Friday, October 14, 2011

Zero Hedge on the Student Loan Racket

Zero Hedge has an amazing infographic about the predatory student loan industry, including the changes in the law and loan sources over the years leading to the current situation of debt peonage, with people permanently crushed by loans they cannot pay and which cannot be discharged in bankruptcy. Take a look. No, take two looks. Then send it to your friends.

(Update) Meanwhile, Chris Kirkham at Huffington Post  has a terrific take down of for profit education chain Education Management Corp., partly owned by Goldman Sachs since 2006, the same guys who package financial instruments from bonds based on student loans that they are now creating through their sales force.  

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