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Desc:He highlights one of the major issues facing America right now. Form your own opinions.
Category:Educational, Business
Tags:Peter Schiff, sallie mae, student loans, tuition
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Comment count is 42
Aress - 2010-10-01

Pretty much. Needed to be said.

IrishWhiskey - 2010-10-01

So the truth is that we need fewer people working in healthcare and financial services? We need more undereducated laborers, at a time when basic manual labor is computerized? The worst thing the government is doing is helping educate people as opposed to funding both the defense industry and terror states to the tune of half our budget? And his proof is that his own father was successful with the help of government aid, therefore government aid is a hindrance?

His final point is that because cellphones and their components (a massively regulated field) are cheaper now, government subsidies of education must make it more expensive. The school I graduated from became more expensive for students because they cut state funding and relied on private donations.

I have no further words for how stupid this video and the description is. I support more Ron Pauls, and fewer idiots like this. The private market can do a lot of good, but this man and his ilk are only in favor benefiting their donors and industry lobbyists as opposed to actual free market principles.

kingarthur - 2010-10-01

You'll have to forgive me for descriptions typed at 4AM. The free market will fix it. :D

Gommorrah - 2010-10-01

the "free market" is a sham you idiot, the entirety of modern capitalism is built on socialization of cost and privatization of profit and could not possibly exist without it

kingarthur - 2010-10-01

Sarcasm: learn to know it when you see it.

kingarthur - 2010-10-01

Also, I changed the description.

IrishWhiskey - 2010-10-01

Okay that was a little harsh, but just look up this man's financial theories as to global distribution of labor and how investment costs should be distributed, and I think it's obvious he is no prophet, just media hungry doomsayer for whatever policies aren't beneficial to his client base.

kingarthur - 2010-10-01

Oh, he's a total tool, I agree. As I say below: conversation starter.

IrishWhiskey - 2010-10-01

As a conversation starter its a good video; I one-starred based on the context in which it was presented. And I think that inefficient subsidy programs and how they interact with lenders should definitely be scrutinized. But this guy definitely isn't interested in the same argument you are making.

Gommorrah - 2010-10-01

his argument is essentially correct that the problem is private industry growing rapacious and bloated on guaranteed government spending. i'm guessing that his solution, however, is to do away with government spending rather than do away with the private aspect. sorry middle class no college for you we've got to do some dumb shit in opposition to the successful higher education philosophy of every civilized nation everywhere, blood for the blood god

kingarthur - 2010-10-01

Unfortunately this clip doesn't go into the issues of Sallie Mae and their ilk being largely behind all of this, but the matter is worth looking into in much more detail.

Eventually, college tuition will have to drop, but that won't happen until bankruptcy is restored for borrowers and government stops letting lenders double and triple dip on loans by guaranteeing them in total, buying them via consolidation, and then letting collection agencies (owned by the same banks and finance companies that originated the loans in the first place) to collect around 30% more on delinquent loans.

I firmly believe Pell grants should stay in place.

There's also a helluva lot of Marxist theory circulating the Internet about this phenomenon so that's always worth looking up too. Essentially, we've shifted the burden of education onto the worker and raised the price so high as to make it financially devastating to be able to pay for it.

kingarthur - 2010-10-01

So my solution is more regulation, and A LOT more state-funded and government-financed education.

The evils in this are things like for-profit schools.

Eh, I'm tired. Basically I submitted this as a conversation starter.

jangbones - 2010-10-01


I like the free market and all but I think Schiff is taking a big leap here...I'm sure financial aid is a contributing factor to skyrocketing tuition but positing it as the only cause, or even the primary cause, is an unsubstantiated leap

godot - 2010-10-01

I suspect for most undergraduates it's not so much demand-driven inflation as scope creep.

In every university there are now lots of jobs whose connection to the classroom, library, or laboratory are peripheral. Full time computer-lab IT, website administrators, on staff health professionals, student activity coordinators, diversity managers, intellectual property managers, etc. simply weren't on the payroll in the 1950s.

Today's student is paying big bucks to potentially avail themselves of a lot more services, few of which effect the intellectual content of their education.

Demand-driven inflation probably is an issue at prestige graduate professional schools like Wharton Business (101k/21 mo).

FABIO - 2010-10-01

Has student security ever stopped a single crime?

kingarthur - 2010-10-01

Shouldn't the basic staffing of these positions come from within the student body itself? Not saying an 18 year old is gonna be able to run a diversity management program, but perhaps that's what some of the grad students are for?

We need a fundamental rethinking of education in this country and a lot of it should be with an eye to career training.

StanleyPain - 2010-10-01

This seems like a really overcomplicated answer. I thought the majority of the tuition problems was caused by the ludicrous role that sports plays at most universities and the obsession with giving over most of the school's funding to the whole sports/corporate sports industry built up around schools.

kingarthur - 2010-10-01

Strip out the sports programs. No state should be funding that beyond phys. ed. requirements. Let them sink or swim on their own.

jangbones - 2010-10-01

for some institutions, sports programs make money

before you get all panty-bunched, of course lots of colleges and universities lose money on bloated athletic departments, but really it is a case-by-case basis

also, there are other ancillary but significant benefits of athletic programs, to the university and the students

glasseye - 2010-10-01

I thought the same way; however at least for the University of Washington, the football program pays for itself and all other sports combined via football game tickets.

The most unfortunate thing is that alumni donations positively correlate with how well the football team is doing.

And the UW football coach is the highest paid state employee in Washington. Significantly more than the governor and the president of the university.

jangbones - 2010-10-01

I worked with a Nebraska physics professor for a while who loved the football program, and told me that every other member of his department hated it. Most important reason he gave, it commanded resources. Given how political academia is, every department wants every resource.

Regardless, he thought Nebraska's gigantic athletic department probably broke even financially, meaning that all the other stuff that it generated for the university was free.

WHO WANTS DESSERT - 2010-10-01

how about no

Pillager - 2010-10-01

5 stars for Schiff losing to Linda McMahon.

My 2 cents: 3 year degrees.

Cut out the fat & let me take the math & science I need asafp.

Gommorrah - 2010-10-01

yes that's what this country needs, more socially and culturally bankrupt sociopathic child-men who never learned anything except math

Pillager - 2010-10-01

Why, of course!

This country gained its technological edge only through the hard work of Art History & English lit majors.

Thank you for increasing my tuition payments with price supports for humanities degrees that have no real world value.

memedumpster - 2010-10-01

This country gained an edge through military dominance via the utilization of uneducated morons.

I guess history was right out the window too with that engineering degree.

Stopheles - 2010-10-01

This country gained its relevance in the 20th century due to its inventions and its cultural artifacts. American innovations in film, popular music, television and consumer products allowed for US hegemony as much as militarism.

Pillager - 2010-10-02

@ memedumpster,

Uneducated morons figured out how to turn a block of plutonium-239 into viable bomb that ended WW2.

@ Stopheles,

True, but technology was the only thing that made Mickey Mouse, Coke & Elvis widely available to the world.

http://www.pbs.org/wgbh/amex/telephone/timeline/timeline_text. html

oswaldtheluckyrabbit - 2010-10-02

Somebody didn't quite understand Brave New World

Pillager - 2010-10-06

@ oswaldtheluckyrabbit

I work night shift, full time. Thus, college classes are a bitch to fit in.

If I want to escape the Epsilon caste, I need a degree.

See where we're going?

It's time to separate the wheat from the chaff.

Get it?

I want classes that have practical application in the real world.

Also, Liberal arts classes won't be stuffed with people who don't want to be there.

We all win.

Gommorrah - 2010-10-01

learning humanities in college? epic fail! *cracks pirate ninja jokes to high-functioning autistic engineer friends while voting straight-ticket libertarian*

Gommorrah - 2010-10-01

*uses the one language he 'knows' (writes like a ten year old in) to complain about whycome there's no WHITE entertainment television*

phalsebob - 2010-10-01

You ok comrade?

Pillager - 2010-10-01

*avoids obvious Starbucks order joke*

Learning humanities in college?

Your choice.

Your money.

Your time.

The 'epic fail' kicks in when someone tries to get a job outside of teaching with said degree.

Chancho - 2010-10-01

Wow, I actually agree with you on something.

College was never meant to be a job-training mill.

The de-industrialization of America maybe led to the belief that everyone needed to be a "knowledge worker." Sucks for college students because the boomers are going to cling to their office jobs until they are on life support. Especially teachers.

oswaldtheluckyrabbit - 2010-10-01

Go to fucking DeVry if you want to learn math

Pillager - 2010-10-02


DeVry doesn't offer Pharmacology.

oswaldtheluckyrabbit - 2010-10-02


Pillager - 2010-10-06

@ oswaldtheluckyrabbit,

Be thankful that us Morlocks keep the world running for you Eloi.

phalsebob - 2010-10-01

He's offering a theory for the problem (and an oversimplified one) not a solution. Dropping loans would mean only rich kids will get an education, and possibly middle class kids whose families are willing to go in to huge debt for them.

memedumpster - 2010-10-01

"Making a country of educated, productive people is haaaaaaard."

I don't think this man's theory ever included buying a textbook at blatantly criminal prices.

Robin Kestrel - 2010-10-02

So do you think he got that sunburn doing outdoor manual labor, or while lounging on the deck of his yacht getting sucked off by a little brown Filipino boy?

Fuck this guy.

Also, plosives.

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