Author Topic: Dem Prez Hopeful O'Malley on Student Loans  (Read 2854 times)

dude

  • Handlebar Stache
  • *****
  • Posts: 2353
Dem Prez Hopeful O'Malley on Student Loans
« on: July 14, 2015, 06:43:30 AM »
Dude took out $300+k to educate two of his kids.  The Comments are mostly spot-on -- this guy shouldn't be allowed to manage the finances of a child's lemonade stand, nevermind the federal government's.

http://finance.yahoo.com/news/column-339-200-college-debt-174623720.html

Drifterrider

  • Handlebar Stache
  • *****
  • Posts: 1119
Re: Dem Prez Hopeful O'Malley on Student Loans
« Reply #1 on: July 14, 2015, 07:17:18 AM »
He was our governor.  I'm not impressed.  Why didn't he send his children to Maryland state colleges?  Why didn't he save for their college (was he surprised 18 years after they were born that they might be headed to college?)

If he is that bad with his own math, you think he will be better with the nation's math? 


forummm

  • Walrus Stache
  • *******
  • Posts: 7396
  • Senior Mustachian
Re: Dem Prez Hopeful O'Malley on Student Loans
« Reply #2 on: July 14, 2015, 02:56:25 PM »
Meh. He's probably a rich dude, with good income prospects, and decided that he'd pay for their education. That's pretty common for parents to do. I don't think it has any bearing on his ability to govern. The president also doesn't manage the finances of the US--Congress decides how much to spend and on what. I don't plan to vote for him, but not for this reason.

Jack

  • Magnum Stache
  • ******
  • Posts: 4734
  • Location: Atlanta, GA
Re: Dem Prez Hopeful O'Malley on Student Loans
« Reply #3 on: July 14, 2015, 03:18:22 PM »
If you want to see a politician who's really bad with money, look up Georgia Governor Nathan Deal's fuck-ups.

Drifterrider

  • Handlebar Stache
  • *****
  • Posts: 1119
Re: Dem Prez Hopeful O'Malley on Student Loans
« Reply #4 on: July 15, 2015, 10:38:34 AM »
Meh. He's probably a rich dude, with good income prospects, and decided that he'd pay for their education. That's pretty common for parents to do. I don't think it has any bearing on his ability to govern. The president also doesn't manage the finances of the US--Congress decides how much to spend and on what. I don't plan to vote for him, but not for this reason.

He didn't "pay" for it, he borrowed (vice saved).

that sets the tone for how he views money (this forum being kinda about money) and the President certainly does set the tone (when he submits his budget to congress).

Had the article been about how he and his wife had saved for their children's education instead of relying on loans he would have shown himself to actually be fiscally smart.

Chris22

  • Magnum Stache
  • ******
  • Posts: 3210
  • Location: Chicago NW Suburbs
Re: Dem Prez Hopeful O'Malley on Student Loans
« Reply #5 on: July 15, 2015, 10:47:21 AM »
Meh. He's probably a rich dude, with good income prospects, and decided that he'd pay for their education. That's pretty common for parents to do. I don't think it has any bearing on his ability to govern. The president also doesn't manage the finances of the US--Congress decides how much to spend and on what. I don't plan to vote for him, but not for this reason.

He didn't "pay" for it, he borrowed (vice saved).

That's a semantic difference, at best.  He agreed to incur the cost, which he will have to PAY FOR.  Whether he pays it all up front or on payments at the back doesn't distract from the meaning. 

Quote
that sets the tone for how he views money (this forum being kinda about money) and the President certainly does set the tone (when he submits his budget to congress).

Had the article been about how he and his wife had saved for their children's education instead of relying on loans he would have shown himself to actually be fiscally smart.

Entirely depends.  There are a million reasons why one might lever a college education rather than pay cash, and not all of them infer he is financially dumb.

forummm

  • Walrus Stache
  • *******
  • Posts: 7396
  • Senior Mustachian
Re: Dem Prez Hopeful O'Malley on Student Loans
« Reply #6 on: July 15, 2015, 10:49:09 AM »
Meh. He's probably a rich dude, with good income prospects, and decided that he'd pay for their education. That's pretty common for parents to do. I don't think it has any bearing on his ability to govern. The president also doesn't manage the finances of the US--Congress decides how much to spend and on what. I don't plan to vote for him, but not for this reason.

He didn't "pay" for it, he borrowed (vice saved).

that sets the tone for how he views money (this forum being kinda about money) and the President certainly does set the tone (when he submits his budget to congress).

Had the article been about how he and his wife had saved for their children's education instead of relying on loans he would have shown himself to actually be fiscally smart.

He paid for it. With money that he borrowed but will have to pay back and can't be discharged in bankruptcy unless he's totally indigent (which he never will be).

The Congress takes the President's budget, admires how pretty it looks, and immediately throws it in the trash. And then they pass their own budget many months later, hammered out in their own committees.

Yes, it would have been great if he'd saved up the money instead of borrowing it. My point is that his behavior is typical. Although, I would not be surprised if he had mid 6-figures to low millions saved up in retirement accounts and other investments and just decided it was better to not tap them for tuition when he could get a tax-deductible relatively low fixed interest loan in the meantime.

Like I said, he's not my choice for POTUS. But he's probably rich and paying for kids college is typical.

Chris22

  • Magnum Stache
  • ******
  • Posts: 3210
  • Location: Chicago NW Suburbs
Re: Dem Prez Hopeful O'Malley on Student Loans
« Reply #7 on: July 15, 2015, 11:00:29 AM »
Also, the income curve of someone like a governor is probably even more backweighted than a normal professional.  Spend a lot of time early on making little to nothing, get elected to governor make low-6 figures, then lever your power and influence into a sweet lobbying or other cushy corporate high-paying job later in your career.  Why not defer costs like college until he's living the fat life making a ton of money to shake hands and push agendas?