Message from Mammon On Student Loan Debt: Don’t Worry, Be Happy

Really. It’s “contained.” Ben Bernanke says so. Cody Willard of Marketwatch gives us reasons to be confident in the latest pronouncement of The Great Ben,

Bernanke Says Student Loans Won’t Cause Crisis

I’d like to think that the Student Loan Crisis won’t matter. But if Bernanke says it won’t matter, then it probably will. I mean, that guy has a long history of being remarkably wrong about everything anytime he pontificates about the future:

Bernanke: There’s No Housing Bubble to Go Bust

Oct 27, 2005 - Ben S. Bernanke does not think the national housing boom is a bubble that is 

Housing Cool-Down Is ‘Orderly,’ Fed Chief Says

May 19, 2006 - Bernanke said the slowdown is “moderate” and “orderly” and pointed to the overall 

Bernanke Believes Housing Mess Contained

May 17, 2007 - In March, Bernanke had said that the problems in the subprime market would only  Because of the great demand for mortgage-backed securities in the last few 

Fannie And Freddie Are Fine, Bernanke Says

Jul 16, 2008 - Fed chairman says government-sponsored mortgage agencies are in no danger of falling.

Bernanke: No Recession On Horizon

Feb 11, 2009 - WASHINGTON — Federal Reserve Chairman Ben Bernanke said Thursday that the USA will avoid a recession, but that the outlook has deteriorated.

Bernanke Sees Recovery Beginning in 2010

Mar 15, 2009 - But Mr. Bernanke said — in a rare interview — that the economy’s problems are ebbing…

Trust, but verify. And remember what this fellow said,

“It’s almost been worth this Depression to find out how little our big men know.”
—Will Rogers

Just in time for a song for Monday. :)

YouTube Preview Image

Photo credit.

  • Ryan Haber

    Frank, the student loan debacle isn’t an accident.

    For 100+ years, all of our bubbles have been fueled by free federal money and end with bailouts and social restrictions. People are being squeezed out of the job market without degrees – even degrees that their jobs have no business requiring, like secretarial work. To get in the market, you have to go to college. Free money makes university tuitions inflated, so all but the wealthy MUST take out loans. Those loans will cripple the quality of life of their recipients and obstruct long-term wealth building until much later in life. Those loans are all federally backed. The federal government will not just cancel them because of outrage, but instead, will forgive them in exchange for public service work on a stipend in community housing. We will have a step closer toward the reinvention of slavery under a different name.

    Mark my words.

    • Frank Weathers

      If something cannot go on forever, it will stop. —Herbert Stein