Gerry Canavan

the smartest kid on earth

Tuesday Night Links

with one comment

* They’re Occupying Raleigh next Saturday.

* They’re recalling Scott Walker next year.

* DoJ seems to want us to invade Iran and Mexico simultaneously.

* Who are the 99%? Rortybomb looks at the data.

* Four weeks on Wall Street.

* Freddie de Boer has an important #OWS reality check.

If the message is “I went to college and I don’t have the job and the car and the lifestyle I was promised,” then none of this means anything. These complaints, I’m sorry to say, are ultimately a way of saying “I didn’t get mine.” That’s not a rejection of our failing order. It is an embrace of it in the most cynical terms.

* Yes, Virginia, Republicans are deliberately tanking the economy.

* And I wouldn’t exactly recommend listening to the whole thing, but the first few minutes of the Ira Glass Sex Tape TAL parody are really something. Spot on.

One Response

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  1. How are recent college grads without jobs that different from home buyers from 2000-2010? Both followed conventional wisdom and/or the American dream and ended up with an investment that turned sour for many and will haunt them for years. Homes and college were supposed to be no-fail long term wealth creators, but clearly the markets for each are now over-saturated, in part due to ease with which lending occurred for these investments and their preferential tax treatment (as an aside, it does baffle me that student loan interest credits are capped at $2500, but mortgage interest deductions are uncapped).

    In order to turn the “I didn’t get mine” sentiment into a true overhaul movement of the current system, it has to become apparent how easily it could happen to currently adequately employed. But the message of “I am currently doing okay, but if I or my significant other got sick or lost their job, oh man, we’d be screwed” is harder to get across than “I got screwed.”

    There’s also something of a catch-22 in the large-scale remedies for overhauling consumer debt. The largely failed mortgage restructuring programs that were supposed to target those in financial distress were overly specific in the name of helping those with the largest need (and seem to have helped very few) – these were considered unfair because it only helped out those in bad mortgages (many of which were perceived to be, right or wrong, on extravagant homes), not those who had done okay by playing by the rules and living within their means.

    The college bubble will be worse because you can’t resell, give back, or walk away from your education. Any broader solution to student loan debt (which seems to be one actionable call of the OWS movement) is likely to be decried as wasteful because of the number of people who don’t “need” the help, but receive it anyway.

    EMG

    October 12, 2011 at 12:39 pm


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