There is an ongoing student loan debt crisis and it is simply one more manifestation of the overall bubble in credit that has created stock market wealth for asset owners. In not allowing the college tuition bubble to burst the government has created the 7 Million Dollar Woman and 35 other private college heads making over $1,000,000 per year.
36 private-university presidents clear $1 million bar — led by RPI’s $7 million woman
We have been in a phase where uncritical people (many mainstream financial services and economists) have held sway because look… the stock market is going up… the economy is going up… outlandish compensation (what the market will bear) is justified!
It’s bullshit; you (a critical independent thinker) and I both know it. But how do you argue with the black and white fact that the economy is strong, the markets are strong and some college president deserves 7 million bucks even though more and more students have reached for their dreams on debt, with diminishing prospects for gainful employment (and debt-paydown) after graduation?
You don’t, or at least you don’t get taken seriously, until the bubble bursts and we doom and gloomers, cranks and non-conformists one day get to once again say ‘see… ?’
