/biz/ - Business & Finance

>>10842150
how do you get into debt worth $500k as a student?

>>10842224
Break your arm and have no health insurance

>>10842224
by being retarded

>>10842237
I'm not American, but I'm pretty sure that's a massive exaggeration. There's no fucking way fixing a broken bone would cost even $50k. Including stay at the hospital for a couple days and an ambulance.

>>10842240

Same reason you'd get an asian history degree in the first place.

>>10842249
Ho yes it would, a basic appendicitis operation costs around 15k

500k is probably an exaggeration, but yeah student loan debt bubble is going to pop at some point soon.

>>10842249
I had to stay at the hospital for a couple days, all they did was give me fluids and ram a tube down my nose because I had a bowel obstruction that resolved itself. When I got the bill from my insurance later, the hospital had charged them 20k for 3 days stay and 15k for staff time, supplies, etc. 35k in all and they didn't even do anything to me.

I can imagine 50-100k for a broken arm EASY, 500k might be pushing it though. You don't have the foggiest clue how bad the insurance cartels have gotten here in burgerstan.

>>10842249
possible ambulance
x-rays
physician visits
casting
crutches
missed work
checkups
physical therapy after cast removed

yeah it could run up above 100k for sure

>>10842294
Yeah, I did exaggerate, but from what I read online average total debt hovers around 1.5 trillion dollars. This shit won't last much longer.

anyway biz, when do we short bullshit street?

The student debt bubble is absolutely insane and growing by the year. When you also account for the people who went into a lot of debt but didn't even manage to graduate, you'll realize that a large part of those debts will never be paid off. There's a very good reason why student debt is the ONLY debt you can not default on, but that band-aid will only hold for so long. If people simply don't have the money to pay it, then it won't matter whether or not they're legally allowed to default on it.

>>10842401
how will we time this market? i've been waiting 2 years to short this bullshit. any ideas?

>>10842318
>>10842319
Fair enough. So let's say $100k of that debt is medical. Where does the rest come from? A quick google search shows that the average student graduates with about $33k in debt. Even 3x the average debt would bring the total to only $200k.

how are you guys going to short the student debt bubble?

>>10842414
I'm afraid I don't have nowhere near the expertise required to be able to time it, if it's even possible. If Michael Burry had started shorting earlier or the market had staid stable for some time longer, then his position would have gotten wiped out by premiums. Like the saying goes, the market can stay crazy for a lot longer than you can stay solvent.

>>10842464
i guess we'll have to wait and be ready

>>10842444
By only making the minimum payments possible on my student loans, despite making a very good salary. The only way out of this without the economy totally imploding into great depression territory is for the government to implement loan forgiveness. So at that point I basically went to college for free. :^)

>>10842580
i don't think debt works like you think it works. this is already great depression territory.

>>10842612
i just realized this only confirms the bubble. thanks anon >>10842580

>>10842612
>>10842673
My total loan amount is about a third of what I make in a year, but there's no point paying them off if they're going to get wiped out anyway.

>>10842694
do you really think it won't have any adverse effects on the economy if billions upon billions of dollars of loans are simply forgiven?

>>10842694
i didn't say you should pay. its better for me to see america implode. its quite rewarding. just saying it already is great depression territory. no way around it.

>>10842319
Broke my shoulder in a snowmobile accident and I have a high-deductible insurance plan (for commies, this means I have cheap but low coverage because I never go to the hospital, so why pay). Insurance covers 80% after I pay 20k out of pocket. Whole thing, including surgery, PT, x-rays, and visits only cost me $15k. Insurance didn't pay a cent (still cheaper than paying decent insurance for the years I've had a high deductible plan.

https://www.google.co.uk/amp/s/amp.theguardian.com/tv-and-radio/2018/jul/18/killed-by-my-debt-a-sad-true-story-turned-into-a-compelling-family-tragedy

>>10842701
The economy is not the banking sector. Banks have been sucking the life out of our economy for quite a while now, and it's about time they eat shit so we can all get back to doing things that matter.

>>10842725
banking isnt the economy but the economy relies on the banking sector

>>10842725
so you actually believe that the banks eating shit will not drag the whole economy down? Have you ever heard the term "too big to fail"?

>>10842150
the stock market cannot go down anon
keep buying FAANG so you can buy bigger houses and more suvs

>>10842734
>>10842739
I didn't say the transition would necessarily be easy, but it needs to happen. They're the reason behind stagnant wage growth/declining consumer demand, corporate offshoring, and the deaths of IBM/GE/Motorola/others. These bean counters have been systematically dismantling and selling off the pieces of our economy that actually create value. It's unsustainable and the longer they're allowed to cannibalize our economy, the less likely it is that we will ever recover.

>>10842774
didnt get the memo. sorry

>>10842249
>that's a massive exaggeration

Lets assume you need to call an ambulance:
Driver (~$100 per hour), paramedic (~$150 per hour) and maybe even a doc (~$200 per hour), their time is about 3 hours to get to you, give immediate treatment, get you in the ambulance, drive you to the hospital and get the paperwork done afterwards.
$900 just to get you in the hospital. Assuming they did give you a slight painkiller, just make it about $1k. The drive itself maybe another $250.

There, you enter the emergency room. Horray, another sum magically enter the bill, just because you had to go here, usually anything in between $100 and $1000.

So the the hospital charges you at least about $1.5k, just for getting there.

If you are lucky and there are no complications, you walk out a couple of hours later, after adding another $1k for X-ray, the cast and another bored doctor, who looked at the results, prescribed a one-week prescription for pain medication and ordered the nurse to get you in the cast.

If you are in bad luck, there are complications and you need surgery, a one-week-stay, more medication and rehab. Congratulation, you long have entered five digits, even if you cut rehab and sell your medication to a junkie.

The health costs in the US are the highest in the world, regardless if you are rich, poor or middle class. And because even the poor think that health insurance is communism, these conditions are not likely to change.

>>10842936
Hell, I even forgot to add the paramedic to the bill.

>>10842944
MAGA right?

>>10842975
>>10842944
>>10842936
See
>>10842707

>>10842975
As long as americans still blame jews, muslims and foreign powers for their own fuckups, America is indeed the greatest country in the world.

At least to watch from the outside.

A broken arm does not cost $100k, you ninnies.

>>10843217
>>10842707
>still cheaper than paying decent insurance for the years I've had a high deductible plan

Now do this every year or get a serious illness and report back in.

What I mean: it goes well until it does not.
Also, the problem with the insane health costs however is still there. Without them, a reasonable plan would cost you maybe about $200-300 per month.

>>10843288
I don't mean want to offend or insult, but you need to get off reddit. Insurance isn't as expensive as memed. The medical bill is insanely expensive and if you're not niggardly when your health insurance, you'll be fine financially. A decent plan does cost $200-$300/month in the US. I pay like $30/month for my high-deductible and put $6k/year into my HSA, which I can use for ANY health purchase and is not taxed (makes health purchases like 35% cheaper). Plus, with the HSA, you invest that and take what you don't use out when you retire. If I had any sort of health issue, family history of issues, or we planned on kids, I'd pay normal insurance instead of the HSA+ high-deductible.

Honestly, it's not near as bad as the internet says it is. All these people whining about it are probably on their parents' plan and don't actually pay anything or go to out-of-plan doctors. The ER isn't even that expensive (see broken shoulder story (broken arm bone at the ball joint and separated collar bone)).

>>10842249


A sibling had an emergency and the ambulance was called. She then spent 3 days in the hospital

The bill was 6k

>>10843438
that's pretty cheap

>>10842429
>average
I graduated with 0 debt
I can remember reading articles on Yahoo back in the day of people running up over 200k.

>>10842249
lmao, I hate that American insurance and education inflation is so fucked that foreigners can't even imagine how much it drives up the cost of simple procedures.

>>10842150
>500k in debt
LARP harder.