Why is student loan debt the only kind that you can’t get rid off with bankruptcy? Glenn recounts a conversation he had with members of his own family and the sinister plan that could be behind the ballooning student debt problem.
Here's what Glenn had to say:
"Anyway, I just wanted to point this out that maybe, possibly we should consider having more than just cash on-hand. As I've been telling you recently, I don't have any idea what to do. I really don't. I mean, I'm spreading it out as much as I can. Like, pet rocks might be the thing of the future. Okay. Let's buy some pet rocks. Try to spread it out as much as you can, so one thing gets hit, you're not entirely wiped out. I know that's hard. I'm doing it with my children. My older children. You know, they don't have a lot of money. And they're like, Dad, what do we do? Well, first thing, you don't take on debt. And I feel bad for those that are taking on the debt of college."
"If you have a chance to not take that debt -- I told my daughter yesterday or the day before yesterday. We were having dinner, and I said, you know, I think that -- they're talking now about giving everybody a haircut if things collapse and freezing everybody's bank accounts. I said, loans will be a real problem. And I said, the only thing you can't go bankrupt with is a -- a debt from a student loan. And she said, why would they do that? And I said, well, they just strengthened those laws too."
"Why? Well, because it's very easy to get people to work. If you can't get out of that debt, you have to pay it back. We already know. We've heard Barack Obama say, 'well, why don't you just work for the government for ten years. And then we'll relieve that debt.' So it's a great way to get everybody involved in the government."
"Don't take debt for school! Don't do it! Go to a community college. As my daughter pointed out, she said, but, Dad, then you'll have a problem -- what will you put on your resume, et cetera, et cetera. I said, the big companies, the good companies, they're not even looking at that anymore. Google said they don't even look at that anymore. They don't care where you went to school. It's what skills do you have? Did you see Robert Downey's new plan. I love this. He started a new business. And it's [MasterClass] or something like that. I don't remember what it's called pick up, but he's gone to let's say Serena Williams and said, give me a five-hour course on tennis. Then I'll charge people 90 bucks for that five-hour course. And he's doing it on all fields and he's doing it with the best in that field. So you can have a five-hour course with the Steve Jobs. You want to learn design? Learn it from Steve Jobs. That's brilliant. That's the kind of learning that will actually make a difference. That's 90 bucks."
Listen to this segment in today's podcast starting at 32 minutes into today's podcast: