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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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    1. 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?
      29 replies 19 retweets 90 likes
    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. doubtthat‏ @doubtthat11 Oct 19
      Replying to @Noahpinion

      I would say: 1) Administrative costs are always relevant, even if they don't solve the problem in this case 2) Servicers can be predatory. Obama added rules to restrict some of that, now it's starting up again. 3) Cost of forgiving high, I think a decent option is no intrst

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

      The mental gymnastics required to pin the student loan crisis on third-party processing companies are just SPECTACULAR here. It's like watching a contortionist.

      2:20 PM - 19 Oct 2018
      • 1 Retweet
      • 3 Likes
      • Thomas Jeffries Joe Colucci TeD
      1 reply 1 retweet 3 likes
        1. New conversation
        2. doubtthat‏ @doubtthat11 Oct 19
          Replying to @Noahpinion

          Yeah, man, you know that's not what I'm doing, but ok.

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

          It seems clear that at first you mistakenly thought private companies owned the loans, and when I informed you otherwise, you looked it up, realized the error, declined to admit it, and shifted the discussion to the irrelevant red herring of third-party processors. ;-)

          1 reply 0 retweets 3 likes
        4. doubtthat‏ @doubtthat11 Oct 19
          Replying to @Noahpinion

          Yeah, I really enjoy your posts. That's not what happened. You assumed that I was speaking about institutions holding the loans, not doing the processing.

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

          "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." <-- But doing this wouldn't cut out the need for processing

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

          So, it looks to me as if you thought the interest on loan debt goes to private companies, which isn't right.

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

          Fair enough, that was poorly written. Trying to cram into 280. -Interest is a huge burden. Forgiving it is less expensive than forgiving the entire loan and would help many many people -I find charging interest on these loans incredibly objectionable given the predatory -

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

          - Private industry built off this system.

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

          I'm fine with forgiving interest but it has nothing to do with third-party payment processors. That interest goes to the government.

          1 reply 0 retweets 1 like
        10. 15 more replies

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