now, these cuts come at a time where young people are already having trouble paying for their education. the wall street journal reports last quarter that mortgage, debt, home equity, auto loans, all down sharply. partly because people were being more careful, but partly because many had defaulted. student loans, many up sharply. 11.2% of student loans were more than 90 days past due and the rate was steadily rising. only credit cards had a higher rate of delinquency, 12.2%. but those numbers have been on decline for the past four quarters, so if your parents were not wealthy enough to pay your way through college, it s likely you took some student loans if even if you had loans, to get a job to pay the loans back, but for millions of young people, that is no longer reasonable assumption. last month the unemployment rate among people age 20 to 24 was 14.6%.
out. before this, interest did not accrue until after the student graduated. now, these cuts come at a time where young people are already having trouble paying for their education. the wall street journal reports last quarter that mortgage, debt, home equity, auto loans, all down sharply. partly because people were being more careful, but partly because many had defaulted. student loans, many up sharply. 11.2% of student loans were more than 90 days past due and the rate was steadily rising. only credit cards had a higher rate of delinquency, 12.2%. but those numbers have been on decline for the past four quarters, so if your parents were not wealthy enough to pay your way through college, it s likely you took some student loans if even if you had loans, to get a job to pay the loans back, but for millions of young people, that is no longer
$40 billion. so they put out up that high so when it s $1.3 billion only we re supposed to be happy. the problem is we stopped making sexy cars. we emphasized safety over sexy. and the cars aren t andrea: where are the priorities? greg: i want to show you a car. this is a chrysler car from 1959. that is my car. this is a french chrysler hybrid. make those cars, chrysler and you will bounce back. kimberly: when business greg: this was an entire excuse to show off my car. kimberly: we get that. greg: yeah, that s my car. kimberly: when government gets involved in business it mucks it up. andrea: just like bush got on the carrier and said mission accomplished the administration did it with auto bail-out and it didn t work. a disaster. kimberly: be honest. juan: are you all naysayers? we got back $11.2 of
a car. this is a chrysler car from 1959. that is my car. this is a french chrysler hybrid. make those cars, chrysler and you will bounce back. kimberly: when business greg: this was an entire excuse to show off my car. kimberly: we get that. greg: yeah, that s my car. kimberly: when government gets involved in business it mucks it up. andrea: just like bush got on the carrier and said mission accomplished the administration did it with auto bail-out and it didn t work. a disaster. kimberly: be honest. juan: are you all naysayers? we got back $11.2 of $12.5 billion. we got back overwhelmingly most of our money. people who work who have jobs as a result of chrysler being alive are still working. you re the same with respect why don t they do more for jobs? why don t we have auto industry in the country? he saves the auto industry and you still complain. andrea: i want to go to the casino with you, because
shifts. the faa is considering scheduling naps of 20 to 30 minutes for controllers after studies show those who nap were more alert during working hours. a week after the s&p fired a warning shot to the u.s. about its debt the international monetary fund has chimed in with a startling prediction about america s coming place on the global food chain. for details we get up in your business this morning, cnbc steve sedgwick live just up the street here in london. nice to be on the same continent for once. yeah, absolutely. well, i mean, this is a startling story coming from the imf by one measure, called purchase power parity, the u.s. will be a smaller economy than chinese economy in 20 16. u.s. economy will grow to $18.8 trillion but the chinese economy will grow from present $11.2 to $19 trillion. the imfes by another measure, market exchange rates, the u.s.