The total value of student loans in America today is LARGER than the total value of subprime loans at the peak of the financial bubble. And just like the subprime mortgages, many student loans are in default.
"The downgrade of Saudi Arabia's Long-Term IDRs reflects the continued deterioration of public and external balance sheets, the significantly wider than expected fiscal deficit in 2016 and continued doubts about the extent to which the government's ambitious reform programme can be implemented."
David Rockefeller, the famous banker and philanthropist with the family name that controlled Chase Manhattan bank for more than a decade and wielded vast influence around the world in the world of finance, has died on Monday morning at his home in Pocantico Hills, N.Y. He was 101.
Just days after reports emerged that student loan defaults are soaring, the Trump administration has revoked rules put in place by Obama that barred student debt collectors from charging penalty fees on past-due loans...that should take care of that pesky 'moral hazard' problem...
Attempting to spend a nation to prosperity using borrowed money is not without consequences. In the short run, an illusion of wealth can be erected. In the long run, that illusion slips into decay and disrepair.