2 minutes ago, The_Omega said:

Assuming this is entirely true, how is that an argument for everyone else to be responsible for their loans?

 

It's not, it was a direct response to your saying that "...the fact is that those who took the loans did so for their benefit, not their parents..." The reality is that many, indeed, did so to satisfy their parents' wishes.

 

1 minute ago, The_Omega said:

How is Russia going to turn this invasion that they're struggling mightily with into a larger conflict?  Where are they going to get the resources to expand their operation?

This assumes that Putin is still a rational actor. If the Ukrainians actually make a push into Russian territory, I think there's no telling what he'll do next. It could be very reckless.

We're supposed to pretend that this mumbling idiot is running the entire country and that this is normal and OK.  

Just now, EaglesRocker97 said:

 

It's not, it was a direct response to your saying that "...the fact is that those who took the loans did so for their benefit, not their parents..." The reality is that many, indeed, did so to satisfy their parents' wishes.

 

But for their own benefit. Even if they bought into a lie their underlying reason was to benefit themselves. Or are you saying that many didn't care at all about benefitting themselves, only mollifying their parents?

3 minutes ago, EaglesRocker97 said:

This assumes that Putin is still a rational actor. If the Ukrainians actually make a push into Russian territory, I think there's no telling what he'll do next. It could be very reckless.

Now that I won't disagree with.  I think that that would be a catastrophic mistake.  One that we should demand that they don't make.

7 minutes ago, The_Omega said:

But for their own benefit. Even if they bought into a lie their underlying reason was to benefit themselves. Or are you saying that many didn't care at all about benefitting themselves, only mollifying their parents?

Every case is different, but I think many were told by their parents and counselors that a college degree would unquestionably benefit them in the long-run, despite the student having apprehensions about financing it. Many were sold a lousy bill of goods by people who should've known better. I just can't put all the blame on the students themselves.

The UK doesn't seem too concerned

 

Quote

Dollar Will Likely Swat Aside News the U.S. Economy Shrank in Q1

The U.S. economy unexpectedly shrank in the first quarter, prompting a pullback in the high-flying U.S. Dollar, but any weakness is still viewed as temporary with economists saying the economy should return to health growth.

The Dollar pared fresh multi-month highs against the Pound and multi-year highs against the Euro on news the U.S. economy contracted 1.4% quarter-on-quarter in the first quarter.

The market was expecting the economy to expand 1.1% on the quarter.

"The U.S. dollar surrendered some strength following sobering news on first quarter growth," says Joe Manimbo, Senior Analyst at Western Union Business Solutions.

The Dollar index - a broad measure of the currency according a basket of USD exchange rates - was seen steadying just below multi-year highs at 103.80 in the wake of the numbers.

A powerful GBP/USD sell-off was meanwhile arrested near 1.2436, with the EUR/USD consolidating at 1.04. (Set your FX rate alert here).

"The surprise contraction in growth left the dollar ripe for some profit-taking after its incredible burst of strength this week," says Manimbo. Earlier, "the U.S. dollar bulldozed its way to fresh 5-year highs as it remained the currency of choice in the face of rising worries about global growth".

Certainly, it is however too early to call an end to the Dollar's advance and foreign exchange markets will remain alert to further gains.

A looking into the details of the GDP release reveals no major cause for concern regarding the outlook; indeed final domestic demand was still healthy growing at 2.6% pace and consumer spending increased 2.7% on the quarter.

"Where the economy faltered was in the production of goods," says economist Avery Shenfeld at CIBC Capital Markets.

"That was led by accelerating business investment spending, a sign of confidence about demand ahead that is consistent with the eagerness to add workers," he explains.

It is noted a surge in imports acted as a drag on GDP as businesses replenished stocks, aided by improvements in global supply chains during the quarter.

"The fall in GDP is not nearly as bad as it looks," says Daniel Vernazza, Chief International Economist at UniCredit Bank in London. "This is because the big detractors from GDP in 1Q22, net exports and inventories, are also the most volatile components and are likely to improve in coming quarters."

It is noted that with inflation running hot consumers appear to be funding consumption by dipping into savings accumulated during the pandemic.

But "at some point, Americans will start to pare back demand unless prices start to come down again," says Shenfield.

Nevertheless, CIBC Capital Markets expect a return to healthy growth over the next couple of quarters, with net trade and inventories unlikely to be nearly as big a negative,

Crucially for the Dollar outlook, the Federal Reserve are unlikely to be swayed by the GDP disappointment.

Inflation is running hot and they will look through the data and opt to raise interest rates by 50 basis points at upcoming meetings.

This should provide Dollar exchange rates with ongoing yield support.

"Today’s GDP report does nothing to change our view for the Fed; indeed, the 8% annualised surge in the GDP deflator in Q1 served to underline the ongoing and significant challenge of high inflation the Fed faces. We continue to expect 50bp rate hikes in May and June, with the Fed hiking in 25bp steps thereafter," says Bill Diviney, an economist at ABN AMRO.

https://www.poundsterlinglive.com/usd/16880-dollar-will-likely-swat-aside-news-the-u-s-economy-shrank-in-q1

 

Depending on the issue, teenagers are either clueless and incapable of making important decisions or mature enough to make life-changing decisions and shouldn't be questioned.

College loan: these poor kids didn't know what they were getting into.

Join the military and potentially fight in a war:  they knew what they signed up for.

Decide they are a different gender and want to take hormone blockers: they are in no way confused and we should also keep this secret from their parents so they don't give them any parental guidance.

Want to have an abortion: it's their body, their choice and if they don't want their parents to know that's ok, a 16 year old is totally capable of making that decision on their own.

Drive a car: go through classes and take a test proving you are capable and then get a license before being allowed to drive.

Smoke cigarettes or drink alcohol:  no, you're not mature enough to limit yourself and know the costs to your health so we won't let you.

An arrest for smoking weed or DUI, that will hurt your career but you should've known better.

We should lower the voting age to 16 so they can vote in elections, but they're too innocent and dumb to understand consequences with signing their name to a student loan.

6 minutes ago, NOTW said:

 

 

I think kids seem to be getting progressively less prepared for entering the real world with each generation, at least much more so than they were 20 or 30 years ago. I can't believe we let 16 year olds drive with how distracted they are by electronics. I say raise the driving age to 18.

Just now, EaglesRocker97 said:

 

I think kids seem to be getting progressively less prepared for entering the real world with each generation, at least much more so than they were 20 or 30 years ago. I can't believe we let 16 year olds drive with how distracted they are by electronics. I say raise the driving age to 18.

If schools want to push college as the path to success they should also teach them about the responsibility of student loans, educate them on the typical earnings of different careers or industries.

So many people change majors, change careers and don't use their degree or take worthless degrees.  Society doesn't also promote going into trades, tech schools, shorter programs in nursing or digital marketing or other fields that don't require a 4 year Bachelor's degree.  Or just getting into the workforce with an internship or apprenticeship and getting on the job training and building a career with skills.  Trades and blue collar work are treated like options for failures.

Just now, NOTW said:

Trades and blue collar work are treated like options for failures.

 

I think this attitude is slowly changing. Those guys are having the last laugh all the way to the bank right now.

8 minutes ago, EaglesRocker97 said:

 

I think this attitude is slowly changing. Those guys are having the last laugh all the way to the bank right now.

And cancelling student loan debt is asking those people to pay for college loans through higher taxes...people who were looked down on for not going to college because college is supposed to be the path to success and high salary.  The hipster working at Starbucks 20 hours a week living at home who has a useless degree looks down on the plumber or electrician making money, owning a house and building a business...and that guy is supposed to pay for his student loan?  Hard sell.

the ability to obtain a student loan and amount that can be borrowed should be tied to the student's major. 

1 hour ago, mr_hunt said:

the ability to obtain a student loan and amount that can be borrowed should be tied to the student's major. 

It should be more than that. Majoring in economics is a little different at Penn or Harvard than at Villanova or Temple, as evidenced by future earnings potential. Loans should be tied to the actual value of the degree -- i.e., the lifetime earnings of the average graduate with the same major at the same school. This is why you need underwriting standards as opposed to loans for everyone.

1 hour ago, NOTW said:

And cancelling student loan debt is asking those people to pay for college loans through higher taxes...people who were looked down on for not going to college because college is supposed to be the path to success and high salary.  The hipster working at Starbucks 20 hours a week living at home who has a useless degree looks down on the plumber or electrician making money, owning a house and building a business...and that guy is supposed to pay for his student loan?  Hard sell.

Hard pass!

2 minutes ago, vikas83 said:

It should be more than that. Majoring in economics is a little different at Penn or Harvard than at Villanova or Temple, as evidenced by future earnings potential. Loans should be tied to the actual value of the degree -- i.e., the lifetime earnings of the average graduate with the same major at the same school. This is why you need underwriting standards as opposed to loans for everyone.

well yeah....that's what i was getting at...but then i ran out of words.   

4 minutes ago, mr_hunt said:

well yeah....that's what i was getting at...but then i ran out of words.   

 

Go back to Twitter, libtard!

3 hours ago, Ipiggles said:

Lead times for our industry is about 1 year. As a recession looms,  I expect orders will be cancelled.

It's certainly possible.  Our manufacturer quotes that 25% of the price will be invoiced when drawings are sent.  Drawings typically take about 1 month, so if the customer doesn't cancel within the first month, they're going to be on the hook for a big chunk if they do decide to cancel  Not many other manufacturers quote those terms, and it, on occasion, does cost us orders, but it's a good way to ensure that they're going to get compensated for their time, and a good reason for customers not to cancel.

3 minutes ago, The_Omega said:

It's certainly possible.  Our manufacturer quotes that 25% of the price will be invoiced when drawings are sent.  Drawings typically take about 1 month, so if the customer doesn't cancel within the first month, they're going to be on the hook for a big chunk if they do decide to cancel  Not many other manufacturers quote those terms, and it, on occasion, does cost us orders, but it's a good way to ensure that they're going to get compensated for their time, and a good reason for customers not to cancel.

we are as long as 52 weeks out, any cancelled orders will just open slots up and reduce lead times. We have had unprecedented growth in sales. Great for us, but it will slow down. Has to. 

1 minute ago, Ipiggles said:

we are as long as 52 weeks out, any cancelled orders will just open slots up and reduce lead times. We have had unprecedented growth in sales. Great for us, but it will slow down. Has to. 

Slow down.  Crash.  Yeah, it's coming, it's just a question of when, and how long it's going to take to dig out.

2 minutes ago, The_Omega said:

Slow down.  Crash.  Yeah, it's coming, it's just a question of when, and how long it's going to take to dig out.

Honestly we are in great shape we are lagging in slow downs, and leading in strengthening economy. 

2008-2010 was different though, we saw a significant reduction in businesslevels, almost 50% less. We learned a great deal from that time, if/when it happens again, we will be better off then we were then. 

 

3 minutes ago, Ipiggles said:

Honestly we are in great shape we are lagging in slow downs, and leading in strengthening economy. 

 

So, what you're saying is that the Biden economy has been doing great things for you!

2 minutes ago, Ipiggles said:

 

 

I support the spirit of reigning in profiteering by the universities, but the endowments are obtained from donations, mostly by well-to-do alumni.

5 hours ago, dawkins4prez said:

Both?  You have a generation of economically crushed young adults. They were told by their parents, government and society that they were doing the right thing.  You don't solve the root problem until eliminate the predatory practices caused by the gov't loan guarantees, but you also still have a huge mess to clean up.

I’ve mentioned this before, but forgiving the interest seems to be a reasonable middle ground.