I think the women in the political positions will push very, very hard to see that there are loans and banks for women in Rwanda.
If you're not mechanically in the community with people from the community trying to talk about our party, talk about school choice, talk about SBA loans for business owners - if someone's not there, nothing is going to change. You also need to have the tone ... people believe obviously you like them. If people don't think you like them, then they're not going to vote for you.
There is something wrong with our system when I can leave here and make billions of dollars in 10 years while millions of students can't even afford to pay off their loans, let alone start a business. We all know you don't get successful just by having a good idea or working hard. You get successful by being lucky too. If I had to support my family growing up, instead of having the time to learn how to code. If I didn't know that I was gonna be fine if Facebook didn't work out, then I wouldn't be standing up here today. And if we're honest, we all know how much luck we've had.
If you're considering going into student debt, I encourage you to seek the Lord's will through the reading and study of His Word, prayer, and the wise counsel of others before you make the decision to take out a loan.
When we talk about something like student loans, what we should be talking about is the fact that every American wants their kids to do better than we have done. If we can get that, the other thing we'd really like is for our kids to be able to come home and raise their kids in the community where we raised them. What unites all of us, no matter where you live in the country, is we want our family to be safe, we want the next generation in our family to be more successful than us, and we would like our family to be close together.
Very few people know that my department is responsible for 1.2 million home loans since I have been secretary. That's 1.2 million families that are living in homes in rural America that would never have homeownership, but for the United States Department of Agriculture's programs. We have to do more of educating people about the partnership that does exist between rural America and their government.
People look at the future and see a black hole. They look at climate change and see an ecological crisis. They look at their leaders corrupted by money and see a political crisis. They wonder if they'll ever be able to pay off their student loan or own a house. Given this ecological, political and financial crisis, what they want is a different future. Their fundamental demand is a different regime to provide that future.
The current U.S. and Eurozone depression isn't because of China. It's because of domestic debt deflation. Commodity prices and consumer spending are falling, mainly because consumers have to pay most of their wages to the FIRE sector for rent or mortgage payments, student loans, bank and credit card debt, plus over 15 percent FICA wage withholding for Social Security and Medicare actually, to enable the government to cut taxes on the higher income brackets, as well income and sales taxes.
So we are in for years of debt deflation. That means that people have to pay so much debt service for mortgages, credit cards, student loans, bank loans and other obligations that they have less to spend on goods and services. So markets shrink. New investment and employment fall off, and the economy is falls into a downward spiral.
I made a lot of money with the Chinese, and I know the Chinese very well. By the way, they don't love us. I will tell you that. Just in case anybody has any question. They don't. They always say, "Oh, but they have our debt." Think of it they take our money and then they loan it back to us and we have to pay 'em interest. It's very... It would be something to solve very easily, if you have the right messenger. We don't have the right messenger. Barack Obama is the wrong messenger.
People have tried to control other people by trapping them with debt. A loan can become a harmful and dangerous weapon.
The working poor are the people suffering out subprime mortgages and fatal loans and more and more of our money - you know, capitalism is operated by extracting money, not so much directly being paid.
The Fed needs to adopt new tools, on its own and perhaps in cooperation with the other parts of the US government, to improve the economy from the bottom up. This includes increasing facilities for debt forgiveness for under-water mortgages and excessive student loans; increased credit facilities for small businesses and cooperatives; helping to underwrite mechanisms for creating affordable housing in cities; and more restrictive enforcement of financial regulatory rules to help rein in excessive banker risk and pay.
If you're one of the millions of people who have student debt right now, I'll help you refinance your loans at better rates.
I am not aware of any specific provision that mandates any tightening of lending to small business other than a requirement that people who lend and then sell that loan be prepared to take a part of the risk. And I'm proud of that.
You also need to understand that when you consolidate credit card debt into mortgage debt - like a home equity loan or a HELOC [ home equity line of credit ] - you're taking an unsecured debt and turning it into a secured debt.
In about one-third of credit card consolidations, within a short period of time, the cards come back out of the wallet, and in no time at all, they're charged back up. Then you're in an even worse position, because you have the credit card debt and the consolidation loan to worry about. You're in a hole that's twice as deep - and twice as steep.
Even in the days of the tightest credit in 2008, HELOCs [ home equity line of credit ] and home equity loans were being made.
Rolling all of your debts into a single loan is a good idea - in theory. In fact, it can be a great idea.
My vision for the future? Two things: to make credit a human right so that each individual human being will have the opportunity to take loans and implement his or her ideas so that self-exploration becomes possible. And second: that it will lead to a world where nobody has to suffer from poverty - a world completely free from poverty.
As befits Silicon Valley, 'big data' is mostly big hype, but there is one possibility with genuine potential: that it might one day bring loans - and credit histories - to millions of people who currently lack access to them.
By making college unaffordable and student loans unbearable, we risk deterring our best and brightest from pursuing higher education and securing a good paying job.
Making loans accessible to millions of the previously unbankable customers is a noble goal. Getting them hooked to such loans isn't.
If you have to pay about forty to forty-three percent of your income for housing, you also have to pay fifteen percent of your paycheck for the FICA for Social Security wage withholding. You have to pay medical care, you have to pay the banks for your credit card debt, student loans. Then you only have about twenty-five or thirty-five percent, maybe one-third of your salary to buy goods and services. That's all.
Seventy-eight percent of millennials are worried about not having enough good paying job opportunity to pay off their student loans. Seventy-four percent can't pay the health care if they get sick. Seventy-nine percent don't have enough money to live when they retire. So, already, we're having a whole generation that's coming on, not only here but also in Europe, that isn't able to get good-paying jobs.
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