How can there be any doubt that college debt is the new bubble?
The scary thing is that I don't know how this bubble pops, since there's no way to permanently default on college loans. They're always there.
My worry is that the college debt bubble will turn into indentured servitude. You can't get a job without a college degree, you can't get a college degree without tremendous debt, once you have the job you can't enjoy it because all your earnings are going to pay off your tremendous debt.
And then you've got no money for goods or services and the economy collapses and the financial services sector owns everyone and everything.
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The scary thing is that I don't know how this bubble pops, since there's no way to permanently default on college loans. They're always there.
My worry is that the college debt bubble will turn into indentured servitude. You can't get a job without a college degree, you can't get a college degree without tremendous debt, once you have the job you can't enjoy it because all your earnings are going to pay off your tremendous debt.
And then you've got no money for goods or services and the economy collapses and the financial services sector owns everyone and everything.