Saturday, April 13, 2013

Bond Rating Agencies now on the case

"Standard and Poor's Downgrades Albany Law School," by Scott Waldman (Times-Union.com)

Money Quote #1: "The report suggested that Albany Law is more vulnerable to the national trend of enrollment decline because it is not connected to a larger university. Law schools that are part of a larger university or university system were better able to absorb losses of the last few years."

Money Quote #2: "It's also worth noting that higher education enrollments could be on the edge of a bubble. Shifting demographics will drain the pool of potential students soon. The children of the baby boom generation helped swell college attendance, and the next generation of college students will be smaller. That likely means a day of reckoning is near for an industry focused on relentless expansion."

It looks like the ratings agencies are taking an interest in the law schools. Very interesting. The item about connection to a larger university also ties in with Cooley Law School's proposed merger with Western Michigan University.


Money Quote: "The Shreveport building Louisiana College purchased to be its law school in 2011 is now for sale."

Looks like less seats for lemmings.


Money Quote "High student debt poses a risk to the economy, notes the Federal Reserve. But the Obama budgetperpetuates perverse federal financial aid policies that encourage colleges to jack up tuition, driving up student loan debt that now exceeds $1 trillion. One such policy is income-based payment plans that do nothing to cut student loan payments of prudent borrowers, but encourage colleges to increase tuition. They do this by effectively capping the lifetime payments of imprudent borrowers who attended low-quality colleges with high tuitions, and writing offtheir loans at the end of 20 years (10 years if they go to work for the government), regardless of how much the colleges increase their tuition, or how few of their students get decent jobs. Taxpayers, many of whom “work in lower-paying jobs than their degreed compatriots,” will pick up the tab for the written-off loans. Even the liberal New America Foundation calls federal programs like Pay As You Earn a “huge giveaway to” undeserving and imprudent borrowers, as its Jason Delisle explained in an interview with Bloomberg Businessweek."


Anyone want to guess the professor?

23 comments:

  1. http://www.dailymail.co.uk/news/article-2308335/Park-Ave-Polygamy-Manhattan-lawyer-asks-paralegal-wife.html

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  2. Heeeeelp! it smells like someone took a huuuuge "Seton Hall Law" in the office toilet!

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  3. ^^^LOL! Just because YOU went to Seton Hall law School doesn't mean that I MADE A BAD INVESTMENT AT SUNY BUFFALO LAW SCHOOL!!!!

    So STOP PUTTING DOWN SETON HALL LAW SCHOOL!!!

    Umm, now if you will excuse ME! I am going to collect my gold BUFFALO NICKELS!!!!! which are half tin.

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  4. LOL!! Gold Buffalo coins are a SCAM!

    http://www.energyandcapital.com/articles/beware-of-this-gold-coin-scam/2018

    ONLY AN IDIOT WOULD BUY THEM!!!

    ReplyDelete
    Replies
    1. How shocking: FAKE gold buffalo coins are worthless. So buy real ones.

      Paintroach has finally gone bananas. I wonder, would anyone on earth actually consider taking investment advice from that dingleberry?

      Here's a fun mental exercise ... try to figure out which one of these things is worth the LEAST: a clad buffalo imitation coin, or a promissory note for $350,000 that is signed by Painter?

      Delete
  5. What weird comments. I just wanted to express gratitude for these important news updates about the continuing disintegration of the law school scam.

    ReplyDelete
    Replies
    1. One manifestation of the scam is the fact that law schools have admitted lots of people who are not only unqualified, but mentally unhinged. Sort of like McNamara's hundred thousand.

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  6. ^^^10:15AM

    The only PROBLEM AROUND HERE IS YOU!!

    I collect BUFFALO GOLD NICKELS! And am VERY PROUD of THAT!!!!

    Umm, lets's see dude:

    I POLISH THE COINS AND MY LAW DIPLOMA WITH A SHAVING BRUSH!!!!!!!!!!!!

    A SHAVING BRUSH!!!!!!!!!!!!!!!!!!!

    ReplyDelete
  7. LOL!!! I only purchase REAL gold.

    LOL!!! REAL GOLD!!!!!!

    And I SHOUT into people's deaf ears to purchase REAL GOLD!!!!!!

    I weed out the culls and only keep the REALLY VALUABLE AND REAL BUFFALO NICKELS!!!!!!

    BUFFALO NICKELS!!!

    LOL! LOL!!!! LOL!!!

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    Replies
    1. I wonder if you'll be laughing in a few years if those "nickels" break through $3000 per. Probably so; I know I'll be laughing.

      You could buy a few of them yourself - if you would go out there and get a government job. There are something like 4.5 MILLION positions in the federal workforce alone - and that's not even looking at state/local. But you plainly aren't INTERESTED in work.

      Your problem is largely the same as society's: in the Age of Obama, work is for the birds. So what are you complaining about, anyway?

      Delete
    2. I AGREE!! BUFFALO NICKELS ARE THE ANSWER!!!

      EVERYBODY SHOULD GET A GOVERNMENT JOB BECAUSE THEY ARE SO EASY TO GET!!!!!!!

      Anyway I now know that the Buffalo nickel guy and the Government job barker and Mr. Infinity are all one and the same.

      And also a heads up to everyone: it is also likely the law school truth center who is also the world traveling law student/Epic Fail/Hopeful Law Student racist College basketball leagues follower.

      And worker at the Joseph Cotchett Law Firm that spends time on the internet and commenting on the scamblogs while at work? Possibly.

      Delete
    3. Pffft, nobody CARES about your "detective" work.

      As for your fixation on my gold purchases - how childish can you get? It's SHOCKING that nobody wants to hire someone with your attitude - isn't it?

      Delete
  8. "They do this by effectively capping the lifetime payments of imprudent borrowers who attended low-quality colleges with high tuitions...

    Taxpayers, many of whom “work in lower-paying jobs than their degreed compatriots,” will pick up the tab for the written-off loans...

    huge giveaway to” undeserving and imprudent borrowers"

    Articles like this infuriate the hell out of me. I'm on IBR. I went to law school in the 50-75 range and borrowed 85k w/ partial scholarship. My law school advertised a median salary of 80k with a high of 160k. I'm now making 35k as an associate despite finishing in the top 1/4 of my class. When I went to law school, no one would have called my law school low-quality, and given the numbers and my then-flawless credit score, I would've certainly been a "deserving" borrower. So my first problem with the article is that it places the wrongdoing on the students' head instead of where it belongs - the SCHOOLS who passed off bogus numbers to get money.

    Second, the idea that lower-income taxpayers are picking up the tab for higher-income earners on IBR is silly. Almost universally, the higher-income earner is going to be paying proportionately more tax than the lower-income earner. IBR shortfalls are a shared obligation no different than any other, so the IBRer is not only paying on his own debt, but he's also paying for everyone else's debts as well. Finally, when the loans are actually "written off," guess who pays extra income tax on the forgiven debt load? Guess who DOESN'T pay that? And of course, all this is assuming that someone on IBR makes it the full 25 years without seeing a significant change in fortunes.

    Until they're paying a share of the tax on the forgiven debt, the "poor taxpayers" argument is a bunch of dog poo.

    ReplyDelete
    Replies
    1. You're begging the question, though: SHOULD IBR be a "shared responsibility?"

      How is someone on IBR "paying" for other people on IBR? If the loan is forgiven, they aren't even paying for themselves.

      And it doesn't matter where you went to law school. Even of you were first in your class at Yale, a simple question illustrates the moral bankruptcy of your position: I've already paid off my loans, so if they discharge your debt, why shouldn't they also give me back MY money?

      Delete
    2. "I've already paid off my loans, so if they discharge your debt, why shouldn't they also give me back MY money?"

      Goodbye, bankruptcy law!

      Delete
    3. Bankruptcy coverage for student loan debts went "bye-bye" in the 1990s. Try to keep up.

      Answer the question: if YOUR student loans are discharged, why shouldn't I get my money back?

      Delete
    4. "if YOUR student loans are discharged, why shouldn't I get my money back?"

      Because you owed the money.

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    5. Don't you owe the money that is due on your student loans??

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  9. A heads up to everyone.

    My guess is that @12:28 PM did not pay off his loans. He is likely MR. Infinity and is completely nuts and posturing with a number of schizophrenic and or psychotic and multiple personality voices.

    Last August, in the summer of 2012, Mr. Infinity posted a Youtube video stating that he would "Destroy the Scamblogs"

    In a really childish and nutty video with stick figures drawn in multicolored Sharpies or magic marker pens, and Mr. Infinity included Campos and Nando, Painter and JJD and Cryn Johannsen among the targets that he wanted to supposedly attack online.

    He took that video and his blog off the internet the next day after writing a very threatening and crazy letter to me, Painter, about how he wanted to drive me to suicide, and about how he would defame my relatives online.

    I have a hard copy of that comment from last August of 2012, and it is really awful.

    Mr. Infinity has been easy to identify thus far, since he tends to capitalize his pronouns and grammatical noun and verb modifiers, and he tends to assert how he is laughing out loud or rather LOL.

    And again the foregoing is just more reasons why I think blogging is a very limited medium in that the unmoderated anon commenters that are hostile can cause so much harm and indefinitely and without check.

    So maybe Mr. Infinity will win in the end?



    ReplyDelete
    Replies
    1. You and Mr. Infinity!

      If you were one-tenth as obsessed with finding and doing a job as you are with that guy, you'd be making half a million dollars a year.

      Delete
    2. Get some help.

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    3. I will, if someone else pays the bill for me.

      Delete
  10. So is the LC law school plan officially off the table? That is great news if so.

    ReplyDelete