That state and local government pension funds are going broke isn’t a new problem. That it’s much worse than reported by those pension funds isn’t a new problem either. Last June, Moody’s determined that the already dizzying unfunded pension liabilities were actually three times higher than reported. But now, to top it off, trustees are blowing a bunch of retiree money on an exotic boondoggle.
Max Keiser
Financial War Reports
OMG! under funded public pensions on one side and a student loan building catastrophe on the other?
Student loans are now the worst performing debt class and now the new sub-prime debt bubble that’s about to burst, overtaking credit card debt – professors call to immediately cease and desist the program?
Have you heard the deafening outcry and massive protest marches by university professors and administrators to immediately stop and abolish the student loan program in the USA that is DESTROYING hundreds of thousands of their students financially and continues unabated?
Clueless 18 year olds are given huge loans, permanently nailed to them for life with no recourse to default, that would never be given to them under ANY other circumstances.
What? ….there is no outcry from university professors and administrators? …..not even…..anything? to save the financial future of hundreds of thousands of kids? ? No demands from universities to immediately cease and desist the program?
Oh, …. they’re keeping quiet and sacrificing their students futures for their own salaries, pension security and fancy offices, bonuses and parties (oops, I mean ‘conferences’ so they can give each other awards for excellence)?