This blog is about living the American Dream at the dawn of the new millennium! I am a nameless, mid-20s, bottom 150 Law School Graduate who finds himself marginally attached and awash in a sea of overeducated but underpaid, indentured peers who feel, and were, duped by the promise of a better life through debt and modern chemistry. Let's get to the point. The Law School Industrial Complex is a scam that has destroyed a generation out of greed. Vendettas were once legal and the pursuit of one was seen not only as moral, but necessary. This newly minted lawyer is going to continue the practice. DON'T GO TO LAW SCHOOL YOU MORONS! Ce qui suit est ce qui reste!

Tuesday, June 7, 2011

Requiem for a Generation: How They Fuck Themselves

It's reaching a point, where this makes little to no sense anymore.  Although the following is the only explanation for the kind of Lemming phenomenon I have observed amongst the prospective or "future" law students.

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So, a bunch of academics who try to "learn shit" studied 3,079 "young adults" about debt in the college and grad school attendees out there today.  The results were striking.  The researchers looked at 2 types of debt: loans taken out to pay for college, and total credit-card debt.


But here are the findings that make me want to put a rope around my neck  some depressing highlights:

"Debt can be a good thing for young people – it can help them achieve goals that they couldn't otherwise, like a college education," said Rachel Dwyer, lead author of the study and assistant professor of sociology at Ohio State University."

Maybe if it is manageable and leads to an actual "ROI" as some people call it, which I hate because it turns this whole thing into a financial decision only as if we're betting, which is how the very first insurance companies began in England, on what the likely outcome will be...which is how we got into this Recession in the first place.

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"Debt can be a positive resource for young adults, but it comes with some significant dangers,' Dwyer said. 'Young people seem to view debt mostly in just positive terms rather than as a potential burden.'"

They looked at how both forms of debt were related to people's self-esteem and sense of mastery – their belief that they were in control of their life, and that they had the ability to achieve their goals.

Guess why there's little to no hope for the future? 

"Surprisingly, though, we found that both kinds of debt had positive effects for young people. It didn't matter the type of debt, it increased their self-esteem and sense of mastery."


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So all of these years of "positivity," or the Mister Rogers' effect as some call it where adults telling even the retarded kids that they are special and everyone is an accomplished/talented winner, combined with the broken record of "You're making a fantastic investment in yourself and your future" by going to college and beyond has turned this generation into a bunch of narcissistic, brainwashed zombies....good to know.


Some young people may be using credit card debt to help finance their college education – for items like textbooks -- which is why they may see it as a positive, she said. But there is no way to know that from the data.  'Obviously, they are probably using credit cards for multiple purposes. Along with education spending, they could be using credit cards to pay for non-essential items. They may feel good about their debt only because it allows them to buy the things they want without having to delay gratification.'"





Let me repeat that because it bears repeating.  The younglings frequently called the "Millenial" generation see debt as a positive thing.  I have previously talked about the Eeyore Lemming but this takes it to a whole new level.  This is a real world lemming scenario.

Results showed that those in the bottom 25 percent in total family income got the largest boost from holding debt – the more debt they held, both education and credit card, the bigger the positive impact on their self-esteem and mastery.

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Those in the middle class didn't see any impact on their self-esteem and mastery by holding educational debt, perhaps because it is so common among their peers that it is seen as normal. But they did see boosts from holding credit-card debt – the more debt, the more positive effects.

On the other hand, the study found that young adults who came from the most affluent families received no boost at all from holding debt.

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So the people who are the most hurt by going into massive debt are the ones who derive the most positive satisfaction.  That is a suicidal feedback loop.  I just can't anymore.

"By age 28, they may be realizing that they overestimated how much money they were going to earn in their jobs. When they took out the loans, they may have thought they would pay off their debts easily, and it is turning out that it is not as easy as they had hoped," Dwyer said.

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Till Next Time!!! Someone Get Me My Fiddle This Shit Be Burning Down!!! 

6 comments:

  1. 28? Interesting. With a couple of years of prior work experience, that's about the age they get out of law school. Too soon old, too late smart.

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  2. So apparently the answer to making everyone happy is to put them in the poor house and then let them borrow up their ass-cracks to make them "feel" empowered rather than, you know, actually embracing the power that they have. Or we could be putting measures of socioeonomic equality in place so people don't have to borrow 50k+ just to get to the batter's box.

    This is truly Orwellian. "Disabilities are power. Liabilities are wealth. Being broke is esteem-building."

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  3. Maybe these academic researchers should get out into the real world, and talk to suicidal, anxious young people - from modest means. Many of these people age prematurely, knowing that their $12 an hour call center job will not permit them to repay their $8,000 credit card bill. How many debt-strapped 28 year olds look closer to 38 years old?! When I was in clinic at Third Tier Drake, I met clients who were younger than me but who appeared to be about ten years older than me.

    How many times have law grads and college students told us that they feel like dying, because they have $100K in debt and no goddamn job?!?!

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  4. Brian Tamanaha wrote a post about legal education's costs in the 1960s. http://balkin.blogspot.com/2011/05/information-about-law-schools-circa.html

    The paragraph that shocked me:
    "To provide additional financial support, the great bulk of law schools had loan funds, which were used "in a good many schools in smoothing the financial path of numerous students." However, almost half of the schools reported that students were reluctant to take out loans owing to "fear of debts, particularly during the low income years immediately after graduation.""

    Fifty years ago, education debt was looked at completely differently, and that was back when it wasn't bankruptcy-proof. Wow have times changed.

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  5. We in the USA are reaching the end of the road. We've monetized everything that arguably could be. How much longer do you realistically think debt can accumulate until the secret is out? The secret that once there is a mass default such that collecting the debt is nigh impossible, the house of cards comes tumbling down.

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  6. Holy shit! Did you see this?
    http://www.news10.net/news/article/141072/2/Dept-of-Education-breaks-down-Stockton-mans-door

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