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thinkahol *

Attorneys General Settlement: The Next Big Bank Bailout? | Matt Taibbi | Rolling Stone - 1 views

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    The point of all of this is, if you add up all of the MBS-related liability out there, the banks as it stands are facing an Armageddon of claims from all sides. It can't possibly be less than a trillion dollars, and it's probably much, much more.

    But the Obama administration's current plan is to let them all walk after paying a few shekels apiece into a $20 billion kitty.
thinkahol *

Is Student Debt the Next Front in the Consumer Debt Crisis? « naked capitalism - 0 views

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    The media has been so preoccupied with acute symptoms of the debt crisis - sliding home prices, foreclosure abuses, ongoing Euromarket bank/sovereign debt stress, ongoing battles over financial regulation implementation, unhappiness over the Fed's QE2 - that lingering problems are not getting the attention they deserve.

    High on the list is the how the weak job market is affecting new college and advanced degree program graduates. We have an unspoken social contract: young people who get an education, particularly a "good" education (which means more elite universities, more serious courses of study, graduate degrees) are supposed to be rewarded by higher lifetime earnings. And the prospect of higher lifetime earnings in turn makes it rational to borrow to invest in education.

    But this whole premise has started to go awry, and the huge uptick in unemployment has started to make matters worse.
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