The Phaserl



by Andy Hoffman, Miles Franklin:

In college, I majored in Finance, and minored in economics; and several years later, achieved the Chartered Financial Analyst designation, or CFA.  In other words, I’m one of the handfuls of Americans whose career path actually followed his university studies.  And thanks to the pure luck of my grandfather being a pharmacist at Walgreen’s – and subsequently, gifting me $1,000 of stock upon my birth in 1970 – I wasn’t forced to take out student loans.  Again, putting me at the end of the bell curve; as just this month, Federal student loans – amidst the lowest Labor Participation rate in 35 years – surpassed $1 trillion, whilst default rates surged to an all-time high.  Of course, if the Fed hadn’t been printing money with reckless abandon throughout this time – remember, the gold standard was abandoned in 1971 – such loans wouldn’t be necessary.  To wit, when I attended SUNY Albany in 1988-92, a year’s tuition was $7,000; as opposed to today’s $20,000 or $28,000 for non-NY residents.

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