- Written by: Kamran Mofid
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Steve Szeghi PhD (ECON), Professor of Economics, Wilmington College, Wilmington, Ohio, USA
A couple of weeks ago my colleagues Kamran Mofid, Jamshid Damooei, and I wrote on this Blog of the necessity of debt forgiveness in a general context: My Guest Bloggers Steve Szeghi, Jamshid Damooei and I- Promised Land Revisited: Forgive our debts as we forgive our debtors
Student Loan forgiveness was one specific that we mentioned. In the United States students have been forced through a combination of economic circumstances and reduced public financing of universities and colleges to fund an increasing percentage of their college costs through student loans. Student loans are not dischargeable, except under rare circumstances, in bankruptcy court. The current generation of college students in the United States is being saddled with increasing debt even as salaries for college graduates have stagnated, or declined, while job opportunities have decreased.
This is a dangerous situation for the economy and the financial system in addition to being an injustice rendered to a generation.
Student loan debt in the United States, which is securitized in the same way as home mortgages, may well be the next bubble to burst. Before that happens, which could imperil the US as well as the global financial system, we should consider substantial and significant student loan forgiveness. Higher Education should be ideally provided to all who are capable and whom aspire to it, at little or no cost to the individual, funded by society through progressive taxation. It is such a small step in the direction of social justice and building a more cohesive society to provide significant relief to student loan borrowers. It is also necessary for the stability of the financial system. Not only in the United States but in all nations of the world, societies should more substantially publicly fund education, including higher education at increasing levels and consider significant forgiveness for student loan borrowers, for social justice and for social cohesion, but also for the sake of financial system stability. Please consider signing the following petition: Support the Student Loan Forgiveness Act of 2012
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KAMRAN MOFID’s Blog: Dedicated to the Common Good- aiming to be a source of hope and inspiration; enabling us all to move from despair to hope; darkness to light and competition to cooperation. “Whatever you can do or dream you can, begin it. Boldness has genius, power, and magic in it”. —Johann Wolfgang von Goethe
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- Written by: Kamran Mofid
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Oh my God! Just as you thought it cannot get any worse! Hear we go again!
Yesterday it was the Barclays, Politicians, Police, media, tax-avoiders, bonuses, and… And today is the turn of Britain’s biggest drug maker caught red-handed, forced to pay $3bn (£1.9bn) in the largest healthcare fraud settlement in US history.
“GSK targeted the antidepressant Paxil at patients under age 18 when it was approved only for adults, and promoted the drug Wellbutrin for uses it was not approved for, including weight loss and treatment of sexual dysfunction, according to a US justice department investigation.
The company went to extreme lengths to promote the drugs, such as distributing a misleading medical journal article and providing doctors with meals and spa treatments that amounted to illegal kickbacks, prosecutors said.
"The sales force bribed physicians to prescribe GSK products using every imaginable form of high-priced entertainment, from Hawaiian vacations [and] paying doctors millions of dollars to go on speaking tours, to tickets to Madonna concerts," said US attorney Carmin Ortiz.
Believe me, nothing will change and the UK will become a country truly run by, for and of the Mafia, unless there is a sea of change in personal, professional, business and economic culture and moral compass. A change that acknowledges the followings, amongst others:
- Written by: Kamran Mofid
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“Native Americans’ resistance to the westward expansion of Europeans took two forms. One was violence. The other was accommodation. Neither worked. Their land was stolen, their communities were decimated, their women and children were gunned down and the environment was ravaged. There was no legal recourse. There was no justice. There never is for the oppressed. And as we face similar forces of predatory, unchecked corporate power intent on ruthless exploitation and stripping us of legal and physical protection, we must confront how we will respond.
The ideologues of rapacious capitalism, like members of a primitive cult, chant the false mantra that natural resources and expansion are infinite. They dismiss calls for equitable distribution as unnecessary. They say that all will soon share in the “expanding” wealth, which in fact is swiftly diminishing. And as the whole demented project unravels, the elites flee like roaches to their sanctuaries. At the very end, it all will come down like a house of cards.”…
Time to Get Crazy: Time to Learn from the Wisdom of the Noble Crazy Horse
- Moral and ethical tax avoidance: Is it possible?
- America: Welcome Back to European Values and Vision
- Britain engulfed in corruption Part II: David Cameron invites tax avoiders to London!
- Whatever Happened to the Moral Compass? Britain engulfed in corruption
- Once again , the Shaming of orthodox economists