Conquer Club

If your Ivy league's $52,000 per year is just a drop in the bucket for your parents look no further than Bernie Sanders. This populist wants to give them another break in life. Free college for all. Totally debt free! I love seeing someone give a huge boost to rich kids. Soon they will make $250,000+++ salary and plenty of benefits. That's my kind of populist. Go Bernie go!

Ok, I see what you're going for now. Thanks to your device, I thought that was a surname.

HitRed wrote:If your Ivy league's $52,000 per year is just a drop in the bucket for your parents look no further than Bernie Sanders. This populist wants to give them another break in life. Free college for all. Totally debt free! I love seeing someone give a huge boost to rich kids. Soon they will make $250,000+++ salary and plenty of benefits. That's my kind of populist. Go Bernie go!

We now have Billionaires asking for a tax hike.

We give their children free education, so what?

The Billionaires know they have benefited from the backs of the working class. Not to mention the tax rates and all the loopholes they have been given by our Corporate politicians.

What do you think the uber rich going to do, move to Canada?

In all fairness, the rich and the poor would get free education... and it would be paid for only by the Uberrich.

I'm not in favor of this plan, but misrepresenting who the winners and losers are from this plan is worth addressing. The bigger fear I have that both Fox and CNN ignore is what this does to the stock/bond market. This would force a market crash in my view, and would likely lead to a recession. (sorry fake burn)

"To pay its estimated $2.2 trillion cost, its authors would impose a “Wall Street speculation tax” on financial investment transactions. "

mookiemcgee wrote:In all fairness, the rich and the poor would get free education... and it would be paid for only by the Uberrich.

I'm not in favor of this plan, but misrepresenting who the winners and losers are from this plan is worth addressing. The bigger fear I have that both Fox and CNN ignore is what this does to the stock/bond market. This would force a market crash in my view, and would likely lead to a recession. (sorry fake burn)

"To pay its estimated $2.2 trillion cost, its authors would impose a “Wall Street speculation tax” on financial investment transactions. "

Stock market crashes don't cause recessions. They can be harbingers of a recession, but not the cause.

Reccessions happen when the working class stops spending. Consumer spending accounts for at least 70% of the economy.

Dukasaur wrote:

mookiemcgee wrote:In all fairness, the rich and the poor would get free education... and it would be paid for only by the Uberrich.

I'm not in favor of this plan, but misrepresenting who the winners and losers are from this plan is worth addressing. The bigger fear I have that both Fox and CNN ignore is what this does to the stock/bond market. This would force a market crash in my view, and would likely lead to a recession. (sorry fake burn)

"To pay its estimated $2.2 trillion cost, its authors would impose a “Wall Street speculation tax” on financial investment transactions. "

Stock market crashes don't cause recessions. They can be harbingers of a recession, but not the cause.

I agree with you, that's why I didn't say the market crash would be the "cause". I guess you can read "lead" however you want but saying it's would be the sole cause was not my intended interpretation. Sucking 2.2 trillion out of the stock/bond market over 6 months would have an impact on the economy overall, beyond just what happens in the stock/bond markets. Companies and investors both know that run of 12 years or so has to come to an end at some point, and a market crash at this moment in history could push companies to get scared which in turn would shrink the economy and lead to recession. Add in trade wars on many fronts and this idea is a recipe for disaster (at least at this time in history in my opinion)

To bernie's last comment, everything is tied together. If stock prices drop, and those companies affected fear a pending recession they stop buying and start firing. This leads to less working class income and less spending.

It's all mute points though, even if dems secured both houses and bernie was president I still doubt a bill like this would pass. It's just a platform position that is pie in the sky... like saying mexico will pay for the wall. No one ever believed it (except nomad)

I think Duke and I should go on a nice Holliday in Uberrich. Sounds nice as long as it's not octoberfest, the place goes nuts then. I bet there is a few good schnitzel places there.

mookiemcgee wrote:In all fairness, the rich and the poor would get free education... and it would be paid for only by the Uberrich.

I'm not in favor of this plan, but misrepresenting who the winners and losers are from this plan is worth addressing. The bigger fear I have that both Fox and CNN ignore is what this does to the stock/bond market. This would force a market crash in my view, and would likely lead to a recession. (sorry fake burn)

"To pay its estimated $2.2 trillion cost, its authors would impose a “Wall Street speculation tax” on financial investment transactions. "

Investment in education never hurt any country in the world, ever. Why would US be any different?

And you didn't take into account the rise of productivity. More accessible education will lead to more educated people and this will lead to rise in productivity since those people will have more knowledge.
From my point of view half a percent tax is not some astronomically high figure so this proposal will hardly lead to recession. It could lead to progress tho.

mookiemcgee wrote:In all fairness, the rich and the poor would get free education... and it would be paid for only by the Uberrich.

I'm not in favor of this plan, but misrepresenting who the winners and losers are from this plan is worth addressing. The bigger fear I have that both Fox and CNN ignore is what this does to the stock/bond market. This would force a market crash in my view, and would likely lead to a recession. (sorry fake burn)

"To pay its estimated $2.2 trillion cost, its authors would impose a “Wall Street speculation tax” on financial investment transactions. "

Don't be sorry for your ignorance Mookie. Your views of Wall Street being some savior of average Americans is downright silly.

Putting Fox News and CNN in the same sentence and some how comparable is too funny.

Now go away and find some poor homeless person to blame for the next recession, lol

GoranZ wrote:

mookiemcgee wrote:In all fairness, the rich and the poor would get free education... and it would be paid for only by the Uberrich.

I'm not in favor of this plan, but misrepresenting who the winners and losers are from this plan is worth addressing. The bigger fear I have that both Fox and CNN ignore is what this does to the stock/bond market. This would force a market crash in my view, and would likely lead to a recession. (sorry fake burn)

"To pay its estimated $2.2 trillion cost, its authors would impose a “Wall Street speculation tax” on financial investment transactions. "

Investment in education never hurt any country in the world, ever. Why would US be any different?

And you didn't take into account the rise of productivity. More accessible education will lead to more educated people and this will lead to rise in productivity since those people will have more knowledge.
From my point of view half a percent tax is not some astronomically high figure so this proposal will hardly lead to recession. It could lead to progress tho.

I agree with all of this... long term it's great! Short term, not so much.

Forgiving existing debt does not immediately mean more people with degrees, or more productivity in the short term. These people with the debt already have their degrees and have made they way through the existing system already. Forgiving 2.2 trillion in debt is not the same thing as paying for future generations of students. Dropping a 2.2 trillion dollar tax on the markets over 6 months would in the short term be very painful... Why does this have to be retroactive? Students who have debt got into their situation of their own free will. I'd support making their loans interest free, or reducing them by significant %... but dropping them all to 0 overnight you think will help the economy in the short term?

So Universities won't have any money to pay the teachers? Will teachers be Federal Employees?

HitRed wrote:So Universities won't have any money to pay the teachers? Will teachers be Federal Employees?

Universities have professors. They are usually state employees unless they are from a private college.

hotfire wrote:

HitRed wrote:So Universities won't have any money to pay the teachers? Will teachers be Federal Employees?

Universities have professors. They are usually state employees unless they are from a private college.

hitred asks about federal, response is they are State..
so no Hitred.. they are not Federal Employees..

NomadPatriot wrote:

hotfire wrote:

HitRed wrote:So Universities won't have any money to pay the teachers? Will teachers be Federal Employees?

Universities have professors. They are usually state employees unless they are from a private college.

hitred asks about federal, response is they are State..
so no Hitred.. they are not Federal Employees..

lol. There's gold in dem there hills!

HitRed wrote:If your Ivy league's $52,000 per year is just a drop in the bucket for your parents look no further than Bernie Sanders. This populist wants to give them another break in life. Free college for all. Totally debt free! I love seeing someone give a huge boost to rich kids. Soon they will make $250,000+++ salary and plenty of benefits. That's my kind of populist. Go Bernie go!

Children of rich kids (like everybody your president has ever known) don't have college debt, because their parents paid for their college.
Think on it. Jared's dad paid $2.5 million to get his son into Harvard. You think Jared was paying for his own dorm bills?

2dimes wrote:I think Duke and I should go on a nice Holliday in Uberrich. Sounds nice as long as it's not octoberfest, the place goes nuts then. I bet there is a few good schnitzel places there.

I'd like that.

Notice that Nietzsche never offers to take me anywhere.

mookiemcgee wrote:

GoranZ wrote:

mookiemcgee wrote:In all fairness, the rich and the poor would get free education... and it would be paid for only by the Uberrich.

I'm not in favor of this plan, but misrepresenting who the winners and losers are from this plan is worth addressing. The bigger fear I have that both Fox and CNN ignore is what this does to the stock/bond market. This would force a market crash in my view, and would likely lead to a recession. (sorry fake burn)

"To pay its estimated $2.2 trillion cost, its authors would impose a “Wall Street speculation tax” on financial investment transactions. "

Investment in education never hurt any country in the world, ever. Why would US be any different?

And you didn't take into account the rise of productivity. More accessible education will lead to more educated people and this will lead to rise in productivity since those people will have more knowledge.
From my point of view half a percent tax is not some astronomically high figure so this proposal will hardly lead to recession. It could lead to progress tho.

I agree with all of this... long term it's great! Short term, not so much.

Forgiving existing debt does not immediately mean more people with degrees, or more productivity in the short term. These people with the debt already have their degrees and have made they way through the existing system already. Forgiving 2.2 trillion in debt is not the same thing as paying for future generations of students. Dropping a 2.2 trillion dollar tax on the markets over 6 months would in the short term be very painful... Why does this have to be retroactive? Students who have debt got into their situation of their own free will. I'd support making their loans interest free, or reducing them by significant %... but dropping them all to 0 overnight you think will help the economy in the short term?

According to this article on Forbes the payments for the debt will require 10 years.

Student Loan Debt Forgiveness: Who Pays

Sanders will fund his student loan forgiveness plan through a new tax on financial transactions, which he expects could raise more than $2 trillion over the next 10 years. The tax plan will include a 0.5% fee on all stock trades, a 0.1% fee on all bond trades and a 0.005% fee on all derivatives trades.

Although it is not mentioned how the bill will be formulated I strongly believe that it will give boost to the economy even in the short term because the perspectives for the mid-term future will be promissing.