The First Crack: $270 Billion In Student Loans Are At Least 30 Days Delinquent

Tyler Durden's picture

Back in late 2006 and early 2007 a few (soon to be very rich) people were warning anyone who cared to listen, about what cracks in the subprime facade meant for the housing sector and the credit bubble in general. They were largely ignored as none other than the Fed chairman promised that all is fine (see here). A few months later New Century collapsed and the rest is history: tens of trillions later we are still picking up the pieces and housing continues to collapse. Yet one bubble which the Federal Government managed to blow in the meantime to staggering proportions in virtually no time, for no other reason than to give the impression of consumer releveraging, was the student debt bubble, which at last check just surpassed $1 trillion, and is growing at $40-50 billion each month. However, just like subprime, the first cracks have now appeared. In a report set to convince borrowers that Student Loan ABS are still safe - of course they are - they are backed by all taxpayers after all in the form of the Family Federal Education Program - Fitch discloses something rather troubling, namely that of the $1 trillion + in student debt outstanding, "as many as 27% of all student loan borrowers are more than 30 days past due." In other words at least $270 billion in student loans are no longer current (extrapolating the delinquency rate into the total loans outstanding). That this is happening with interest rates at record lows is quite stunning and a loud wake up call that it is not rates that determine affordability and sustainability: it is general economic conditions, deplorable as they may be, which have made the popping of the student loan bubble inevitable. It also means that if the rise in interest rate continues, then the student loan bubble will pop that much faster, and bring another $1 trillion in unintended consequences on the shoulders of the US taxpayer who once again will be left footing the bill.

From Fitch:

Fitch believes most student loan asset-backed securities (ABS) transactions remain well protected due to the government guarantee on Family Federal Education Program (FFELP) loans. The Federal Reserve Bank of New York recently reported that as many as 27% of all student loan borrowers are more than 30 days past due. Recent estimates mark outstanding student loans at $900 billion- $1 trillion. Fitch believes that the recent increase in past-due and defaulted student loans presents a risk to investors in private student loan ABS, but not those in ABS trusts backed by FFELP loans.

Why is the bubble starting to pop now?

Several macroeconomic factors are putting pressure on student loan borrowers. The main ones are unemployment and underemployment. The Bureau of Labor Statistics estimates the current unemployment rate for people 20 to 24 years old at nearly 14% and for those 25 to 34 years old, 8.7%. Underemployment is difficult to measure for these demographics, but it is likely having a negative impact.

Actually, no: the unemployment for 18-24 year olds is 46%. Yup: 46%.

A month ago, Zero Hedge readers were stunned to learn that unemployment among Europe's young adults has exploded as a result of the European financial crisis, and peaking anywhere between 46% in the case of Greece all they way to 51% for Spain. Which makes us wonder what the reaction will be to the discovery that when it comes to young adults 18-24) in the US, the employment rate is just barely above half, or 54%, which just happens to be the lowest in 64 years, and 7% worse than when Obama took office promising a whole lot of change 3 years ago.


And while technically this means 46% are unemployed, or the same percentage as in Greece, the US ratio, which comes from Pew, shows the ratio as a % of the total population: a very sensitive topic now that every month we see another 250,000 drop off mysteriously from the total labor force. However, unlike those on the trailing age end, young adults by definition are the labor force in their age group demographic, so it would be difficult to explain away this horrendous number by claiming that ever more 24 year olds are retiring. Although, yes, we agree that some may be dropping out of the labor force in order to go to college, incidentally the locus of the latest credit bubble, where they meet a fate worse even than secular unemployment: they become debt slaves of the Federal System, with non-dischargable debt at that, which even assuming they can get a job would take ages to pay back!


But wait: there's more - of all age groups, this is the one that has actually seen its wages drop the most under the Obama administration.


So not only are they unemployed, young adults are at least poor.


Net result: double the change, zero the hope.

But fear not dear banks: taxpayers got your back, as usual.

However, we believe that ABS trusts backed by FFELP loans are unlikely to be affected by employment trends, as they are at least 97% backed by the federal government. In addition, recent securitizations have been structured more robustly and many have backup servicing agreements.

Even so, Fich is covering its bases nonetheless:

While FFELP loans are largely protected from these trends, private student loan ABS trusts, especially those that were structured aggressively and with less stringent credit standards before the recession, are expected to continue experiencing high defaults and ratings pressure. Fitch will continue to monitor these political and macroeconomic factors as they evolve and will determine any impact they may have on ABS trusts.

And as a courtesy reminder to our young up and coming "thinkers", this is $270 billion in debt that can not be discharged. Go ahead - file for bankruptcy - see what happens.

The question then is - what is the student loan version of the ABX trade. After all if Bernanke is willing to blow another bubble, someone has to be able to profit when this latest soon to be failed attempt at central planning.

Finally, here are some more perspectives on the student loan bubble direct from the New York Fed's blog.



    The average outstanding student loan balance per borrower is $23,300. Again, there is substantial heterogeneity in balances of individual borrowers. The median balance of $12,800 is roughly half the average level, which indicates that a small fraction of people have balances significantly higher than the median. About one-quarter of borrowers owe more than $28,000; about 10 percent of borrowers owe more than $54,000. The proportion of borrowers who owe more than $100,000 is 3.1 percent, and 0.45 percent of borrowers, or 167,000 people, owe more than $200,000. The distribution also varies by age group: for example, borrowers between the ages of thirty and thirty-nine have the highest average outstanding student loan balance, at $28,500, followed by borrowers between the ages of forty and forty-nine, whose average outstanding balance is $26,000 (see chart below).


    How much difficulty are borrowers having paying back their debts? Of the 37 million borrowers who have outstanding student loan balances as of third-quarter 2011, 14.4 percent, or about 5.4 million borrowers, have at least one past due student loan account. Together, these past due balances sum to $85 billion, or roughly 10 percent of the total outstanding student loan balance. To put this in perspective, the same 10 percent rate applies on average to other types of household delinquent debt, including mortgages, credit cards, and auto loans. Does this mean that the prospects for student loan delinquencies are similar to those for the household debt in general, and thus no special attention is warranted? (See chart below.)


    Unfortunately, this is not the case—some special accounting used for student loans, not applicable to other types of consumer debt, makes it likely that the delinquency rates for student loans are understated. In the case of federally backed loans, which represent a majority of total lending, repayment is deferred until the student graduates from school and can then be pushed back by another six-month grace period. How do these student loans in deferment or grace periods show up on credit reports and contribute to the delinquency statistics? Given that no payment is necessary until graduation, these deferred student loans are not included in the past due balance but they are included in the total balance from which the delinquency rate is derived. This may help explain the low proportion (12.6 percent) of borrowers with past due student loans among those under thirty years old, compared with 16.9 percent among those between the ages of thirty and thirty-nine, since many of the younger borrowers are still in school and don’t yet have to make any payments.

    To address this potential bias in calculating delinquency statistics, we exclude individuals who appear to be temporarily exempt from making payments because they are in school or newly graduated from school. These are students who, as of third-quarter 2011, owed as much as or more than they did in the previous quarter while maintaining a zero past due balance. We will be able to make our inference more precise when loan-level panel data are available, but this is our first-cut analysis given the available data. We warn that there is room for misclassification in this analysis. For example, there could be borrowers who are subject to the income-based repayment plan whose payment fell short of the accrued interest, resulting in a balance that increased. Recall that this exercise looks at the student loan borrowers who have a balance as of third-quarter 2011; therefore, those who had taken out a loan at one point but paid it off before third-quarter 2011 are not accounted for.

    From this exercise, we find that as many as 47 percent of student loan borrowers appear to be in deferral or forbearance periods, and thus did not have to make payments as of third-quarter 2011. Specifically, 17.6 percent of borrowers had exactly the same balance in the third quarter as in the second quarter of this year, and 29.1 percent increased their overall student loan balance by taking on new originations or accruing interest to the balance.

    We then recalculate the proportion of borrowers with a past due balance excluding this group of borrowers. We find that 27 percent of the borrowers have past due balances, while the adjusted proportion of outstanding student loan balances that is delinquent is 21 percent—much higher than the unadjusted rates of 14.4 percent and 10 percent, respectively (see charts below).



    In sum, student loan debt is not just a concern for the young. Parents and the federal government shoulder a substantial part of the postsecondary education bill. Moreover, the student loan delinquency picture is not fully captured in the broad statistics since a significant proportion of borrowers and balances are not yet in the repayment cycle. The implications of this last fact for future changes in the student loan delinquency rate are a very important area of research.

    Given that student loans are an indispensable tool for educational advancement, this form of debt will remain a critical policy focus for generations to come. Going forward, we will continue to monitor the student loan market with new data each quarter, and we will try to provide useful information on the landscape of student debt.

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Vendetta's picture

shit falling apart ... details, details.  Just look at the big picture and good of it all /sarc off

Crab Cake's picture

You are in the wrong place. This site is not about market trends. Its about truth, and usury, and unpunished criminals, and actual source provided information.

Someone like you wont care, as you dont care how filthy your money or how bloody, but I will never put one dime back in the so called markets; at least this side of collapse or revolution. You may be interested to know though that I, and alot of people like me, are considering careers in taking shit from people like you; you are trading with our enemy afterall.

In closing, fuck you, crawl back in whatever hole you came out of. See you, and people like you, around...

LasVegasDave's picture

Crabcake:  the truth hurts.  Tyler is right on the economy but anyone investing based solely on the info he publishes missed a 100% move (granted, a move funded with bloody, debt based fiat)

As to your consideration of a career as an aggresive parasite "taking shit from people":  molon labe. 

James_Cole's picture

I agree with you in general but would add this site is a great aid for cynical investing. Tyler supplies information, how you use it is up to you. I've done well and I read this site regularly.

And fact remains, with exponential population increase - billions of people fighting over the same resources - if you have access to capital long this is a perpetual bull market, just invest in the basics.

RafterManFMJ's picture

just invest in the basics.


Cluster bombs, Potassium Iodate, sealed cases of 5.56, farmland, slit trenches, local free tradeing networks, passive solar, homemade 120MM mortars, private stills...HEY MAN help us rubes out - what basics should we be concentrating on?

bania's picture

Missed a 100% move? in what, nominal fiat dollars? And in the same time period gold is up 100%, and silver 150% - something the more astute ZH readers were buying back in spring 2009...

ElvisDog's picture

I would suggest that discerning the fundamentals is easy. Timing is really, really hard. I don't invest based on what I read on ZH, but the information I gather here adds to that I get from other sources to develop my overall world view when it comes to investing.

Caviar Emptor's picture

They only "missed the rally" if they already cashed in and sold all their stocks. Otherwise, just check out what happened in this week's Apple flash crash: it was a warning that when the selling starts it's already too late to get out. May 2010 and September 2008 already proved that

sun tzu's picture

A 100% move based on what? Did anyone catch the bottom in March 2009 and go all in at that time? You clowns are funny but in a stupid way

Gohn Galt's picture

Yes, well said crab cake. Student Loan information is valuable to me.  It has always bothered me, and the lies and deceit corrupts all levels of society.  I want to crush the bones of every loan officer, dean and politician that has supported this abomination, enough to stop them and remember into their next lifetime.

Back to the heartless souless bitch.  If you just want money that bad and you don't care where it comes from or what kind of dirt bag, just take it.  If you don't have protection, run the money through one of Bush's slushfund accounts (or who ever is around you that looks like Romney, account numbers easy to get) and leave more money in the account then you took.  This trick works forever. 

In other news I just got back from Greek Independence Day celebration's from when they fought the Turk's and saved the world.  Thank you Mr. Panos.

knukles's picture

Hey Crabs...
So now we're scare mongers, eh?
That's a step up from Conspiracy Theorist isn't it?

RafterManFMJ's picture

Holy fuck Crab Cake, you lookin' for a drone strike?? Be a bit more oblique!! We don't want to lose you!

Crab Cake's picture

I would light myself on fire on the steps of the Fed if I thought it would do any good.

I am not scared of death, but I am scared to my core of looking back 20 years from now, amidst a terrible aftermath, and knowing that I could have fought what I know to my very core is pure evil.

So if that drone strike comes, tell my son if he makes it, that Daddy fought for what was right and what he believed in.

We all die sometime, if is not a question, its the how and why that matter.

Conrad Murray's picture

That's the spirit. There are plenty of others out there thinking exactly the same. The time is near.

War is an ugly thing, but not the ugliest of things. The decayed and degraded state of moral and patriotic feeling which thinks that nothing is worth war is much worse. The person who has nothing for which he is willing to fight, nothing which is more important than his own personal safety, is a miserable creature and has no chance of being free unless made and kept so by the exertions of better men than himself. - John Stuart Mill

RafterManFMJ's picture


OOOOOOhhhhh you gonna be burnin' youself alive? You want press, you'd better load up the AK and get some trigger time in in this country. Say, pal, lets look at a man you never hear of...who burned himself to death. OOOOOh bummer, he was white and be protesin' an stuff about...well who knows? Wat's on da TV?


 A former Jaffrey man who committed suicide Wednesday by setting himself on fire in front the Cheshire County Superior Courthouse explained his actions in a rambling letter to at least two newspapers.

“A man walks up to the main door of the Keene N.H. County Courthouse, douses himself with gasoline and lights a match. And everyone wants to know why,” wrote Thomas James Ball, 58, of Holden, Mass.

His letter, more than 10,000 words long, was received in the mail by the New Hampshire Union Leader.

Ball ended his life in front of the courthouse where two thick files trace the disintegration of his marriage. The files include reports of slaps on the face of a preschooler. An arrest. A subsequent divorce. Visitation disputes. Orders to pay child support. A pending contempt charge.

TheFourthStooge-ing's picture

Crab Cake said:

We all die sometime, if is not a question, its the how and why that matter.

Your son has a good father.

We all die, but not all of us live.

You and your family have my best thoughts and wishes.


Kipper und Wipperzeit's picture


I don't care if on average I find 1 out 5 posts to ZH interesting to me personally, and of those, assuming predictions are made, there's another 1 in 5 chance perhaps that they're "right" in the sense of things happening as described; that's not what I'm here for, nor do I think it's what others are here for ... it's to get a different look at things, to read about things I might not elsewhere, and to sod through the comments section for the occasional nuggets, which are highly worthwhile. And all in all it's entertainment that manages to be orders of magnitude less soul-destroying than what's on your television, so, all in all, whatever trends may be operating, I'm long ZH. Hell of a place. Just recently registreed but long time reader. Do I like all the directions I see it take? Maybe not, but it's filling a needed role in my life, and shows no signs of stopping that.

StychoKiller's picture

Spoken like a "Bright" copper penny! :>D

spinone's picture

When you see a fork in the road, take it.

Piranhanoia's picture

Henny Penny;  don't worry then.  Go see some other places where promise, dreams and cheap money rule.  You can have all the bullshit you like.  They will spoon feed you and even give you an IV when they are ready for you to die.  At least you will know it wasn't a surprise to some.

ElvisDog's picture

I would suggest that people who want hopes and dreams go to a site like Motley Fool where they dutifully cheer when 240,000 new jobs are created and the unemployment rate falls to 8.3%.

Esso's picture

Dear Mr. nasdaq99,

You talk of a "huge freaking rally", but what was the NASDAQ valued at in 1999? What is it today? What happens if you poke the 1999 number into an inflation calculator? What would the NASDAQ have to be at today just to have kept EVEN with inflation?

Extra credit: What percentage of your money would you have lost investing in the NASDAQ index fund from 1999 to today?

Huge freaking rally, indeed. 

nasdaq99's picture


do you not know how to trade?  you buy and you sell.  maybe you got it confused and bought and held and held and held.  if you did i'm sorry and can understand your bitterness.  hint:  take some profits once ina while!   what the nasdaq was in 1999 is irrelevant!  you should know that.  so why try to make it relevant?  what is important is what will happen in the next weeks and months.

otherwise, read a book about the human will to survive, to perservere to thrive despite the obstacles.  never been down 2 touchdowns in the 4th qtr only to come back and win?  it's thrilling.  but if you prefer the bunker and the mold and the bad light, more power to you.

i dislike our government very much and what they are doing to markets is despicable.  but the markets  are going up!  they are going up because the fed is printing money like a madman.  you guys have the answer right here, you're just trying to make the markets bend to your will.  it never works that way.  make some money to buy gold with for crying out loud.  

will the rally go on for ever?  not on your life but you have to participate when it does even though the technicals are horrible and there's no volume and etc and etc!  it's going up and tyler seems to be on a mission to crash it for 6 months now.  the reason why i posted is because i like his take on almost everything BUT it's becoming very apparent that Tyler is becoming bitter too.  

Did the Greeks do the right thing?  No.  What can you do about it?  Nothing!  Is the EU doing the right thing?  No!  What can you do about it?  Nothing?  Are these things bullish for 2015?  No.  Are they bullish for 2012?  Obviously!  You rarely win when you fight the fed.

Stax Edwards's picture

'TD' has been grinding the same old axe for years now, but if you read between the lines there is plenty of actionable stuff here.  Focus on the data 'he' points out, not the necessarily the conclusions that are drawn.  In fact, you might want to go ahead and assume in all cases he is on the other side of the trade as stated at the bottom right disclosure area.  The site requires actual thinking to be of any use. The noise in the bar is mostly good for entertainment value.

Having said that I think it is safe to assume TD is really way long PM's.  Any post about silver is manna from heaven, lol.

lotsoffun's picture

yeah - but nasdaq - the average american was taken from their pensions at jobs and given '401k' and the opportunity to make their own investment decisions.  and they got lied to and robbed.  they were told 'hold long term'.  they don't have the time or wherewithal to day trade.  and if they did - the fees eat them good too.  and they sold 'index funds'.  etc.  so in terms of having a magnamimious, benevolent society - we continue dog eat dog, where wall street devours everyone that's not an insider.  it's disgusting.


YC2's picture

Do you mean trading like the dozens of successful risk compression trades, gs fx fades, and credit arb trades that have been posted here in real time?  Or do you mean invest like the long gold trade they have been on since 700?


Anyone looking for a fish here is not doing it right, but getting a fish anyways.

Terrorist's picture

Do you understand what the motto of this website means?
I crossed this bridge on 911. I am staring at the TV on a trading floor watching the second plane live. Being an informed person, I know it is OBL. I also know a couple of people working at Cantor Fitz., that I will never talk to again.
My next thought is that if I buy all the five year notes my risk limit allows, I would be guaranteed a huge bonus. Yet, I am so glad I had the foresight to pause and think about what that money would mean to me.
Many times since I have wondered if I should have made the trade. Each time I conclude that the profit would have made me someone I did not want to be.
Who are you?

nasdaq99's picture


sorry, but you are confusing trading with politics. and i hope i would have reacted the same as you did on 9-11 but shake it off, don't let it define YOU.  you did an honorable thing and it cost you money.  good for you and maybe you payed it forward in some way that will bring you some real rewards in the future.  who am i?  i trade emerging growth.  the future, the companies and the technologies that are defining tomorrow.  and it's a bright world out there despite the mechanical breakdown indeveloped economies & central banks.  life will go on.  you see the $13 soybeans?  it's putting coin in teh pockets of millions of people worldwide.  a large population is getting a taset of what we had before we screwed it up and you can't hurt them.  they make $1.50 /hour!  have no mortgage and no car payment!

look, i have compassion, anger, fear for my kid, worries about my own retirement and a sadness that it is turning out this way.  and i read this site every hour or so during the day.

HOWEVER, the market is going up and if i trade the upside and make some money, does that make me some kind of islamist????  wow, you guys have been in the bunker tooooo long.  come out, it's springtime, i just shot an 82 and the bullets are not flying out there!

and as i told the previous guy, i like this site, it's take on the markets and i want tyler to maintain his cred but he is headed for a reputation as Chicken Little unles he gets a little more real.

Terrorist's picture

Some of us believe it is an unsustainable system. Wall Street is broken, and you are helping perpetuate a crony capitalist machine that will betray you. The payoff from exposing injustice is a much more fulfilling currency.
You are mistakenly perceiving that all information is for trading leverage. Some have chosen to concentrate on making the world a better place.
I used to think you could do both at once. But the bankster system needs to be starved.

nasdaq99's picture


i hope you succeed and more power to you.  we agree in principle but i can trade for a living and not be a part of the GS/JPM/BAC nightmare on wall street.  i have actually thought about getting my soapbox and go to thelocal OWS gathering and trying to explain to them exactly what it is that they are mad about before the unions hijack the movement.  but i would get "junked" there just like here.  it's too complicated to explain in a soundbite.  thinking about the delivery speech gives me chills, i would come off like a professor that would put them to sleep.  even trained economists can't get it right!!!!!  this country will not right the course before i retire, but i will trade it until the very end of my career.  GLTA

Vlad Tepid's picture

Even trained economists?  You make it sound like they are intelligent, respectable members of contributing society.  Every "trained economist" I've ever met was a self-important ass, a dingbat who confused his macroeconomic specialty with every problem he encountered, or a little of both. 

I would have said "...especially trained economists can't get it right."  If you think they have sage wisdom, as opposed to TD here, you may want to have your head examined.  No one trades solely on the basis of what is delivered here - it is a clearinghouse, not a paid-for and researched newsletter. 

Terrorist's picture

A green arrow for you my friend.

giddy's picture

Wow.  Truth is always true -- but not always expressed so eloquently.  The choices we make are far more substantive than money earned from any unworthy effort.  These are lessons to pass on to the ages.  Thank you for your humanity.  

giddy's picture

Wow.  Truth is always true -- but not always expressed so eloquently.  The choices we make are far more substantive than money earned from any unworthy effort.  These are lessons to pass on to the ages.  Thank you for your humanity.  

Terrorist's picture

I was not asking "who are you" because I wanted to know. I was hoping you would ask yourself.
I did notice you defined yourself by what you trade. Is that all there is in there.
As far as Tyler' s cred goes, there is more cred in truth than in only being as good as your last trade.

nasdaq99's picture

and you find cred in nit-picking words such as "you define yourself by what you trade".  if you're looking for truth you need to come out of this bunker.  i told you i am on your side but i try to use this site and the information here for clues to why something is happening and actionable.  and my only point is that tyler has become so predictable in his rhetoric that he is sidelining himself and only looking at one side of what's happening is a shame.    you choose to be here as some form ot political protest.  what truth do you find in a POLITICAL protest in going into the bunker on an anonymous chat board and repeating the same stuff over and over to the buds?  go over to HuffPo or and take a whack at them!  back up and look and you will find that all you're doing is huddling with your similar minded buddies from a world that has done you wrong. GLTU

sun tzu's picture

i don't believe he ever told anyone to make a certain trade. he puts out information that the lamestream media refuses to publish. besides, how much have stock investors missed out by not investing in gold and silver the since march 2009? you suckers missed a 100% move

StychoKiller's picture

Good luck in yer fight against the Battlebots, but remember:  yer reaction time can be measured in the tens to hundreds of milli-seconds, THEY are cruising at sub-nanosecond speed these daze!

JohnnyBriefcase's picture

"Being an informed person, I know it is OBL."


Haha thanks! that made my day!

StychoKiller's picture

Unless I see something with my own two eyes, I ain't believing it, especially if it's something that justifies Big Brother's "kinetic action(s)!"

Moneyswirth's picture

Dude, you're getting junked.  

Global Hunter's picture

Fuck trade calls at the end of the day I want real information, real news, not corporate or government propaganda, I get some of it here a lot actually.  As a bonus when I'm freaking out inside at how insane what is going on is, how unstable it all is, I get to laugh my ass of at some of the wittiest reader posts I've ever read or alternatively get informed by the same posters.

Race Car Driver's picture

I'd like to sign up for your free newsletter..

Reese Bobby's picture

Buying gold has been the dominant investment conclusion on ZH since inception. You missed that move Sparky. And when the final accounting between your paper assets and the only true money is made you will be about broke in real dollar tems while I'll be just fine. Way to entirely miss the pont of a website...

StychoKiller's picture

Leroy Jenkins, is that you? :>D

Die Weiße Rose's picture

Sedlácek: The economics of equilibrium are doomed to failure.

In the film "Fight Club," based on the novel by Chuck Palahniuk,

the protagonist Tyler Durden says to his nameless friend, who despises his profession in the auto industry: We work at jobs we hate so we can buy shit we don't need.

Sedlácek: That is the expulsion from Paradise, transferred to the modern age.

In a SPIEGEL interview, Czech economist Tomas Sedlacek discusses morality in the current crisis and why he believes an economic policy that only pursues growth will always lead to debt. Those who don't know how to handle it, he argues, end up in a medieval debtor's prison, as the Greeks are experiencing today.

In the introduction to Sedlácek's book "Economics of Good and Evil," Havel wrote that most politicians "consciously or unconsciously accept and spread the Marxist thesis of the economic base and the spiritual superstructure." Sedlácek, however, turns this hierarchy on its head on his philosophical journey through cultural and economic history. For him, all of economics ultimately revolves around the question of how we ought to live. The Yale Economic Review described him as one of the promising "five hot minds in economics."

03/23/2012 SPIEGEL Interview with Tomas Sedlacek:'Greed is the Beginning of Everything',1518,822981,00.html

posted by wr;)

carbonmutant's picture

Time for our "Teleprompter puppet" to declare amnesty...

NuYawkFrankie's picture

Wonder how that $270B compares to the amount student bar-tabs are at least 30 days delinquent...