"we should punish prudent people who bought an asset with certain government guarantees and reward imprudent students who get to keep the asset that they purchased with the debt"https://twitter.com/EpsilonTheory/status/1143561069664845824 …
that my parents want to invest money for their retirement. They go to an advisor, he gives them six options. He explains that one of them has 50% of its money in a portfolio of bank stocks (which in turn are 50% made up of student loans). They ask "is it safe?". He says >>>
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"yes, actually, safer than banks which invest in mortgages, as these aren't dischargeable in bankruptcy. The gov did that on purpose to protect lenders!" So that conversation happens, my folks invest ~20 years ago ... and today the proposal is "sorry, 30% of your assets gone" ?
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Morally, that sucks and your parents have every right to be outraged. However, this is why the financial advisor industry is often indistinguishable from the financial industry. Don't know what to tell you other than, tempus fugit.
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