Thursday, September 3, 2015


The promised hot weather has moved in and should stay till the middle of next week.  I picked a nice bunch of beans and tomatoes.  The beans are in the freezer and the tomatoes are in the dehydrator along with the strawberries.  They should be finished a bit later this morning.  I will water everything but that is all I really need to do.

An interesting article on a NY Federal Reserve study about the effect of student loan--essentially the expansion of credit for higher education--on tuition costs.  Evidently it surprised a lot of conservative economists who bought into the theory that credit doesn't increase the costs of the goods bought on credit.  I think that is a fair summary of the theory.  Turns out the theory is wrong.  But I noticed that no one mentioned the fact that student loans are guaranteed by the government and are not dischargeable in bankruptcy.  That means that the loan provider is guaranteed repayment with interest no matter what, the colleges get paid no matter what and the borrower is on the hook no matter what.  The borrower bears all of the risk while the other parties bear none at all.  That might explain why colleges were able to grab $0.65 of every dollar loaned when the credit was expanded.  This is a system begging to be corrupted and it has been.

Helen at Margaret and Helen posted a concise piece about that idiot county clerk in Kentucky.

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