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And let's not forget how one can no longer discharge private student loan debt...I went back to school after 20 years of work, graduated and, ironically, lost my job and now I've been unemployed for six months, been dutifully paying my federal and private student loans. Finally, I look at my budget and I'm reaching the point where it's going to be loans or housing, so I call the federal lenders, at a 0.84% interest rate: No problem, six month extension. Private lenders, at a 7.15% interest rate: The best they can do is grant a two-month forbearance but only if I was working! If I was working, I wouldn't need the forbearance! My community has a free law clinic so I go talk to them to see what my options are, until 2005 I could've petitioned the Bankruptcy Court to dismiss or rework the private loans. So the private lenders who are charging what amounts to usury interest rates benefit from the law changes but don't change their way of business at all. I should've gone back to school to become a banker!
While I appreciated the statement by Mangabeira Unger, Brazil's minister of strategic affairs, I'm curious as to how strong the BRIC nations really are? I just got back from a month-long trip to India and did not see an economic powerhouse. I saw announcements in the paper that factories were being idled due to insufficient power resources, real estate values declining though no where near as bad as in US, and what appeared to be a large number of unfinished construction projects. Just curious if the BRICs are strong enough to do what they're planning on doing.
Toggle Commented Jun 1, 2009 on Meet the New Boss(es) at When Giants Fall