Kunstler on the impending student loan implosion

i'm very grateful to have been in a position to finance my daughter's graduate degree... the last thing i wanted for her was to see her handed a masters degree along with a multi-year debt load... owing dad is a whole lot different than owing the banksters...

james howard kunstler...

And is there a Millennial so dim who believes that the promised package of lifetime goodies once called "a job with benefits" waits like a liveried servant to conduct them without friction through the ceremonies of career and family according to premises and promises of an obsolete American Dream? Dreams do die hard. As dreams go it was a pretty good one while it lasted, but like all dreams, it has vanished in the mists of a new morning leaving the dreamers half-sick, anxious, and drained. They have nothing to lose but their fears of the re-po man and the simulated dudgeon of telephone robot debt-collectors.

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The colleges themselves will, of course, implode shortly, along with everything else currently organized on the super-gigantic scale. They are no more prepared for what is about to happen to them than the chiselers in government, banking, medicine, and global corporate enterprise. We will wonder in retrospect how they ever managed to winkle 50-grand a year for their absurd promises, and how we permitted young people with undeveloped powers of judgment to sign their financial lives away on terms even more stringent than their parents' mortgages. When the universities do go down, tossing their employees overboard in the process, it will be interesting to see the former faculty chairpersons and distinguished professors of econometric modeling learn how to plant kale and care for chickens side-by-side with their formerly-indentured students.

[...]

The college loan money will not be paid back anyway, so Millennial youth ought to seize the golden opportunity to make the deliberate point that the years of swindling are officially over now. This strange jubilee could, and should, change everything.

kunstler is making a prediction that this latest collapse will peak during the national political conventions in charlotte and tampa... i guess we'll see, won't we...?

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