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Noahpinion's profile
Noah Smith
Noah Smith
Noah Smith
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@Noahpinion

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Noah SmithVerified account

@Noahpinion

Bloomberg Opinion writer. Elected "top neoliberal shill" of 2018. Occasionally posts anime gifs.

San Francisco, CA
bloomberg.com/view/contribut…
Joined April 2011

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    Noah Smith‏Verified account @Noahpinion Oct 19

    Noah Smith Retweeted Michael Coleman

    Interesting thought experiment. If not accompanied by a crackdown on lending it would probably lead to *more* borrowing. It would increase federal debt, but act as a big stimulus, and free young people up to switch careers and take more risks.https://twitter.com/mingus_coleman/status/1053383719388635136 …

    Noah Smith added,

    Michael Coleman @mingus_coleman
    Replying to @Noahpinion
    What do you think would happen if US forgave all student loan debt? Do you think it would cause a crash? Act as a massive middle/lower class tax cut?
    1:35 PM - 19 Oct 2018
    • 19 Retweets
    • 90 Likes
    • James Tiberius Stone Nicholas Work g Diego Aranda Teixeira David Juanito Chin-Chin Charlie Swan Nicholas Bauer, PhD 👨‍🔬🔬 Living Without Ego
    29 replies 19 retweets 90 likes
      1. New conversation
      2. doubtthat‏ @doubtthat11 Oct 19
        Replying to @Noahpinion

        What do you think about just converting the loans to interest free? That's the part that I find most objectionable as private institutions are making generous profit for not really doing anything. Whatever people have already paid could just count against the original principal.

        2 replies 0 retweets 3 likes
      3. Noah Smith‏Verified account @Noahpinion Oct 19
        Replying to @doubtthat11

        The vast majority of the loans are owned by the govt., not private institutions.

        2 replies 0 retweets 7 likes
      4. doubtthat‏ @doubtthat11 Oct 19
        Replying to @Noahpinion

        There's a distinction between a private student loan and federal aid, but the servicers are private institutions.

        1 reply 0 retweets 0 likes
      5. Noah Smith‏Verified account @Noahpinion Oct 19
        Replying to @doubtthat11

        You mean the govt. contracts private companies to process payments? Sure. But the loans are all owned by the govt., not by private institutions.

        1 reply 0 retweets 1 like
      6. doubtthat‏ @doubtthat11 Oct 19
        Replying to @Noahpinion

        Right, it's a middleman industry that adds no real value and as the regulations weaken, become more and more predatory. There's no reason the gov't can't process directly. There's likely a way to do it much more simply through the IRS - assuming they were staffed and funded.

        1 reply 0 retweets 1 like
      7. Noah Smith‏Verified account @Noahpinion Oct 19
        Replying to @doubtthat11

        But the interest you pay on loans doesn't go to the middleman, it goes to the govt. Direct govt. processing of loans would do zero to decrease the burden of student loan repayment.

        1 reply 0 retweets 2 likes
      8. doubtthat‏ @doubtthat11 Oct 19
        Replying to @Noahpinion

        So, why are those businesses profitable, then?

        1 reply 0 retweets 0 likes
      9. Noah Smith‏Verified account @Noahpinion Oct 19
        Replying to @doubtthat11

        A) Their profits are a trivial amount of the burden of student loan repayment. B) If govt. costs exceeded third-party provider costs, it's possible direct processing would increase repayment costs. C) Processing fees are a total and utter red herring in this debate!!

        1 reply 0 retweets 3 likes
      10. 25 more replies
      1. New conversation
      2. Benjamin Shapero‏ @realBenShapero Oct 19
        Replying to @Noahpinion

        Just make em dischargeable. Done.

        1 reply 0 retweets 2 likes
      3. Noah Smith‏Verified account @Noahpinion Oct 19
        Replying to @realBenShapero

        Why would the govt. do that?

        1 reply 0 retweets 1 like
      4. Benjamin Shapero‏ @realBenShapero Oct 19
        Replying to @Noahpinion

        For all the reasons you stated. Plus maybe that debt is stifling their economic productivity. Definitely should be available to those who got scammed by the for profit frauds.

        1 reply 0 retweets 2 likes
      5. Noah Smith‏Verified account @Noahpinion Oct 19
        Replying to @realBenShapero

        Hope we can get them to do it!

        0 replies 0 retweets 1 like
      6. End of conversation
      1. New conversation
      2. Motown Boy‏ @motown5203 Oct 19
        Replying to @Noahpinion

        Not sure what percentage but much of the most expensive debt is held by private investors.

        1 reply 0 retweets 0 likes
      3. Noah Smith‏Verified account @Noahpinion Oct 19
        Replying to @motown5203

        Almost all student loans are now owned by the federal govt., not private investors.

        1 reply 0 retweets 0 likes
      4. Motown Boy‏ @motown5203 Oct 19
        Replying to @Noahpinion

        Wow. I knew it had fallen since 2010 but didn’t realize by that much!

        0 replies 0 retweets 1 like
      5. End of conversation
      1. New conversation
      2. Eduardo Alvarez‏ @EdAlvarezB Oct 19
        Replying to @Noahpinion

        Eduardo Alvarez Retweeted Michael Coleman

        Big disincentive for people that pay loans or saved to pay for school.https://twitter.com/mingus_coleman/status/1053383719388635136?s=21 …

        Eduardo Alvarez added,

        Michael Coleman @mingus_coleman
        Replying to @Noahpinion
        What do you think would happen if US forgave all student loan debt? Do you think it would cause a crash? Act as a massive middle/lower class tax cut?
        2 replies 0 retweets 4 likes
      3. Eduardo Alvarez‏ @EdAlvarezB Oct 19
        Replying to @EdAlvarezB @Noahpinion

        Eduardo Alvarez Retweeted Bloomberg Economics

        Big subsidy for potential future high earners vs average workershttps://twitter.com/economics/status/1053380420132331520?s=21 …

        Eduardo Alvarez added,

        Bloomberg EconomicsVerified account @economics
        America's student loan debt crisis is about to get much worse https://bloom.bg/2yLS7Wo 
        0 replies 0 retweets 2 likes
      4. End of conversation
      1. New conversation
      2. Chris Garrett‏ @cjg2127 Oct 19
        Replying to @Noahpinion

        if you did this, you'd strongly want to also make student loans dischargeable in bankruptcy going forward, to tighten lending standards

        2 replies 0 retweets 5 likes
      3. Restless dragon deprived of sufficient enrichment‏ @sciliz Oct 19
        Replying to @cjg2127 @Noahpinion

        I feel like some of Obama's reforms, like drastically reducing private loans while capping federal loans plus coming down on for profits, already tightened lending. But the bankruptcy provision is key.

        0 replies 0 retweets 1 like
      4. End of conversation
      1.  🦃 Thanksleving  🦃‏ @trevlevtweets Oct 19
        Replying to @Noahpinion

        Massive transfer of wealth from the working-class, poor, and old-rich to the upper-middle and future rich.

        0 replies 0 retweets 3 likes
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