Let them eat cake

submitted by magnora7 from i.redd.it

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[–]magnora7[S] 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (3 children)

Unless all the teachers, university staff, book makers, etc., all return their money they received by students who got their loans, there is no "cancelling" this debt.

I mean that's how all debt cancellation works. The debt owed is eliminated but the things bought with it don't go anywhere

[–]proc0 3 insightful - 1 fun3 insightful - 0 fun4 insightful - 1 fun -  (2 children)

Yeah, I just mean the taxpayers would pay, otherwise I guess some large institutions would have to fail. I don't know about the technical terms but cancelation sounds to me like either returning a product or in the absence of it the loss is on the lenders, not the taxpayers. Therefore at least universities should be completely re-structured if such a price is to have any value in the future.

[–]C3P0 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (1 child)

Since I paid all my debts like a responsible citizen, is the bailout going to give me some of that money back.

[–]proc0 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (0 children)

Of course not, but I really doubt anything will happpen. There were some interest freeze last year, that helped me catch up.