tag:blogger.com,1999:blog-3660083024919144793.post375433472884256322..comments2024-03-28T10:56:31.720-06:00Comments on Outside the Law School Scam: Student Loans Drag Down the Housing "Recovery"Unknownnoreply@blogger.comBlogger48125tag:blogger.com,1999:blog-3660083024919144793.post-43014786208939991202014-08-13T09:21:59.484-06:002014-08-13T09:21:59.484-06:00Another negative salient point missed, is that imm...Another negative salient point missed, is that immigrants have cohesive, extended families, coupled with tax exempt status and government loans, many small businesses have been bought by immigrants: 80 percent of franchises and budget motels are now Patel-Hindu owned. In less sophisticated countries, like N. Zealand, the number is 100 percent...<br />When the corporate media claims that immigration helps the economy, they mean profit margins are temporarily increased to the magic 12 percent return (by lowering wages) and the extra mouths to feed causes a marginal increase in sales, often through crime or welfare payments... Destruction of Western society has an intangible value, as well...Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3660083024919144793.post-79324401423186236482014-04-02T00:02:54.083-06:002014-04-02T00:02:54.083-06:00On the other hand, we could do what they do in Eur...On the other hand, we could do what they do in Europe: The state sponsors seats in university based on projected demand. If that demand falls, the funding is rescinded and the best and brightest students, not the wealthiest, attend school, which is free.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3660083024919144793.post-71181558154014507202014-04-01T23:52:32.880-06:002014-04-01T23:52:32.880-06:00I agree: If your economy runs on demand, importing...I agree: If your economy runs on demand, importing mass amounts of people, even if they had job skills, which they don't, you cannot keep the service-consumer economy going without an increase in wealth producing industries, e.g. steel, consumer goods, pharmaceuticals, etc.<br />What mass immigration does in reality is decrease the cost of labor, which temporarily increases profit margins and long term decimates demand, bringing the viability of a market economy in question. (It also causes less unity, and therefore, less ability for people to organize against power loci.)Unknownhttps://www.blogger.com/profile/11877189628002768982noreply@blogger.comtag:blogger.com,1999:blog-3660083024919144793.post-40011663189513585102014-03-28T00:13:08.737-06:002014-03-28T00:13:08.737-06:00Japan is probably just ahead of a developed-world ...Japan is probably just ahead of a developed-world trend on this. American demographics look like Japan in the early 1990s.<br /><br />Immigration stabilizes population growth, but I'm not sure its an unconditionally good thing (and I am an immigrant myself with illegal immigrant relatives). Immigration hurts the job market (unskilled and STEM) for Americans (even children of immigrants) and many immigrants are poor and uneducated, especially illegal immigrants who are often high-school dropouts. In fact, the "stagnant wages for 20 years" story in America may be largely caused by the mass movement of poor people into the USA.<br /><br />But thankfully America's immigrants are culturally similar. Compare to the situation in Europe. Today, Brussels, the capital of the EU, is +25% Muslim, and growing rapidly because of their higher birth rates. Europe's population looks like its gradually being replaced by people of different culture, religion, and ethnicities. <br /><br />200-400 British citizens are now fighting for jihadists in Syria. This was unthinkable just 10 years ago, and just imagine how unthinkable will the reality of Britain and Europe be in another 10 years.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3660083024919144793.post-48568442720132500502014-03-27T23:58:58.355-06:002014-03-27T23:58:58.355-06:00How fast would the higher ed system collapse if th...How fast would the higher ed system collapse if the Federal government could no longer guarantee student loans? What would be left? (This could happen as a result of a financial, fiscal, or monetary crisis.)<br /><br />I'm guessing 50-75% of schools would shut down. Law schools would be especially devastated.<br /><br />The impact might be less in the event of a common-sense Federal reform, like only guaranteeing $20,000 of student loans per person per year.<br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3660083024919144793.post-87671059257031766662014-03-27T15:32:46.769-06:002014-03-27T15:32:46.769-06:00My career services office was absolutely worthless...My career services office was absolutely worthless in my first two years. The director of Career Services refused to help anyone who wasn't in the Top 10. She would tell everyone else that it was highly unlikely that we were going to get jobs. If pushed, she would half heartedly review a student's resume. <br /><br />The kicker: she was out every single Thursday afternoon to get her hair and nails done. <br /><br />When the new guy came in, she was just kicked upstairs and given a deanship, which she still holds to this day. MAhttp://www.thelawschoolscam.comnoreply@blogger.comtag:blogger.com,1999:blog-3660083024919144793.post-58132030309406689352014-03-27T10:50:33.406-06:002014-03-27T10:50:33.406-06:00Music business is an actual major? I've never...Music business is an actual major? I've never heard of it, but It seems like a good segway to law ... <br /><br />All you have to do as a music business major is just walk over to any Apple store to find out what's happened to the music business. Just like the legal profession, this is an industry that's been clobbered by technology.<br /><br />And, BTW, that's been great for consumers. No longer do I have to purchase a CD/tape/record/8-track with 20 songs when I really only like 1 or 2 songs in the album.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3660083024919144793.post-72901895124117969482014-03-27T10:09:02.167-06:002014-03-27T10:09:02.167-06:00Nando is wrong. Total debt is not really consider...Nando is wrong. Total debt is not really considered by the mortgage industry, they consider ability to pay, something like your monthly cost on housing can not exceed 44% of your monthly income or something close to this formula. So yes, even with large Student Loans, people can buy houses, so long as their income per month and debt repayment is limited to a percentage of that income. But $1000 per month or more in payments is going to play havoc with your ratios of course.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3660083024919144793.post-54333682266346363392014-03-27T09:17:49.098-06:002014-03-27T09:17:49.098-06:00I'm not surprised by this. Although GW was on...I'm not surprised by this. Although GW was once considered to be a semi-elite school, that is no longer the case. It recently lowered admission standards and expanded its incoming class by 80 students. Basically, GW is looking to cash in on its once solid reputation before it ends up like American. I wouldn't go near the place unless I had a free ride and/or a guaranteed job waiting for me after graduation. <br /><br />As for G-Town, its always been the red haired stepchild of the so-called top 13. Given its huge class sizes and the horrible job market, there are real risks to attending this school - especially if you pay with loan dollars. <br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3660083024919144793.post-13272277973382402062014-03-27T05:27:30.798-06:002014-03-27T05:27:30.798-06:00Japan is an extreme case, but in pretty much every...Japan is an extreme case, but in pretty much every country in Europe the average number of births per woman has fallen well below the "replacement rate" which runs about 2.1 in a first world country. At that level each woman replaces herself and one man while accounting for the slightly higher number of male births and those girls who die before reaching childbearing age. The U.S. is hovering near the replacement rate but, as has been noted, saves itself with immigration. The first baby boomers, born in 1946, reached age 66 in 2012. 66 is the age when you can collect maximum Social Security. 1947 is on board and '48 is getting there this year. After that only 18 more years. God have mercy on the land.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3660083024919144793.post-51382114774376561042014-03-27T01:30:31.256-06:002014-03-27T01:30:31.256-06:00I am connected to many recent Georgetown and Georg...I am connected to many recent Georgetown and George Washington law school graduates(2011~2013) with a few other T14 and Fordham grads on Linkedin. If you check out their profiles, there are basically two groups of people. The first group consists of graduates who have full-time permanent jobs. My impression is that these people are in the minority among the linkedin profiles of the GW and GT grads. And these grads, with a few exeptions, are associates in biglaw who usually nag those jobs as summer associates. <br />Now the second group, which I find kind of scary and surprising, is made of GT and GW grads who don’t have a permanent job now and gives me the impression it is a much bigger group than the former group by looking through those profiles. These graduates usually put like 4~5 internship experiences from prestigious PIs such federal agencies, courts, and national non-profit organizations.(Yet it is DC) Most of them graduate from law schools during 2011~2013. A few them even graduate from 2010! Yet a lot of them only have internship experiences on their linkedin profile!! Even when they put their non-internship experience, they are mostly waiter or pizza delivery jobs. <br />A typical linkedin profile from this group looks like this:<br />1. An useless undergraduate major such as Music Business, International Relations, History, Religion Studies, History, Gender Studies, Gay Studies, Museum Studies, Theater Arts, Language Studies…<br />Some even list those shit courses they studied in college. Peace and Justice in Middle east…haha…<br />2. Usually no permanent job experiences. If they have one, it is a waiter, tutor, pizza delivery job done during their college years<br /><br />3. Law school from GW,GT, Fordham, or Columbia. With some shit moot court, secondary law review experience listed. <br /><br />4. Their Internship experiences during law school and after graduation look like this:<br /><br />An internship in a federal agency: FTC, or a division in DoJ, DoD, DoE, or Do Homeland Security for like 3 months.<br />An internship(Not summer Associate) in a Biglaw for like 3 months<br />An internship in an non-profit organization for like 3 months.(Ex: Peace and justice center for blah blah blah, Yada Yada Foundation and etc)<br />Research assistant for so and so law professor. <br />A fellowship for XXXX. This is most likely the law school’s pet project to keep grads on employed status. <br />A law clerk for so and so court<br />Mr lollipopnoreply@blogger.comtag:blogger.com,1999:blog-3660083024919144793.post-54234197850496551282014-03-26T23:55:22.209-06:002014-03-26T23:55:22.209-06:00The bank wants good security. It certainly does no...The bank wants good security. It certainly does not want to lend most of the cost of the house only to see that house seized by a creditor with priority. <br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3660083024919144793.post-51773657181770904372014-03-26T22:17:43.448-06:002014-03-26T22:17:43.448-06:00Banks like down payments on real estate to ease th...Banks like down payments on real estate to ease their comfort level, usually 15-20%, but 25-30% is where deals are sealed. This is usually where the parents of the couple contributed to their children, provided the house wasn't some goliath and the wedding was in reason. These days, the parents can't afford to contribute because the contribution was already made for college. In essence, the down payment went to higher education so it can pay for the outrageous tuition which is a reflection of the bloated salaries, fancy buildings and other horseshit. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3660083024919144793.post-91728800136713844372014-03-26T21:02:15.941-06:002014-03-26T21:02:15.941-06:00That is a good point Nando--banks will seriously c...That is a good point Nando--banks will seriously consider non dischargable debt e g student loans more so than dischargable debt like credit cards.BamBamnoreply@blogger.comtag:blogger.com,1999:blog-3660083024919144793.post-33274552109810130872014-03-26T20:53:46.888-06:002014-03-26T20:53:46.888-06:00Well what can they really do? If firms are hiring ...Well what can they really do? If firms are hiring then that can all be facilitated online in this information age. If firms arent hiring then career service offices cannot refer to jobs that do not exist.BamBamnoreply@blogger.comtag:blogger.com,1999:blog-3660083024919144793.post-20045441927475005042014-03-26T20:48:31.643-06:002014-03-26T20:48:31.643-06:00You are all correct that the declining average inc...You are all correct that the declining average incomes and declining birth rates do not bode well for our future. Social security is basically a pyramid scheme and if there are only a couple of taxpayers for every retiree what do you think will happen?BamBamnoreply@blogger.comtag:blogger.com,1999:blog-3660083024919144793.post-17777499957575100872014-03-26T19:22:06.917-06:002014-03-26T19:22:06.917-06:00The Deans and tenured professors know that law stu...The Deans and tenured professors know that law students are just beefstews! Rusty nails! They take all of their federal dimes and leave em broke and unemployed like two bit four bit troglodyte bedlamite diabetic Loogaroos! That is GANGSTERTALK!Elegant Elliot Offenhttp://gangstertalk.bznoreply@blogger.comtag:blogger.com,1999:blog-3660083024919144793.post-62589483595250160042014-03-26T18:13:43.947-06:002014-03-26T18:13:43.947-06:00If you are on IBR today there is no guarantee that...If you are on IBR today there is no guarantee that you will be on IBR tomorrow. Actually there is no guarantee that there will be IBR tomorrow. And in any event, at the end of the IBR period you could end up with a massive tax lien against your house.<br /><br />A bank will look at your entire debt. Anything else is unrealistic.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3660083024919144793.post-9129102441744322792014-03-26T17:02:16.530-06:002014-03-26T17:02:16.530-06:00@9:12 am,
"Not sure how this plays out, but ...@9:12 am,<br /><br />"Not sure how this plays out, but do the mortgage companies look at total debt or do they look at monthly income vs. expenses. If you are on IBR and can keep your debt payments down to 10% of your income, even if your debt is huge, you still might qualify for a mortgage right?"<br /><br />Banks and mortgage companies look at total outstanding debt, genius. These pigs learned their lesson from the housing bubble. They are not going to extend a huge line of credit for someone who owes $150K in NON-DISCHARGEABLE debt - and does not make a stellar income. As I stated earlier, my brother in law is a practicing dentist. He owned a home PRIOR to going to dental school. Now, he and his wife cannot qualify for a mortgage. He incurred about $250K for his dental degree. <br /><br />Mortgage companies are FULLY AWARE of the nature of "educational" debt. They know that people will take care of this debt first, since one can always walk away from a home. Charles Cooper seems to understand that many are in the same boar, where they are worse off - in terms of purchasing a home - than they were prior to entering professional or graduate school.Nandohttps://www.blogger.com/profile/06423524039657355134noreply@blogger.comtag:blogger.com,1999:blog-3660083024919144793.post-10375318558982928372014-03-26T15:41:40.667-06:002014-03-26T15:41:40.667-06:00My school too brought in "new leadership in [...My school too brought in "new leadership in [its] career planning office" right after my first year. (The old "leader" was so detested that the law students' association held a special meeting in the middle of the night during exam week in order to get her fired, and the administration was plainly sympathetic to those demands. She had the sense to quit before the guillotine fell.) Did it help? Not a bit. The new "leader" didn't even know the starting salaries at white-shoe firms, not even within a factor of three or four. Utterly useless. The old "leader" told me, when I asked about summer jobs, to spend the summer break traveling around France instead; the new one told me to buy a more stylish frame for my eyeglasses. Assistance with finding a job was conspicuous by its absence.<br /><br />But even capable leadership might not have been able to do much, as there simply aren't many jobs for students or new graduates these days. <br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3660083024919144793.post-67944137991722077592014-03-26T14:55:14.063-06:002014-03-26T14:55:14.063-06:00The "American Dream" has basically meant...The "American Dream" has basically meant being able to afford a home, send your kids to college, and have a secure retirement. To do all three of those things now or in the future requires one to be rich, not middle class.BamBamnoreply@blogger.comtag:blogger.com,1999:blog-3660083024919144793.post-64174841171640024292014-03-26T14:53:17.040-06:002014-03-26T14:53:17.040-06:00It depends on the company but they look at a lot o...It depends on the company but they look at a lot of factors. Income to debt ratio is one, and ratio of monthly payments to total debt amount (e.g. is the person going to be saddled with debt long-term?) is another. Someone on IBR will get killed on those factors. Also there's the fact that a future Congress could pull the plug on IBR at any time, or significantly curtail it.BamBamnoreply@blogger.comtag:blogger.com,1999:blog-3660083024919144793.post-5981337834982847012014-03-26T14:34:29.502-06:002014-03-26T14:34:29.502-06:00I went to Denver law in the eighties. They wasted ...I went to Denver law in the eighties. They wasted so much money moving their law school from downtown to a new building on the old Colorado Women's College campus and then to their main campus, I resolved never to give them a dime of mine to waste. Tuition in my first year was high, and then got higher each year.<br /><br />Fortunately for me, I was able to get law clerk jobs during school and worked my way into a fairly good firm because of what I did, not what the lousy profs did.<br /><br />Their best law teachers then were adjuncts who practiced law and taught a course on the side. Their tenured faculty - with rare exceptions - was lousy. I knew that then, and have confirmed it since.<br /><br />In my case and those of many classmates we self-taught ourselves more than the school did.<br /><br />I corresponded with the current dean awhile back, before I knew how Campos would go on to expose his hypocrisy. I'll be kind and say that I came away very unimpressed and underwhelmed. <br /><br />Last thought for this post: I note nowhere that Denver Law is cutting afminstrative positions or faculty salaries and benefits. It's clearly a keep the money rolling to the entrenched plan that they hope to execute.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3660083024919144793.post-8776684907942746502014-03-26T13:46:03.761-06:002014-03-26T13:46:03.761-06:00Correction 2: I meant unemployed not underemployed...Correction 2: I meant unemployed not underemployed.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3660083024919144793.post-71225454548144585712014-03-26T13:20:48.142-06:002014-03-26T13:20:48.142-06:00Correction: Yes, but hiring graduates for short-t...Correction: Yes, but hiring graduates for short-term jobs still helps the employment numbers look better. It helps lower the underemployed score on LST. Why else would W & L suddenly hire 16 of its graduates on a short-term basis when they didn't do so in the previous year? You have to understand how these scam deans think.Anonymousnoreply@blogger.com