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WSJ: "Student Loan Debt Hits Home for Bernanke"
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Date: February 29th, 2012 12:42 PM Author: laughsome senate The most interesting anecdote to come out of Federal Reserve Chairman Ben Bernanke‘s semiannual testimony to Congress: His son, who is in medical school in New York, is likely to rack up $400,000 of student loan debt in the process of getting his degree.
The rapid growth of U.S. student loan debt, Mr. Bernanke said, required “careful oversight” from regulators.
The student loan tidbit wasn’t the only piece of “regular guy” information Mr. Bernanke divulged in today’s hearing. He also said he does his own grocery shopping.
As the Wall Street Journal reported in December, Mr. Bernanke has a $672,000 mortgage on the three bedroom townhouse he owns near Capitol Hill. He has refinanced that mortgage two times, most recently last September. Fortunately for him, his income-generating capacity is high, considering the book and speaking fees he has the potential to command when his term at the Fed is up in 2014. http://blogs.wsj.com/economics/2012/02/29/student-loan-debt-hits-home-for-bernanke/ |
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Date: February 29th, 2012 1:34 PM Author: flushed zippy headpube lol wtf, Bernanke can't afford to pay for his son's schooling? lol @ this shitboomer (http://www.autoadmit.com/thread.php?thread_id=1886653&forum_id=2#20083548) |
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Date: February 29th, 2012 1:38 PM Author: buck-toothed sanctuary There's no way he can't afford it. This is an example of the shitboomer ethos of "I paid for my own education and so can you." Meanwhile, the shitboomer's education cost $2k for four years. (http://www.autoadmit.com/thread.php?thread_id=1886653&forum_id=2#20083566) |
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Date: February 29th, 2012 1:39 PM Author: flushed zippy headpube of course he can afford it. fuck SHITBOOMERS (http://www.autoadmit.com/thread.php?thread_id=1886653&forum_id=2#20083570) |
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Date: February 29th, 2012 10:16 PM Author: citrine deep stage codepig titcr (http://www.autoadmit.com/thread.php?thread_id=1886653&forum_id=2#20087299) |
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Date: September 15th, 2012 1:33 AM Author: Erotic Histrionic Halford (http://www.autoadmit.com/thread.php?thread_id=1886653&forum_id=2#21583428) |
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Date: February 29th, 2012 1:40 PM Author: Clear friendly grandma (http://www.autoadmit.com/thread.php?thread_id=1886653&forum_id=2#20083577) |
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Date: February 29th, 2012 1:54 PM Author: floppy step-uncle's house <shitboomer who hires illegals to do all home repairs>
Well, you can just work in the trades then. Those guys make good money!
</shitboomer who hires illegals to do all home repairs>
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Date: February 29th, 2012 2:03 PM Author: buck-toothed sanctuary (http://www.autoadmit.com/thread.php?thread_id=1886653&forum_id=2#20083754) |
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Date: September 15th, 2012 7:48 AM Author: Boyish domesticated location personal credit line 180 use of xml tags (http://www.autoadmit.com/thread.php?thread_id=1886653&forum_id=2#21583950) |
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Date: September 16th, 2012 6:38 PM Author: amber haunted graveyard pozpig 180 (http://www.autoadmit.com/thread.php?thread_id=1886653&forum_id=2#21594836) |
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Date: February 29th, 2012 6:11 PM Author: Dashing Aggressive Milk Masturbator (http://www.autoadmit.com/thread.php?thread_id=1886653&forum_id=2#20085020) |
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Date: March 2nd, 2012 3:45 PM Author: Appetizing abode legal warrant He's a cheap jew, what do u expect? (http://www.autoadmit.com/thread.php?thread_id=1886653&forum_id=2#20106739) |
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Date: September 15th, 2012 2:38 AM Author: stimulating buff trailer park lol at prejudiced artifact of double-assburger Sandwich poster. You are distinguished as as superior assfister (http://www.autoadmit.com/thread.php?thread_id=1886653&forum_id=2#21583718) |
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Date: February 29th, 2012 1:41 PM Author: floppy step-uncle's house Which school? I am guessing Columbia or Cornell just b/c of Dad's fame+connections. (http://www.autoadmit.com/thread.php?thread_id=1886653&forum_id=2#20083583) |
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Date: February 29th, 2012 2:02 PM Author: titillating fluffy stain Rochester, hes a second year. (http://www.autoadmit.com/thread.php?thread_id=1886653&forum_id=2#20083749) |
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Date: February 29th, 2012 2:03 PM Author: floppy step-uncle's house Pretty weak for a breh with a famous dad. (http://www.autoadmit.com/thread.php?thread_id=1886653&forum_id=2#20083760) |
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Date: February 29th, 2012 2:05 PM Author: titillating fluffy stain totally made that shit up (http://www.autoadmit.com/thread.php?thread_id=1886653&forum_id=2#20083773) |
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Date: February 29th, 2012 5:50 PM Author: copper ape nice (http://www.autoadmit.com/thread.php?thread_id=1886653&forum_id=2#20084906) |
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Date: March 1st, 2012 1:52 PM Author: Cyan abnormal gaping it's cornell (http://www.autoadmit.com/thread.php?thread_id=1886653&forum_id=2#20098696) |
Date: February 29th, 2012 5:58 PM Author: charismatic garrison IRATE BOOMERS COMMENTING:
Really, his father makes that much money and he didn’t teach his son how to manage his money. Bernanke shouldn’t be in his type of position if he can’t live debt free. People need to grow up and start learning how to live within their means. I had no loans when I graduated from college due to working and great parents that believed in budgeting. Get out and work.
I gotta think you are an idiot for spending more than 40k for an undergrad and I think that you have to be a bigger idiot to go and get a masters until you have actually been working in your field for at least 7 years.
Granted….there are some professions that are going to require very very specific training and others that even at an early level are going to want some type of advanced degree but for the vast majority of us it makes no sense to lever up on education the way these kids are.
My father, an orthopaedic surgeon, told me that all a college degree does is prove that you can finish something. He said that it is mainly an opportunity to spend four years improving yourself as a human being by broadening your understanding of the world. From his perspective, college was a priviledge and wonderful thing to have but not necessary for most careers.
ME….I make 200k a yr with a wife that makes 80k.
I NEVER GRADUATED FROM COLLEGE. Still have 3 classes to go and I fit them in when I can. My wife got her MBA from Boston University.
I went to a small state school in MA after 4 yrs in the army. With my GI bill and scholarships I took on a total of 6k in debt for the 3 years I attended full time. Since then, my employers have reimbursed me for each course I take. My wife’s MBA cost her parents well over 130k.
So, what did I do that allowed me to get to where I am WITHOUT a degree?
First, I had a top notch prep school education before I enlisted. Put another way, I can read, write well, have good reading comprehension and have some skill at mathmatics.
Second, I have worked regularly since I was 14 and started my own business cleaning private stables after school. I started my second business doing home repairs and landscaping as a 22 yr old sophmore in college where I built a big enough book of business selling door to door and on referals that I was running 6 crews within 5 months of starting the business. I sold that business to a more established firm for $100k at the end of my Junior yr when I was recruited out of school to work for a tech firm in Boston as a jr. programmer. I have not looked back since and now run $100 million dollar IT services contracts.
Third, I am always pushing my industry related skills higher and refreshing them. I have always scanned the want ads and look for the specific skills and certifications that employers are demanding or I see trending toward being a requirement then I go get them as fast as I can and I get my employers to pay for them. I hold a Black Belt in Lean Six Sigma, a PMP (working on PgMP), ITIL Intermediate (working toward Master), SCRUM Master and a series of others related to specific technologies.
Fourth (kinda goes to number 5) I never ever turn down a chance to do something new or take on a piece of work that others do not want to do. It has cost me years of doing 60 or 70 even 90 hr weeks. It has cost me spending as much as 200 nights a year on the road for multiple years in a row. It has meant doing drudge work and working with clients that others do not want to face. HOWEVER, the result is a resume’ full of ever increasing responsability and broad success accross an even broader set of industries. It means I have boat loads of practical experience that others who sat back do not.
Fifth, and likely the singel most important thing I have done, I deliver what my boss needs and my clients want. I do not whine. I do not complain. I just deliver and I do it consistently better than my peers. I put my boss and my clients in a position where they count on and need me to a point where they do not care or do not care to think about the fact that I do not have a degree. When they cannot fail and they know that I will deliver that is all that matters to them.
So now here I sit with no student debt and a very nice income for which I am most grateful.
When I listen to these stories about wha these kids are spending I just want to scream.
When I listen to these kids I want to tell them to stop, put down the books, get off your but, stop trying to buy a career with a new degreee AND JUST DO SOMETHING PRODUCTIVE THAT PEOPLE NEED. Go make money. WORK. Work really really hard and stop worrying about the useless and costly educational arms race.
I meet a cop the other day. She is a detective on a county police department. She has $140k in student debt. What the heck for? What could some academic teach you that you cannot learn on the street doing the job that could possibly be worth that kind of money? |
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Date: February 29th, 2012 6:06 PM Author: Spectacular Puppy Boiling Water i would personally execute this commenter (http://www.autoadmit.com/thread.php?thread_id=1886653&forum_id=2#20084996) |
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Date: February 29th, 2012 6:10 PM Author: Aromatic Indian Lodge ....
Shitboomer fails to realize that person wasn't like "Oh I want to be a cop." Person got a degree in something, couldn't find a job in it/found out pay sucked, became cop.
Oh, and LOL starting a business in NY. I have 2. Neither have ever made a dime after taxes. |
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Date: September 15th, 2012 9:39 AM Author: Smoky sinister library jewess describe your businesses bro.
chobani did just fine in ny. |
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Date: February 29th, 2012 6:11 PM Author: charismatic garrison cr (http://www.autoadmit.com/thread.php?thread_id=1886653&forum_id=2#20085024) |
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Date: February 29th, 2012 7:37 PM Author: infuriating theatre indirect expression I wouldn't Prosecute you at all, Bro.
I'd let you off w/ a Reckless Conduct. |
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Date: February 29th, 2012 6:28 PM Author: Gold Slap-happy Toilet Seat what a fucking out of touch dick (http://www.autoadmit.com/thread.php?thread_id=1886653&forum_id=2#20085099) |
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Date: February 29th, 2012 7:37 PM Author: Outnumbered Mad-dog Skullcap Locale Boomers are IRATE as fuckkkk cuz. I just read an article in Smart Money talking about how Boomers are having to help their kids get jobs. The "Never trust anyone over 30" generation is fucking annoying. The only thing they ever did was lose the fucking Vietnam war. Sorry breh, shit like this gets me irritated. (http://www.autoadmit.com/thread.php?thread_id=1886653&forum_id=2#20085492) |
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Date: February 29th, 2012 10:29 PM Author: green soul-stirring hell actually, he's right. (http://www.autoadmit.com/thread.php?thread_id=1886653&forum_id=2#20087415) |
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Date: September 15th, 2012 2:35 AM Author: stimulating buff trailer park lol nice flame (http://www.autoadmit.com/thread.php?thread_id=1886653&forum_id=2#21583713) |
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Date: September 15th, 2012 7:52 AM Author: Boyish domesticated location personal credit line med school is flame.
just COP DAT ortho surgery certification from the project management institute |
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Date: September 15th, 2012 10:38 AM Author: Silver Ceo Ladyboy lol ty
boomers: "just do 'get your foot in the door' lil breh" |
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Date: February 29th, 2012 6:01 PM Author: talented pisswyrm He's an asshole for making him take loans. (http://www.autoadmit.com/thread.php?thread_id=1886653&forum_id=2#20084966) |
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Date: February 29th, 2012 6:06 PM Author: white background story lettuce I doubt he has very much cash. Career academic / public sector official
edit: net worth of 1 to 2 million |
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Date: February 29th, 2012 6:10 PM Author: Aromatic Indian Lodge Bernanke has money. He's SES. Probably pulls @200k/yr. Sure as a professor he did OK too. (http://www.autoadmit.com/thread.php?thread_id=1886653&forum_id=2#20085017) |
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Date: February 29th, 2012 6:11 PM Author: white background story lettuce He earns 180k a year. Not really enough to pay for son's medical school (http://www.autoadmit.com/thread.php?thread_id=1886653&forum_id=2#20085022) |
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Date: February 29th, 2012 6:13 PM Author: Aromatic Indian Lodge A lot of professors have tuition reciprocity deals.
No one I know who had a parent as a tenured college prof paid for college.
Jr probably went to a good UG free. |
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Date: February 29th, 2012 6:46 PM Author: sticky national he has a widely used econ textbook as well.
edit: several. |
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Date: February 29th, 2012 7:33 PM Author: Boyish domesticated location personal credit line
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Date: February 29th, 2012 6:08 PM Author: Aromatic Indian Lodge "Really, student loans are a shame."
Bernanke thumbs through "DIE BROKE!" for ideas on squandering his money before dying.
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Date: February 29th, 2012 7:37 PM Author: thriller mustard mad cow disease brunch I'm pretty sure both of his kids got swell lib arts degrees on the cheap. (http://www.autoadmit.com/thread.php?thread_id=1886653&forum_id=2#20085484) |
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Date: February 29th, 2012 7:39 PM Author: carmine pea-brained idea he suggested property Yeah, most of the "elites" in high government positions that Alex Jones types go nuts over aren't actually that rich or privileged. (http://www.autoadmit.com/thread.php?thread_id=1886653&forum_id=2#20085508) |
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Date: February 29th, 2012 10:22 PM Author: Autistic market lol @ the image of Bernanke walking up to a "mortgage specialist" at e.g., Citibank to discuss refinancing options (http://www.autoadmit.com/thread.php?thread_id=1886653&forum_id=2#20087365) |
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Date: February 29th, 2012 10:26 PM Author: Insane odious becky dilemma (http://www.autoadmit.com/thread.php?thread_id=1886653&forum_id=2#20087395) |
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Date: February 29th, 2012 11:22 PM Author: Erotic Histrionic Halford (http://www.autoadmit.com/thread.php?thread_id=1886653&forum_id=2#20088000) |
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Date: September 15th, 2012 2:44 AM Author: stimulating buff trailer park that there is some pretty funny shit to think about... somehow i think dood got hooked up pretty good with his refinancing options. but then again even govt chiefs don't nec get special tx in all regards (http://www.autoadmit.com/thread.php?thread_id=1886653&forum_id=2#21583733) |
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Date: February 29th, 2012 10:25 PM Author: Emerald death wish gay wizard i think most ppl here would give their left nut to graduate with the same reasonable level of debt and auspicious job opportunities as his son
JFC, so outta touch |
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Date: February 29th, 2012 10:28 PM Author: thriller mustard mad cow disease brunch http://i.qkme.me/55dc.jpg (http://www.autoadmit.com/thread.php?thread_id=1886653&forum_id=2#20087408) |
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Date: February 29th, 2012 11:22 PM Author: Erotic Histrionic Halford goddamn 180 (http://www.autoadmit.com/thread.php?thread_id=1886653&forum_id=2#20087992) |
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Date: September 15th, 2012 2:40 AM Author: Abusive lay telephone holy fucking shit.
How does one get 400k in loans?
What, full price Dartmouth UG, and then full price medical school? 150k UG, 250k med?
what' the monthly payment? 4k? |
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Date: September 15th, 2012 2:47 AM Author: Cerebral karate just do usc dental school bro
http://dentistry.usc.edu/programs/dds/cost-of-attendance/ |
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Date: September 15th, 2012 5:01 PM Author: concupiscible stage sandwich Yeah the COA of dental school has become absolutely fucking ludicrous.
And to make matters worse, most dentists have to buy into/start up their own practices as well. There goes another $100-150k down the drain. |
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Date: September 15th, 2012 2:41 AM Author: stimulating buff trailer park why the fuck should bernanke pay his son's medical school? (http://www.autoadmit.com/thread.php?thread_id=1886653&forum_id=2#21583726) |
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Date: September 15th, 2012 5:02 PM Author: violent casino he's paying for everyone's shit securities, why not some tuition too (http://www.autoadmit.com/thread.php?thread_id=1886653&forum_id=2#21586506) |
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Date: September 16th, 2012 6:41 PM Author: amber haunted graveyard pozpig CR. he's paying for bankers to continue what is a essentially a giant, hyper-leveraged gambling ring with taxpayer money. why not pay for his kid's med school costs? (http://www.autoadmit.com/thread.php?thread_id=1886653&forum_id=2#21594853) |
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Date: September 16th, 2012 10:07 PM Author: wine vivacious reading party state He thinks he is buying time, but he's just digging a bigger hole. (http://www.autoadmit.com/thread.php?thread_id=1886653&forum_id=2#21596411) |