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Author Topic: Mitt Romney Says to College Students: "Just Borrow Money from your Parents"  (Read 2649 times)
mondale84
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« on: April 27, 2012, 08:46:02 pm »
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Mitt Romney had some advice for students at Ohio's Otterbein University, telling them that if they want to start a business or pay for their education, they should just borrow from their parents.

Said Romney: "Take a shot, go for it, take a risk, get the education, borrow money if you have to from your parents, start a business."

http://politicalwire.com/archives/2012/04/27/romney_advises_young_people_to_borrow_from_their_parents.html#disqus_thread



...come on guys...this guy HAS to be working for Obama
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« Reply #1 on: April 27, 2012, 09:06:49 pm »
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...come on guys...this guy HAS to be working for Obama

You would think so, but this being America, it doesn't seem to be hurting Romney nearly to the point that it should.
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« Reply #2 on: April 27, 2012, 09:08:48 pm »
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Man talk about being out of touch... I bet his kids had no problem borrowing from him.

Also inb4 senseless Politico rant.
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« Reply #3 on: April 27, 2012, 09:17:45 pm »
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What if... our parents don't have money for us to borrow? What then?
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Politico
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« Reply #4 on: April 27, 2012, 10:16:36 pm »
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Romney was speaking before a crowd of students at Otterbein University, a private college that costs about $30K/year. Most of the kids in the audience have parents of means.

Obviously there are scholarships and other forms of financial aid for underprivileged students.

Regardless of their background, most young people would like to find a halfway decent job after they are done college. Good luck with that if Barack Obama is re-elected. Why young people would be excited by the prospect of the next four years looking like the past four years is anybody's guess...
« Last Edit: April 27, 2012, 10:19:24 pm by Politico »Logged

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« Reply #5 on: April 27, 2012, 10:30:52 pm »
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He was obviously referring to starting a business.
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« Reply #6 on: April 27, 2012, 10:57:20 pm »
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Romney was speaking before a crowd of students at Otterbein University, a private college that costs about $30K/year. Most of the kids in the audience have parents of means.

Obviously there are scholarships and other forms of financial aid for underprivileged students.

Loans are the usual aid now offered, and in view of the rising cost of college education, such means that the one necessity for middle-class life for anyone born after about 1980 (starting a small business in a world largely locked up by the chains and vertically-integrated giants in almost all industries is pointless) unless one calls the skilled trades 'middle class'. There are only so many openings.

Such aid may be coming at too high a price. Maybe we need to reform college education so it isn't so expensive -- but that may be asking for too much.

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Regardless of their background, most young people would like to find a halfway decent job after they are done college. Good luck with that if Barack Obama is re-elected. Why young people would be excited by the prospect of the next four years looking like the past four years is anybody's guess...

The usual hack swipe. This economy needs to rebuild the capital stock that sociopaths wearing three-piece suits bled and wasted -- much of it on luxury imports. I still say that the solution is to create a tax structure that favors small business at the expense of the efficiencies of scale of vertically-integrated firms.   

If there is any fault with President Obama it is that he isn't going far enough and fast enough in promoting an economic order that works for people not already super-rich. But that begs the question of whether the sort of Congress that we now have, shills for economic elites, isn't leading America down a high-speed highway to an economic Hell. 
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HagridOfTheDeep
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« Reply #7 on: April 27, 2012, 11:23:08 pm »
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Might I just say, there's a big difference between "just borrow money from your parents" and "if you have to, borrow some money from your parents."
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« Reply #8 on: April 27, 2012, 11:50:06 pm »
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Boy... Sure is hackish in this thread.  His message is actually a really good one: take risks while you're young.

He mentioned borrowing a bit of money to start a business.  Question: where can a recent grad get a business loan?  The bank?  Don't make me laugh.  Credit cards?  Sure, but that's really stupid.  Therefore, borrow from parents.

Doesn't need to be much either: $500 from my parents was enough to start my first business, and I was able to pay that back in three months.  Borrowed another $1500 recently for my next venture, and am making some excellent progress.  (See, I have to keep starting businesses 'cause I can't find a job and I have a four-year-old who I legally have to feed from time to time...)

Anyways, there are lots of very good reasons to rip on Romney.  I don't see where this is one of them...  He was making a suggestion that was well-suited to the audience he was addressing.
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« Reply #9 on: April 27, 2012, 11:55:52 pm »
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Mitt Romney's childhood: http://www.southparkstudios.com/clips/153092/spoiled-rich-kids
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« Reply #10 on: April 28, 2012, 12:55:28 am »
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Thomas Stanley and William Danko, in their bestselling 1995 study of the wealthy, The Millionaire Next Door, concluded that "the more dollars adult children receive, the fewer dollars they accumulate, while those who are given fewer dollars accumulate more. This is a statistically proven relationship. Yet many parents still think that their wealth can automatically transform their children into economically productive adults. They are wrong. Discipline and initiative can't be purchased like automobiles or clothing off a rack." They go on to give the example of some parents who subsidized her daughter's fashion business, extending her a loan in lieu of a commercial loan. By the time the daughter was in her late thirties, she still lived at home and despite her business earning $50,000 in revenue, was still being subsidized at a tune of $60,000 per year by the parents. The daughter never developed independence. In general, the two Ph.D's found that "giving precipitates more consumption than saving and investing," "gift receivers in general never fully distinguish between their wealth and the wealth of their parents," gift receivers are significantly more dependent on credit than nonreceivers," and so on.

In general, I doubt that borrowing money from parents is a good plan. The advantage of going to a bank first is that the bank forces you develop a clear and believable business plan. If the bank won't believe the plan, then chances are it has some problem with it. Further, you're likely to work harder if you realize that defaulting to a bank is what is on the cards. Parents are too likely to throw money at something out of love and support, not necessarily because the business idea is truly viable. Even if you have to borrow from parents, it's probably a good idea to try and borrow from commercial sources, or even online now (there are sites where people can fund your ideas) and use the parents only as supplemental funding.
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« Reply #11 on: April 28, 2012, 01:01:35 am »
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Borrow money from parents?

When the average household income is less than $50k annually?

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Landslide Lyndon
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« Reply #12 on: April 28, 2012, 01:08:40 am »
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Why borrow money from your parents when you can just sell one of your Cadillacs?
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« Reply #13 on: April 28, 2012, 10:09:16 am »
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Romney was speaking before a crowd of students at Otterbein University, a private college that costs about $30K/year. Most of the kids in the audience have parents of means.

No they don't. A lot of the kids are financing their education through loans or are there because they got financial aid. According to CollegeStats, 99% of students at Otterbein University are receiving some form of financial aid, and 71% have taken out student loans.
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« Reply #14 on: April 28, 2012, 11:07:16 am »
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This is so typical of hack Democrats who hate Romney with such a passion that they are willing to take almost everything he says out of context and blow it out of all proportion.
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HagridOfTheDeep
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« Reply #15 on: April 28, 2012, 11:35:03 am »
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Romney was speaking before a crowd of students at Otterbein University, a private college that costs about $30K/year. Most of the kids in the audience have parents of means.

No they don't. A lot of the kids are financing their education through loans or are there because they got financial aid. According to CollegeStats, 99% of students at Otterbein University are receiving some form of financial aid, and 71% have taken out student loans.

Whoa whoa whoa whoa. Let me just stop you there. At any university you go to, almost everyone recieves some sort of"financial aid." And I'll tell you, it's not much of anything. Small automatic entrance scholarships are grades-based and given out all the time, whether you need them or not. It's a cheap way to make the school look generous. Also, student loans aren't this surefire way of deciding who's poor. My parents could probably pay my full way through university if they really wanted to (mind you, it would be tough), but I'm responsible for half of it because that's the way it is. So I have student loans. That doesn't mean my parents would be incapable of lending me $500 if I wanted to start a business (key word here is lending). Hell, the only way they'd be incapable of lending that money would be if I didn't have those student loans.

Student loans are a symbol of convenience, not necessarily poverty. I'd guess there are very few university students from families below the poverty line, for the simple reason that those people hardly even have the means to go.
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« Reply #16 on: April 28, 2012, 12:27:44 pm »
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He was obviously referring to starting a business.

The point being that this is an option available only to a tiny privileged elite, wg.
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« Reply #17 on: April 28, 2012, 01:30:33 pm »
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Romney was speaking before a crowd of students at Otterbein University, a private college that costs about $30K/year. Most of the kids in the audience have parents of means.

No they don't. A lot of the kids are financing their education through loans or are there because they got financial aid. According to CollegeStats, 99% of students at Otterbein University are receiving some form of financial aid, and 71% have taken out student loans.

Whoa whoa whoa whoa. Let me just stop you there. At any university you go to, almost everyone recieves some sort of"financial aid." And I'll tell you, it's not much of anything. Small automatic entrance scholarships are grades-based and given out all the time, whether you need them or not. It's a cheap way to make the school look generous. Also, student loans aren't this surefire way of deciding who's poor. My parents could probably pay my full way through university if they really wanted to (mind you, it would be tough), but I'm responsible for half of it because that's the way it is. So I have student loans. That doesn't mean my parents would be incapable of lending me $500 if I wanted to start a business (key word here is lending). Hell, the only way they'd be incapable of lending that money would be if I didn't have those student loans.

Student loans are a symbol of convenience, not necessarily poverty. I'd guess there are very few university students from families below the poverty line, for the simple reason that those people hardly even have the means to go.

Okay, but there's a big difference between a family being above the poverty line and a family that can has $10-50,000 sitting around to lend their kid so he can start a business. Just what type of business do you think you can start with $500? And remember that most new businesses fail. Yes, many people who take out student loans are far from poor. However, education is so expensive nowadays that even middle class families often have to take out loans, especially if their homes are underwater or if they've had their savings wiped out by the market over the past few years.
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« Reply #18 on: April 28, 2012, 02:49:25 pm »
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Romney was speaking before a crowd of students at Otterbein University, a private college that costs about $30K/year. Most of the kids in the audience have parents of means.

No they don't. A lot of the kids are financing their education through loans or are there because they got financial aid. According to CollegeStats, 99% of students at Otterbein University are receiving some form of financial aid, and 71% have taken out student loans.

Whoa whoa whoa whoa. Let me just stop you there. At any university you go to, almost everyone recieves some sort of"financial aid." And I'll tell you, it's not much of anything. Small automatic entrance scholarships are grades-based and given out all the time, whether you need them or not. It's a cheap way to make the school look generous. Also, student loans aren't this surefire way of deciding who's poor. My parents could probably pay my full way through university if they really wanted to (mind you, it would be tough), but I'm responsible for half of it because that's the way it is. So I have student loans. That doesn't mean my parents would be incapable of lending me $500 if I wanted to start a business (key word here is lending). Hell, the only way they'd be incapable of lending that money would be if I didn't have those student loans.

Student loans are a symbol of convenience, not necessarily poverty. I'd guess there are very few university students from families below the poverty line, for the simple reason that those people hardly even have the means to go.

Okay, but there's a big difference between a family being above the poverty line and a family that can has $10-50,000 sitting around to lend their kid so he can start a business. Just what type of business do you think you can start with $500? And remember that most new businesses fail. Yes, many people who take out student loans are far from poor. However, education is so expensive nowadays that even middle class families often have to take out loans, especially if their homes are underwater or if they've had their savings wiped out by the market over the past few years.

About the only licit business that I can imagine someone now starting on $500 is a food cart or door-to-door selling. A computer-based business? You will need the computer, which isn't cheap. Insurance sales or real estate sales? You had better have a nice car and clothes, and those aren't cheap.
« Last Edit: April 28, 2012, 03:00:46 pm by pbrower2a »Logged



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« Reply #19 on: April 28, 2012, 02:56:12 pm »
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About the only licit business that I can imagine someone now stating [sic] on $500 is a food cart or door-to-door selling.

And that shows your lack of imagination.  Also bear in mind that virtually all of these college students already own computers, and many already own decent suits.
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« Reply #20 on: April 28, 2012, 03:57:22 pm »
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About the only licit business that I can imagine someone now stating [sic] on $500 is a food cart or door-to-door selling.

And that shows your lack of imagination.  Also bear in mind that virtually all of these college students already own computers, and many already own decent suits.

You need a lot more than a suit and a computer for a tech start-up. Maybe that's all you need if you just want to develop your idea, but to take it anywhere, you need web hosting, servers, coders, developers, etc, who may not be willing to work for free. You need an office, because in many cases investors won't talk to you unless you have a physical address.  Plus remember, the kids have to eat and in many cases pay rent while they're doing all of this.
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« Reply #21 on: April 28, 2012, 03:57:48 pm »
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This is so typical of hack Democrats who hate Romney with such a passion that they are willing to take almost everything he says out of context and blow it out of all proportion.

Oh, okay. So if you post an article about Obama then we can say "This is so typical of hack Republicans who hate Obama with such a passion that they are willing to take almost everything he says out of context and blow it out of all proportion."?
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« Reply #22 on: April 28, 2012, 03:58:30 pm »
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Obama might be out of touch, but compared to Romney who doesn't have the slightest idea what the needs of regular people are, he's the ultimate man of the people. This talk from Romney is absolutely insulting to those of us who weren't born with a silver spoon in our mouths.
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« Reply #23 on: April 28, 2012, 04:18:07 pm »
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This is so typical of hack Democrats who hate Romney with such a passion that they are willing to take almost everything he says out of context and blow it out of all proportion.

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Politico
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« Reply #24 on: April 28, 2012, 08:04:45 pm »
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About the only licit business that I can imagine someone now stating [sic] on $500 is a food cart or door-to-door selling.

And that shows your lack of imagination.  Also bear in mind that virtually all of these college students already own computers, and many already own decent suits.

You need a lot more than a suit and a computer for a tech start-up. Maybe that's all you need if you just want to develop your idea, but to take it anywhere, you need web hosting, servers, coders, developers, etc, who may not be willing to work for free. You need an office, because in many cases investors won't talk to you unless you have a physical address.  Plus remember, the kids have to eat and in many cases pay rent while they're doing all of this.

You're completely ignoring the history of tech start-ups. Go look up the early history of Microsoft, Apple, Google, Facebook, etc.

Even after things just got off the ground for Bill Gates, look at what he made into one of the largest fortunes in American history:



Yes, in America one can make something of them self with a lot of hard, smart work and a bit of good fortune. This is not the land of hopeless nightmares even though that's apparently where Obama and his supporters are fine with us heading...

Romney offers the following to young folks: A better economic environment, one that is pro-growth, pro-free enterprise and encourages businesses to hire young people.

What Obama offers young people: Being stuck in their parents' basement for the next four years.
« Last Edit: April 28, 2012, 08:25:04 pm by Politico »Logged

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