Biden cancels $10,000 in federal student loan debt for most borrowers

[sqwakvfr]

15 minutes ago, Berkshire said:

I agree that Presidents have very little control over the stock market.  But you said "My pension funds portfolio is down 20% since Uncle Joe became President."  So why are you blaming Khun Joe?  Nevermind, doesn't matter.    

Not blaming him but the fact is it is down 20% since he took office.  I never said he caused it.  

[sqwakvfr]

Just now, ozimoron said:

The S&P and bitcoin had risen and risen and risen to record levels without correction. Did you imagine that would go on forever?

Never invested in Bitcoin and never believed it was a worthwhile investment.  Investments have two phases: Bear and Bull. Obviously markets correct from time to time.  

[connda]

Which means that the US taxpayers will be on the hook for another trillion dollar bailout which in turn jacks up the inflation rate even more which then further destroys the purchasing power of the lower and middle class. 
There's no such thing as a free lunch.  Somebody pays.  Just not the wealthy.

[connda]

On 8/25/2022 at 10:02 AM, Berkshire said:

I never took out a student loan, instead, worked my butt off all the way through college (my grades probably suffered).  I also know people who took out loans and paid it all back.  So yes, not fair in many respects.

I took out student loans as well as working while raising a pre-teen as a single father.
After I graduated, I made paying off the student loan debt my top priority and had it fully paid off in less than 5 years.

I don't support student loan forgiveness.   It's highly inflationary and it's political.  Why not a national debt jubilee so that the entire nation can have their debt forgiven? Then the US can start printing up billion dollar USD notes as hyperinflation hits.  All this move does is destroy the purchasing power of the USD in the long-run as the administration and congress spend like drunken sailors on a multi-day bender in Subic City.  This isn't 'debt forgiveness."  It's wealth transfer from US taxpayers to financial institutions who issued the loans.  Talk about a windfall as all that money come rolling into the banks.  Stellar profits and bonuses for the wealthiest in the banking/finance cartels. 

Edited August 29, 2022 by connda

[placeholder]

3 minutes ago, connda said:

I took out student loans as well as working while raising a pre-teen as a single father.
After I graduated, I made paying off the student loan debt my top priority and had it fully paid off in less than 5 years.

I don't support student loan forgiveness.   It's highly inflationary and it's political.  Why not a national debt jubilee so that the entire nation can have their debt forgiven? Then the US can start printing up billion dollar USD notes as hyperinflation hits.  All this move does is destroy the purchasing power of the USD in the long-run as the administration and congress spend like drunken sailors on a multi-day bender in Subic City.  This isn't 'debt forgiveness."  It's wealth transfer for US taxpayers to financial institutions who issued the loans.  Talk about a windfall and all that money come rolling into the banks.  Stellar profits and bonuses for the wealthiest in the banking/finance cartels. 

Consumer spending in the US cames to about 16.9 trillion dollars per year. So tell me how does a loan forgiveness of say, 500 billion spread out over 10 years manage to be highly inflationary?

[nauseus]

40 minutes ago, ozimoron said:

That's because those who invest in the stock market are not stupid, they can see an interest rate rise hike months before it's implemented. Economists knew that inflation was rising at that has only one outcome for interest rates and economic stimulus.

If you can call Janet Yellen an economist, less than a year ago, she was referring to the earlier stages of the present inflation cycle as "transitory" - Powell did the same - I think that was shortsighted and stupid.

 

Easier access to the markets today has resulted in a far higher percentage of stock investors that are not "qualified" economists. 

[ozimoron]

1 minute ago, nauseus said:

If you can call Janet Yellen an economist, less than a year ago, she was referring to the earlier stages of the present inflation cycle as "transitory" - Powell did the same - I think that was shortsighted and stupid.

 

Easier access to the markets today has resulted in a far higher percentage of stock investors that are not "qualified" economists. 

In her defence, the Russian invasion of Ukraine has made the situation much worse since she made those comments. I do agree that they were too optimistic about inflation though.

[placeholder]

2 minutes ago, nauseus said:

If you can call Janet Yellen an economist, less than a year ago, she was referring to the earlier stages of the present inflation cycle as "transitory" - Powell did the same - I think that was shortsighted and stupid.

 

Easier access to the markets today has resulted in a far higher percentage of stock investors that are not "qualified" economists. 

Supply shortages caused by an unexpected resurgence of covid and a major war in Europe weren't on anyone's radar not so long ago. 

[nauseus]

14 minutes ago, placeholder said:

Supply shortages caused by an unexpected resurgence of covid and a major war in Europe weren't on anyone's radar not so long ago. 

Or maybe the radars were in OFF or STBY mode? These 'experts' are supposed to have at least a bit of vision and must have access to all kinds economic forecasts and other intelligence. 

 

 

[Bkk Brian]

1 minute ago, nauseus said:

Or maybe the radars were in OFF or STBY mode? These 'experts' are supposed to have at least a bit of vision and must have access to all kinds economic forecasts and other intelligence. 

Since when do economists have access to predicting a war in Ukraine?

[placeholder]

8 minutes ago, nauseus said:

Or maybe the radars were in OFF or STBY mode? These 'experts' are supposed to have at least a bit of vision and must have access to all kinds economic forecasts and other intelligence. 

I see you believe in some sort of ultra priviliged world where there are folks who know what's really going to occur Like a virus is going to be resurgent and that there would be war in Ukraine.

[nauseus]

3 hours ago, Bkk Brian said:

Since when do economists have access to predicting a war in Ukraine?

The US Treasury has access to that kind of intelligence.

[nauseus]

3 hours ago, placeholder said:

I see you believe in some sort of ultra priviliged world where there are folks who know what's really going to occur Like a virus is going to be resurgent and that there would be war in Ukraine.

See my reply to Brian. In addition, I think it can be fairly assumed that there must be some information sharing between the US Government and the Federal Reserve, even though the latter is not officially part of the government.

[placeholder]

2 minutes ago, nauseus said:

See my reply to Brian. In addition, I think it can be fairly assumed that there must be some information sharing between the US Government and the Federal Reserve, even though the latter is not officially part of the government.

I think it's safe to assume that you are making a tendentious assumption. You've got nothing.

[Bkk Brian]

14 minutes ago, nauseus said:

The US Treasury has access to that kind of intelligence.

Apparently if you repeat nonsense enough times you end up believing it

[nauseus]

2 minutes ago, placeholder said:

I think it's safe to assume that you are making a tendentious assumption. You've got nothing.

With the worst inflation in 40 years and markets about to fall more, then I might well end up with nothing.

 

At least Powell seems to have woken up - a bit late but I think we'll see soon.  

[nauseus]

1 minute ago, Bkk Brian said:

Apparently if you repeat nonsense enough times you end up believing it

So then, if what you imply is true, why would the Gov not feed the Fed with essential information necessary to form best policy? 

[Bkk Brian]

Just now, nauseus said:

So then, if what you imply is true, why would the Gov not feed the Fed with essential information necessary to form best policy? 

I would suggest what you claimed is not true. Lets get things right first. So please feel free to back it up

[placeholder]

1 hour ago, nauseus said:

With the worst inflation in 40 years and markets about to fall more, then I might well end up with nothing.

 

At least Powell seems to have woken up - a bit late but I think we'll see soon.  

You must be a very recent investor. Or an unusually unlucky one.

https://www.google.com/search?q=s%26p+500&oq=s%26p+500&aqs=chrome..69i57.10823j0j7&sourceid=chrome&ie=UTF-8

[Scott]

There have been a lot of posts that are starting to veer away from the topic.  If you are interested in posting more broadly about the economy, this topic may be more appropriate:  https://aseannow.com/topic/1270355-powell-warns-of-‘some-pain’-ahead-as-the-fed-fights-to-bring-down-inflation/

 

[ThailandRyan]

Here is some news about some states taxing the loans forgiven.

 

https://www.cbsnews.com/news/student-loan-relief-could-trigger-state-taxes/

[KanchanaburiGuy]

23 hours ago, nauseus said:

With the worst inflation in 40 years and markets about to fall more, then I might well end up with nothing.

 

At least Powell seems to have woken up - a bit late but I think we'll see soon.  

If you're so confident the market is going to fall more, you should take a short position. 

 

You can make money when it goes up.......... and.......... you can make just as much when it goes down. 

 

If you're so confident it is headed down........ there's an extremely easy way for you to make that work to your advantage. Why more people don't is simply beyond me! Why ignore half the ways you can make money?

 

A downward trending market can be very, very profitable!

 

Cheers!

 

 

 

Edited August 30, 2022 by KanchanaburiGuy

[nauseus]

18 hours ago, KanchanaburiGuy said:

If you're so confident the market is going to fall more, you should take a short position. 

 

You can make money when it goes up.......... and.......... you can make just as much when it goes down. 

 

If you're so confident it is headed down........ there's an extremely easy way for you to make that work to your advantage. Why more people don't is simply beyond me! Why ignore half the ways you can make money?

 

A downward trending market can be very, very profitable!

 

Cheers!

 

 

 

Yes, I am aware of the possibilities, thanks.