this school posts a sub 50% pass rate. Clearly a winner, not. It turns out that Western State and Goldman Sachs, the infamous vampire squid which has wrapped its tentacles everywhere from the Greek bond market fiasco to even the law school scam, have a very close relationship. In fact, Goldman Sachs (hereinafter the "squid") is one of several owners of the company that owns Western State. This scamshop company is Education Management Corporation, (NASDAQ: EDMC). EDMC is a private operator of post-secondary educational institutions, primarily in the United States. EDMC operates the following shitholes (H/T Nando); the Art Institutes, Argosy University, Brown Mackie College and (drumroll......................) Western State College of Law!
Western State is one of the few for profit law schools in the country and charges a hefty 35k per year for tuition. That sure is a ton of money for this terribly low ranked tier 4 school that can barely get half of it's graduates a license. But who is making all the money if this is a "for profit" institution? Let's take a look at the major holders.
Per wikipedia:
This move to become a public company once again followed a June 1, 2006 transaction, in which a consortium of private equity investors acquired Education Management in a transaction valued at approximately $3.4 billion. The principal investors in Education Management are Providence Equity Partners, Goldman Sachs Capital Partners and Leeds Equity Partners. The leveraged buyout of EDMC was the largest buyout in the for-profit education sector to that point
And here is where the squid (Goldman) comes in! Per MSM, Goldman Sachs owns roughly 40% of the 136 million shares outstanding. Providence Equity Partners comes in second with 30% ownership. Yes Western Law grads, the squid owns your ass.
http://moneycentral.msn.com/ownership?Symbol=EDMC
The story gets even more disturbing. This web of double dealing is ripe with conflicts and bribes. Observe the cozy relationship of EDMC's upper management with the Department of Education's Advisory Committee on Student Financial Assistance:
Former Governor, John R. McKernan Jr. (R-ME) is Chairman of the Board of Directors at EDMC and is husband of United States Senator Olympia Snowe. Snowe (R-ME) has publicly declared assets between $5 million and $25 million in EDMC. EDMC Senior Vice President – Regulatory Affairs and Strategic Development, Anthony J. Guida Jr., was appointed to the United States Department of Education’s Advisory Committee on Student Financial Assistance (ACSFA) by the Speaker of the United States House of Representatives in 2009 to serve a term that expires in September 2011. Guida also serves on the Board of Directors at the Association of Private Colleges and Universities, the chief advocacy organization of the proprietary higher education industry. Catherine A. Caponi serves as Vice-President, Government Relations for EDMC. Caponi also serves on the Business Board of Advisors—Associate Business Members at the National Hispanic Caucus of State Legislators (NHCSL). The NHCSL has spoken out regarding a proposed "gainful employment" rule which, arrording to the US Department of Education seeks to protect students and taxpayers. The NHCSL has claimed minority students would be harmed if they were prevented from taking on student loan debt for programs that do not lead to gainful employment and provide graduates with a means of repaying their debt.
Check on the special investments (read: lobbying ) EDMC has done in order to keep the tax payer funded gravy train running:
In 2010, Education Management Corporation spent $410,000 on lobbying in the first nine months, an increase from $50,000 a year earlier. In addition to documented lobbying expenditures and EDMC-EDU PAC contributions, corporate officers of EDMC and its subsidiaries have given money to members of Congress including Congressman Jason Altmire (D-PA). Jason Altmire (PA-04) is a member of the House Committee on Education and Labor. Altmire assisted in passing legislation which has increased Federal Funding to for-profit institutions such as those owned by EDMC.
How this is all completely legal is completely fucked up. If I were to fart in court the judge would probably hold me in contempt. I get screamed at when my firm has trouble serving a defendant that continues to shine service. Yet these crooks can sit on boards of major corporations AND serve in government departments that ensure the survival and profitability of the same company! Bullshit!
The squid, via EDMC, has made a killing off of students and the loans they take out to attend these putrid cesspools. Art Institutes is by far one of the biggest scams out there, charging as much as many TTT's do for degrees in cooking, media, video game production, or whatever else they "teach" their students. Check out EDMC's revenue for the past few years:
2008 $1.6 billion
2009 $2.0 billion
2010 $2.5 billion
Those are incredible numbers for a company. The 2 year growth from 2008 to 2010 is a astounding 56%. All these poor saps going "to school" to ride out the recession are getting obliterated by their nondischargeable student loans. Fucking A, anything the squid touches, it sucks the blood out of.
Yuck
Western State is one of the few for profit law schools in the country and charges a hefty 35k per year for tuition. That sure is a ton of money for this terribly low ranked tier 4 school that can barely get half of it's graduates a license. But who is making all the money if this is a "for profit" institution? Let's take a look at the major holders.
Per wikipedia:
This move to become a public company once again followed a June 1, 2006 transaction, in which a consortium of private equity investors acquired Education Management in a transaction valued at approximately $3.4 billion. The principal investors in Education Management are Providence Equity Partners, Goldman Sachs Capital Partners and Leeds Equity Partners. The leveraged buyout of EDMC was the largest buyout in the for-profit education sector to that point
And here is where the squid (Goldman) comes in! Per MSM, Goldman Sachs owns roughly 40% of the 136 million shares outstanding. Providence Equity Partners comes in second with 30% ownership. Yes Western Law grads, the squid owns your ass.
http://moneycentral.msn.com/ownership?Symbol=EDMC
The story gets even more disturbing. This web of double dealing is ripe with conflicts and bribes. Observe the cozy relationship of EDMC's upper management with the Department of Education's Advisory Committee on Student Financial Assistance:
Former Governor, John R. McKernan Jr. (R-ME) is Chairman of the Board of Directors at EDMC and is husband of United States Senator Olympia Snowe. Snowe (R-ME) has publicly declared assets between $5 million and $25 million in EDMC. EDMC Senior Vice President – Regulatory Affairs and Strategic Development, Anthony J. Guida Jr., was appointed to the United States Department of Education’s Advisory Committee on Student Financial Assistance (ACSFA) by the Speaker of the United States House of Representatives in 2009 to serve a term that expires in September 2011. Guida also serves on the Board of Directors at the Association of Private Colleges and Universities, the chief advocacy organization of the proprietary higher education industry. Catherine A. Caponi serves as Vice-President, Government Relations for EDMC. Caponi also serves on the Business Board of Advisors—Associate Business Members at the National Hispanic Caucus of State Legislators (NHCSL). The NHCSL has spoken out regarding a proposed "gainful employment" rule which, arrording to the US Department of Education seeks to protect students and taxpayers. The NHCSL has claimed minority students would be harmed if they were prevented from taking on student loan debt for programs that do not lead to gainful employment and provide graduates with a means of repaying their debt.
Check on the special investments (read: lobbying ) EDMC has done in order to keep the tax payer funded gravy train running:
In 2010, Education Management Corporation spent $410,000 on lobbying in the first nine months, an increase from $50,000 a year earlier. In addition to documented lobbying expenditures and EDMC-EDU PAC contributions, corporate officers of EDMC and its subsidiaries have given money to members of Congress including Congressman Jason Altmire (D-PA). Jason Altmire (PA-04) is a member of the House Committee on Education and Labor. Altmire assisted in passing legislation which has increased Federal Funding to for-profit institutions such as those owned by EDMC.
How this is all completely legal is completely fucked up. If I were to fart in court the judge would probably hold me in contempt. I get screamed at when my firm has trouble serving a defendant that continues to shine service. Yet these crooks can sit on boards of major corporations AND serve in government departments that ensure the survival and profitability of the same company! Bullshit!
The squid, via EDMC, has made a killing off of students and the loans they take out to attend these putrid cesspools. Art Institutes is by far one of the biggest scams out there, charging as much as many TTT's do for degrees in cooking, media, video game production, or whatever else they "teach" their students. Check out EDMC's revenue for the past few years:
2008 $1.6 billion
2009 $2.0 billion
2010 $2.5 billion
Those are incredible numbers for a company. The 2 year growth from 2008 to 2010 is a astounding 56%. All these poor saps going "to school" to ride out the recession are getting obliterated by their nondischargeable student loans. Fucking A, anything the squid touches, it sucks the blood out of.
Yuck
Friday, April 8, 2011
The purpose of this blog
While associated with the other scam bloggers, SubprimeJD has a broader scope than just the law school scam. As a law graduate and young attorney I have personal experience and knowledge of how the law schools are ripping of their students. Maybe pre crisis they knew they were fudging the data but figured that the majority of their graduates did alright. Post crisis, with the economy going to shit, with law firms laying off thousands of associates, coupled with absurd increases in tuition, without a doubt these schools now know that they are operating a scam for a good portion of their graduates. Throw in the scam blogs, mainstream media articles, ABA statements and the most recent letter from Senator Boxer, the schools are now on at least constructive notice, if not actual notice, that they are operating a scam that is harming thousands of graduates every year.
As a decent person, it is my duty to warn potential law school applicants about the dangers and risks associated with attending law school at the present time. Throw in the student loans and it's a recipe for financial and emotional ruin. For some insidious reason, peonage and slavery have returned to America, this time in the form of student loans. It matters not if it takes you 3 years after graduating to find decent employment. The student loan will grow and grow and can never be defaulted on. If you find the practice of law disgusting and just can't bear life in the field, it matters not, the loan will follow you. If you borrowed over $100,000.00 your situation can turn precarious. With shot credit, you will be charged more interest for all financed purchases. Be prepared to save as much money as possible while paying rent and the loans in order to purchase a car without getting raped with 20% on a car loan. Prepare for a life of less while you find others that don't have a college degree earning the same if not more money than you without having to pay any student loans off. Prepare to be infuriated. This is not time to go to law school, especially if you have to finance your attendance with student loans.
In addition to scam blogging as my regular readers know I also discuss markets, with an emphasis on commodities, debt, and precious metals. This is an extremely important time in American economic history. For the first time perhaps since the civil war we face a grave crisis threatening our nation. For the first time in our history, we face bankruptcy. This is why I post charts about silver, gold, the dollar, crude oil and the debt levels. I'm no economic expert, I'm a personal injury lawyer. I studied political science and got a law degree taking courses in fucking evidence, civil procedure, family law, et al. However, I have spent the last 4 years reading about economics like a mad man. Since I realized something was very wrong with our economic system, I made it a mission to learn as much as I could. Many people will discredit the things I say because I'm not an authorized voice to speak on such matters. I have no masters in economics, I'm no professor at some prestigious university. However, I specifically recall reading article after article from University professors proclaiming in the summer of 2008 that the US would avoid a recession while economic disaster was weeks away. I called bullshit and said the stock market would crash to 6500 with the financial system imploding on itself. Lo and behold I was dead on. So either I'm a genious and these professors/economists are all captured by groupthink, or I got lucky time and time again and they are lying to us. Believe whatever you want, just don't forget my silver and gold calls.
Nevertheless, as I stated before, I'm no expert in this area but I can say with some confidence that I have a good idea of what's going on. I learn from some of the brightest minds out there that don't get much media exposure and willingly share the wealth on this blog. I have had several readers catch on to the ponzi (our cute little reference to the global economic system) and have taken action to prepare for the coming troubles. Perhaps we are wrong to prepare. Oh well. I'd rather be stuck with supplies (water, food, arms, medicine) and precious metals then be caught unprepared in the event of economic dislocations as a result of a failing monetary system. I work nearly everyday and save as much as I can. I have the luxury of living at home even though I can move out tomorrow. I'd rather give up some privacy and independence in exchange for being able to save as much as possible for as long as I can. If you this option I suggest you also use it.
This is the message of this blog. In as simple words as possible our economic system is in trouble and instead of the problems being cyclical this time they are structural in nature. In addition, for the first time in modern economic history, we have an energy crisis even though oil producers are pumping at the max. Our debt backed high powered interest growing money is hitting the wall of limits to growth due to energy issues. We also squandered our wealth as a nation by going into obscene debt to the point where a central bank has to print trillions of dollars just to keep the show going. The list goes on and on. I can't change the future but I can prepare MY future. A nice quote I heard the other day, "no one plans on failing, but people do fail to plan."
Just trying to get as many people on board as fast as possible before its too late. I will continue to provide as many FACTS as possible so you all can make your own independent judgments. The media is doing its job serving their corporate masters. I'm doing my job by giving out the warning. Thanks for all the support.
Peace
PS Good job Nando with the ABA panel! That was some good exposure. Keep up the scatological toilet bashing!!
As a decent person, it is my duty to warn potential law school applicants about the dangers and risks associated with attending law school at the present time. Throw in the student loans and it's a recipe for financial and emotional ruin. For some insidious reason, peonage and slavery have returned to America, this time in the form of student loans. It matters not if it takes you 3 years after graduating to find decent employment. The student loan will grow and grow and can never be defaulted on. If you find the practice of law disgusting and just can't bear life in the field, it matters not, the loan will follow you. If you borrowed over $100,000.00 your situation can turn precarious. With shot credit, you will be charged more interest for all financed purchases. Be prepared to save as much money as possible while paying rent and the loans in order to purchase a car without getting raped with 20% on a car loan. Prepare for a life of less while you find others that don't have a college degree earning the same if not more money than you without having to pay any student loans off. Prepare to be infuriated. This is not time to go to law school, especially if you have to finance your attendance with student loans.
In addition to scam blogging as my regular readers know I also discuss markets, with an emphasis on commodities, debt, and precious metals. This is an extremely important time in American economic history. For the first time perhaps since the civil war we face a grave crisis threatening our nation. For the first time in our history, we face bankruptcy. This is why I post charts about silver, gold, the dollar, crude oil and the debt levels. I'm no economic expert, I'm a personal injury lawyer. I studied political science and got a law degree taking courses in fucking evidence, civil procedure, family law, et al. However, I have spent the last 4 years reading about economics like a mad man. Since I realized something was very wrong with our economic system, I made it a mission to learn as much as I could. Many people will discredit the things I say because I'm not an authorized voice to speak on such matters. I have no masters in economics, I'm no professor at some prestigious university. However, I specifically recall reading article after article from University professors proclaiming in the summer of 2008 that the US would avoid a recession while economic disaster was weeks away. I called bullshit and said the stock market would crash to 6500 with the financial system imploding on itself. Lo and behold I was dead on. So either I'm a genious and these professors/economists are all captured by groupthink, or I got lucky time and time again and they are lying to us. Believe whatever you want, just don't forget my silver and gold calls.
Nevertheless, as I stated before, I'm no expert in this area but I can say with some confidence that I have a good idea of what's going on. I learn from some of the brightest minds out there that don't get much media exposure and willingly share the wealth on this blog. I have had several readers catch on to the ponzi (our cute little reference to the global economic system) and have taken action to prepare for the coming troubles. Perhaps we are wrong to prepare. Oh well. I'd rather be stuck with supplies (water, food, arms, medicine) and precious metals then be caught unprepared in the event of economic dislocations as a result of a failing monetary system. I work nearly everyday and save as much as I can. I have the luxury of living at home even though I can move out tomorrow. I'd rather give up some privacy and independence in exchange for being able to save as much as possible for as long as I can. If you this option I suggest you also use it.
This is the message of this blog. In as simple words as possible our economic system is in trouble and instead of the problems being cyclical this time they are structural in nature. In addition, for the first time in modern economic history, we have an energy crisis even though oil producers are pumping at the max. Our debt backed high powered interest growing money is hitting the wall of limits to growth due to energy issues. We also squandered our wealth as a nation by going into obscene debt to the point where a central bank has to print trillions of dollars just to keep the show going. The list goes on and on. I can't change the future but I can prepare MY future. A nice quote I heard the other day, "no one plans on failing, but people do fail to plan."
Just trying to get as many people on board as fast as possible before its too late. I will continue to provide as many FACTS as possible so you all can make your own independent judgments. The media is doing its job serving their corporate masters. I'm doing my job by giving out the warning. Thanks for all the support.
Peace
PS Good job Nando with the ABA panel! That was some good exposure. Keep up the scatological toilet bashing!!
Wednesday, April 28, 2010
Top students from my tier 4 school working as ambulance chasers
I did some research on how the class of 2009 was doing. Mind you that we had a pass rate of fucking 47% on the cal bar. So with 47% of my class passing the bar, its safe to say that the top 20% of the class more or less passed. So the best of my tier 4 class went out to the workplace. After typing in their names on the cal bar website the results were very discouraging.
Law review students are working at "boutique" PI firms, plaintiffs attorneys. Not that there is anything wrong with working at small shitlaw plaintiffs firms per se. But, when the BEST STUDENTS OF THE CLASS OF 09 ARE AT MOST GETTING THESE TYPES OF JOBS what the hell are the rest of the students going to do?? Im talking about moot court, law review, mock trial people that are working at fucking shitlaw firms, so small that when you go on the firm websites there is no bio for them. No pretty picture, nothing. Some of these top students got a photo at their shitlaw firms but the majority have not.
Before the great crash of 2008 some top grads from my tier 4 toilet would end up at some decent midlaw firms. SOME is the point. MOST ended up either not passing the bar or never found employment in the legal field or got jobs working in shitlaw. But with the top students working at shitlaw, and because mathematically its impossible for everyone to be top 10%, where the hell do the rest of us end up at??
The bottom 100 law schools are a scam. If you borrow to go to one of these schools you are fucked. If daddy or mommy isnt a lawyer with their own firm you are fucked. Beware the subprime lawschool bubble. Its growing bigger and costlier prior to its implosion. Realize that all bubbles pop. Look at the pain that Greece is going through as it has become the basket case of Europe. The market is demanding that Greece pay 23% interest on a 2 year bond. Absent a "credit" infusion from the ECB or the IMF the country will suffer a financial meltdown and the accompanying political unrest that follows said meltdown. The ravages of the ponzi continue to spread, slowly but surely taking down the weaker links until the head, the USA, is also taken down. Realize that the US is currently borrowing 12% of GDP. 12 PERCENT!! If you adjusted GDP by taking out statistical magic such as imputations, hedonic substitutions, and deflated CPI, its is probably around 16%. Absent the printing press run by Benron the US would be undergoing a deflationary holocaust 3 times worse then the crash of 1929. The ponzi will eventually go into entropy as it devours its hosts (read, debtors, you and I). Avoid the law school scam at all costs.
Law review students are working at "boutique" PI firms, plaintiffs attorneys. Not that there is anything wrong with working at small shitlaw plaintiffs firms per se. But, when the BEST STUDENTS OF THE CLASS OF 09 ARE AT MOST GETTING THESE TYPES OF JOBS what the hell are the rest of the students going to do?? Im talking about moot court, law review, mock trial people that are working at fucking shitlaw firms, so small that when you go on the firm websites there is no bio for them. No pretty picture, nothing. Some of these top students got a photo at their shitlaw firms but the majority have not.
Before the great crash of 2008 some top grads from my tier 4 toilet would end up at some decent midlaw firms. SOME is the point. MOST ended up either not passing the bar or never found employment in the legal field or got jobs working in shitlaw. But with the top students working at shitlaw, and because mathematically its impossible for everyone to be top 10%, where the hell do the rest of us end up at??
The bottom 100 law schools are a scam. If you borrow to go to one of these schools you are fucked. If daddy or mommy isnt a lawyer with their own firm you are fucked. Beware the subprime lawschool bubble. Its growing bigger and costlier prior to its implosion. Realize that all bubbles pop. Look at the pain that Greece is going through as it has become the basket case of Europe. The market is demanding that Greece pay 23% interest on a 2 year bond. Absent a "credit" infusion from the ECB or the IMF the country will suffer a financial meltdown and the accompanying political unrest that follows said meltdown. The ravages of the ponzi continue to spread, slowly but surely taking down the weaker links until the head, the USA, is also taken down. Realize that the US is currently borrowing 12% of GDP. 12 PERCENT!! If you adjusted GDP by taking out statistical magic such as imputations, hedonic substitutions, and deflated CPI, its is probably around 16%. Absent the printing press run by Benron the US would be undergoing a deflationary holocaust 3 times worse then the crash of 1929. The ponzi will eventually go into entropy as it devours its hosts (read, debtors, you and I). Avoid the law school scam at all costs.
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