Taxpayers Face $435 Billion in Student-Loan Losses

Taxpayers face a loss of $435 billion on the $1.37 trillion in student loans on the government’s financial statement at the beginning of this year, even if no additional loans are issued going forward, according to an internal study by the Department of Education, reported by the Wall Street Journal which reviewed the documents. Most of the losses would come from the already established income-based repayment programs and the debt forgiveness at the end of their term.

But who ultimately got this money, since students were just the conduit? The educational-financial-industrial complex, of course, the entities that have lined up to clean out the taxpayer via these student loans. Billionaires have been printed in the process, enabled and encouraged by the government since 2009. Any solution to the student-loan crisis needs to include measures that shut down that money-transfer and return the government’s role in student loans to where it had been before 2009.

Taxpayers Face $435 Billion in Student-Loan Losses, Already Baked in: Leaked Education-Department Study — https://wolfstreet.com/2020/11/22/taxpayers-face-435-billion-in-student-loan-losses-already-baked-in-department-of-education-study/

And let’s not forget who The Great Enabler was behind the college leaders’ lack of caring for their students College Presidents Fail to Protect Students from Covid-19 – College Clusterfuck Update 11.22.20. Politicians, of course.

We. Are. Doomed.

Diets Don’t Work so Why Are More Teens Dieting?

Well, my first thought was Body Dysmorphic Disorder (BDD) — https://adaa.org/understanding-anxiety/related-illnesses/other-related-conditions/body-dysmorphic-disorder-bdd. But this is merely an educated guess from an insurance guy who has lost 200 pounds and not a trained licensed practicing clinical psychiatrist.

In 2015, 42% of 14-year-old girls and boys said they currently were trying to lose weight, compared to 30% in 2005.

Lead author Dr Francesca Solmi (UCL Psychiatry) said: “Our findings show how the way we talk about weight, health and appearance can have profound impacts on young people’s mental health, and efforts to tackle rising obesity rates may have unintended consequences.

“An increase in dieting among young people is concerning because experimental studies have found that dieting is generally ineffective in the long term at reducing body weight in adolescents, but can instead have greater impacts on mental health. We know, for instance, that dieting is a strong risk factor in the development of eating disorders.”

University College London. “Dieting and weight worries on rise in teens.” ScienceDaily. http://www.sciencedaily.com/releases/2020/11/201116112855.htm (accessed November 21, 2020). — https://www.sciencedaily.com/releases/2020/11/201116112855.htm

And in case you made it this far on this blog post my estimated BMI at age 20 was 53.1. My current BMI is 25.1.

Can 2020 Get Any Worse? (si)

Until now, there had been only one confirmed case of Chapare virus, an Ebola-like illness that turned up in the rural Bolivian province of Chapare in 2004 and then disappeared. But in 2019, at least five more people caught the bug, according to research now made public. The virus spread from person to person through bodily fluids in a region near Bolivia’s capital city of La Paz, killing three people. There are no active outbreaks of Chapare in 2020, and even in the event of further outbreaks the virus would be unlikely to cause a pandemic, according to virus experts.

There are reasons to be concerned about the news, however. Three of the five confirmed patients from the 2019 outbreak were health care workers, according to a CDC statement; a “young medical resident,” an ambulance medic and a gastroenterologist all contracted Chapare after contact with bodily fluids from infected patients. Two of them died.

Deadly hemorrhagic fever in Bolivia can spread between people — https://www.livescience.com/chapare-virus-human-transmission.htm

In my next life I want to come back as an Infectious Disease specialist.

U.S. Election Discussion Thread — Climate Etc.

by Judith Curry No words. The only thing crazier than the U.S. election is this morning’s hurricane forecast. I have no words re the election.  For a diversion, here is my hurricane forecast for Eta. Summary:  current: TERRIBLE.  forecast: CRAZY Latest from NHC (7 am EST): 145 mph max sustained winds, min pressure 936 mb, […]

U.S. election discussion thread — Climate Etc.

I am re-posting this article by Judith Curry. Yes, the headline is somewhat misleading but I’m glad I clicked and read her post. There’s another hurricane coming.

Admit it. We all need a diversion from the election.

The Beginning of the End

Airlines want more from the government printing press.

American Airlines was also the airline that blew, incinerated, wasted, and trashed more than any other airline on share buybacks. Buybacks ceased in the second quarter, but from 2013 through Q1 2020, American Airlines incinerated $13.1 billion in cash on share buybacks. That cash would now come in very handy. 2013 was also the year Mr. Parker became CEO of American Airlines. Delta blew, wasted, and incinerated $11.7 billion in cash on share buybacks over the period; Southwest Airlines, $10.9 billion (starting in 2012); and United $8.9 billion. In total, the big four airlines blew, wasted, and incinerated $44.6 billion in cash on share buybacks from 2012 through Q1 2020, and now the airlines want an additional $25 billion bailout, for a total of $50 billion, much of it in forms of grants, from taxpayers (data via YCharts)

Facing Crappiest Recovery Ever, Airlines Demand New $25-Billion Bailout, for $50 Billion Total, after Having Burned $45 Billion on Share Buybacks — https://wolfstreet.com/2020/09/28/facing-crappiest-recovery-ever-airlines-demand-new-25-billion-bailout-for-50-billion-total-after-having-burned-45-billion-on-share-buybacks/

Just. Say. NO.

CDC Clusterf*ck!

At issue are a set of guidelines released on Monday that say that people without symptoms who have come into contact with someone with Covid-19 do not necessarily need to be tested. Earlier, the Centers for Disease Control and Prevention had said that “testing was recommended” for the same group.

The modified guidelines sparked a significant backlash. The absence of evidence supporting the change puzzled public health experts. California Gov. Gavin Newsom said Wednesday that the guidelines would not be adopted in California; in New York, Gov. Andrew Cuomo called them “indefensible.” And Anthony Fauci, the director of the National Institute of Allergy and Infectious Diseases, told reporters that he was undergoing surgery when the guidelines were approved last week — contradicting Brett Giroir, the assistant secretary for health, who said Fauci and others on the task force had approved the final version.

CDC director attempts to clarify controversial Covid-19 testing guidelines https://www.statnews.com/2020/08/27/redfield-clarify-controversial-testing-guidelines/?utm_campaign=rss

CDC attempts to explain guidelines they never developed. Dr. Fauci didn’t sign off on the new guidelines. Hmm…

Why Do Some People Weather Coronavirus Infection Unscathed?

According to various estimates, between 20 and 45 percent of the people who get Covid-19 — and possibly more, according to a recent study from the Centers for Disease Control and Prevention — sail through a coronavirus infection without realizing they ever had it. No fever or chills. No loss of smell or taste. No breathing difficulties. They don’t feel a thing.

Cite this: Emily Laber-Warren. Why Do Some People Weather Coronavirus Infection Unscathed? – Medscape – Aug 25, 2020. https://www.medscape.com/viewarticle/936288?src=rss#vp_1

How Some People Pass the Time While Waiting for Covid-19 Test Results

With long testing delays in other states, some learn they tested positive after starting vacations in Maine.

The proportion of COVID-19 tests from out-of-staters that are coming back positive in Maine has increased throughout July, with nonresidents now testing positive in Maine at a rate more than four times that of residents. Though the numbers are small – about 2.8 positive tests a day – they account for over 11 percent of recent new cases in the state.

Bar Harbor hospital sounds warning on undetected COVID-infected visitors

HT – https://www.nakedcapitalism.com/

We are doomed.