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Registered Oct 31, 2010
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Fisk's most recent comments:
- On 25 Aug 2011
in
Student Loan Debt Will Stifle Housing Market,
Fisk said:
Sybrib says
Could be that way till now. Going forward it may be a lot higher, though as the college finances are getting it from both ends: escalating expenses with reduced government funding, mom and dad losing their jobs or at best soldiering on in stagflation.
I don't want to predict the future. As for now, the drop of housing prices since 2007 far more than offsets the growth of mean student indebtedness, such that the average (stud. loan + mortgage balance) is down, not up. That's even before considering a major decrease of interest rates since 2007 (which have dropped on st. loans too) - On 25 Aug 2011
in
Student Loan Debt Will Stifle Housing Market,
Fisk said:
The trend of tuition inflation is certainly alarming and not sustainable in the long term, but I think the typical student debt amounts are still not so high as to impact the housing prices more than marginally. The mean undergrad debt at graduation is ~25 K, as I recall. This is a LOT more than it used to be in relative terms, sure, but it's only ~3% of a decent house in a good Silly Valley neighborhood, isn't it? A change of mortgage rate from 4.5 to, say, 4.8% would affect the total monthly debt payments more than adding that 25 K to the debt.
When people borrow 800 K that they need to pay back for 30 yrs., I'm frightened. Not so much for 25 K that can be paid in a year with a good B.S. And there are many forbearance and suspension programs to not pay temporarily if can't - not quite so for mortgages.
My wife had graduated as a BSN 4 yrs. ago with 43 K debt, which is much above average. Her salary as a CNA prior to college was $ 13 - 14/hr, now $ 33 - 35/hr as an RN with good annual increases and ~$ 45 - 60/hr for (plentiful) overtime, not even speaking of much better benefits, job security, and choice of work. She has paid that 43 K back in slightly over a year, and has 30+ years upside going forward. You tell me college is expensive? For clueless poly. sci. and theater majors, perhaps. - On 12 Aug 2011
in
Inflation through the Roman times,
Fisk said:
MsAnnaNOLA says
They are rioting in the streets in England because they have finally realized this. When will Americans realize this?
Americans realize this. But the UK govt. has stamped all riots out in a few days, and here the internal security is a lot stronger, better armed, and tougher than there. And punishments a lot stricter, too. No surprize they've asked the US govt. for advice and training on riot suppression.
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