Saturday, August 20, 2011

INSTAPUNDIT NOW HARPING ON "STUDENT LOAN BUBBLE"



NOW PROFESSOR REYNOLDS LINKS TO A STORY ON A SUPPOSED "STUDENT LOAN BUBBLE" -



ONE OF HIS 250 POSTS THIS YEAR ON ONE SORT OF "EDUCATION BUBBLE" OR ANOTHER.




(THE ONLY THING HE POSTS ON MORE FREQUENTLY IS AMAZON SALES - HE GETS A COMMISSION FOR!)




REYNOLDS AND THE GUY HE LINKED TO ARE WRONG AGAIN.




THERE IS NO STUDENT LOAN BUBBLE.



IT HAS NONE OF THE FEATURES OF A TRUE BUBBLE.



(GLENN: EVERY THING THAT CRASHES IS NOT A BUBBLE!)



EXCERPT:

The numbers are just staggering. Not surprising, but a stark reminder that we’ve got another huge economic problem that nobody cares about. From the Huffington Post:

Outstanding student debt has climbed 25 percent since the start of the financial crisis in 2008, according to the Federal Reserve Bank of New York — an increase from $440 billion then to $550 billion now
AS THE EXCERPT WITHIN THE EXCERPT PROVES, THE DELINQUENCY IS THE RESULT OF THE RECESSION.



IT IS NOT A HUGE INCREASE IN THE NUMBER OF GRADUATES - (THERE HAS BEEN A SLOW STEADY INCREASE OVER THE LAST 40 YEARS), NOR A STEEP INCREASE OVER A SHORT TIME IN THE PRICE OF HIGHER EDUCATION (COSTS HAVE GONE UP AT A RATE HIGHER THAN INFLATION, BUT IT HAS NOT BEEN EXPLOSIVE --- NOT ANYTHING LIKE A BUBBLE).



FACT: THIS RECESSION ACTUALLY PROVES THAT A COLLEGE DEGREE IS STILL THE BEST WAY A PERSON CAN GUARANTEE HE WILL EARN MORE AND BE LESS LIKELY TO BE LAID OFF.



I'VE POSTED LINKS SEVERAL TIMES CORRECTING REYNOLDS' MISCONCEPTIONS ABOUT BUBBLES AND THE PROBLEMS GRADUATES ARE CURRENTLY FACING - AND EVEN EMAILED THEM TO REYNOLDS.



BUT ON THIS ISSUE INSTAPUNDIT WOULD APPARENTLY RATHER CONTINUE TO POST SENSATIONALIST ITEMS THAT SPREAD FALSEHOODS, THAN ADMIT HE'S WRONG AND SPREAD THE TRUTH.



THERE IS A HUGE STUDENT LOAN PROBLEM LOOMING - BUT IT'S BECAUSE OF THE RECESSION AND SOCIALISM:



OBAMA AND HIS COMRADES SAW TO IT THAT THE GOVERNMENT TOOK OVER THE STUDENT LOAN INDUSTRY AND BECAUSE OF THE RECESSION (ONE WHICH IS THE RESULT OF 3 DECADES OF SOCIALIST HOUSING POLICIES) MANY GRADUATES WILL DEFAULT.



AND THE TAXPAYER WILL HAVE TO PAY.



WHAT'S THE CURE:



SIMPLE:

LESS SOCIALISM FROM WASHINGTON DC AND MORE ECONOMIC GROWTH. THE LATTER WILL RESULT FROM THE FORMER.



PS:



EVERY TIME I CRITICIZE INSTAPUNDIT I LOSE SEVERAL HUNDRED REGULAR READERS - (FOLKS WHO WORSHIP THE BLOGFATHER I GUESS? AND THERE ARE A LOT OF THEM!).



SO BE IT.



I'D RATHER SPEAK TRUTH, BLUNTLY - NO MATTER WHOSE FEATHERS IT RUFFLES THEN LOOK THE OTHER WAY WHEN I SEE MISTRUTHS SPREAD BY PEOPLE WITH BIG MEGAPHONES.

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