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May 30, 2010

Moral hazard

Cortney Munna and her mother borrowed 100 thousand dollars to pay for Cortney's undergraduate degree. As Cortney is unable to actually use this degree to make a living, they now feel they have been ripped off.

... in an eerie echo of the mortgage crisis, tens of thousands of people like Ms. Munna are facing a reckoning. They and their families made borrowing decisions based more on emotion than reason, much as subprime borrowers assumed the value of their houses would always go up.

The New York Times blames everybody except these dolts - and Sallie Mae - for making a bad business decision; Citibank is the villain of the piece for having the audacity to lend them money (and more fool Citibank). I won't spoil the surprise by telling you what Cortney decided to drop 100 grand studying. The article does not believe it worth mentioning until the third paragraph from the bottom.

So what's the over/under on Obama offering restitution to everyone forced to slave away in the ivy league arts BA plantations?

Posted by Ghost of a flea at May 30, 2010 10:47 AM


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