back with james freewayman, and joining us, opinion.com editor, james taranto. these are huge loans, how big a problem is it? it s a big problem and the interesting number, the amount of outstamping student loan debt doubled in the past five years during this dismal economy. when you think about it, it makes sense. what do young people do when they can t get jobs? they park themselves in school and try to get another credential in hopes of improving their employment prospect later. but, as a result of this, they end up going into the workplace with much more debt. hopefully the economy will improve so they ll be able to get this, but it looks to me like another debt bubble. in real terms, borrowing has gone up, and roughly double in the last five years or so. yeah, it s a and the reason that people think of it as the new subprime. when it s coming from the government, a student loan is
more to the middle might have been able to get something through congress. once he started talking about a big tax increase on the rich, there s no way republicans were going to go for that. i think this has become a political debate not a debate about what we can pass right now. that s a problem when you have 14 million unemployed people. didn t the summer teach the white house there was going to be no consensus and trying to do a deal, trying actually to move to the center is what the white house tried to do over the debt ceiling isn t going to work. if you talk to people at the white house precisely for that reason you talk to people at the white house they say actually we really tried hard to do a deal and we think it s a huge mistake because the other side doesn t want to bargain and that s what the president is hearing. from his base. they did make a deal on the budget. not a meaningful deal that moves economic deal. economic warfare, tax the rich that s not a
and joining us, opinion.com editor, james taranto. these are huge loans, how big a problem is it? it s a big problem and the interesting number, the amount of outstamping student loan debt doubled in the past five years during this dismal economy. when you think about it, it makes sense. what do young people do when they can t get jobs? they park themselves in school and try to get another credential in hopes of improving their employment prospect later. but, as a result of this, they end up going into the workplace with much more debt. hopefully the economy will improve so they ll be able to get this, but it looks to me like another debt bubble. in real terms, borrowing has gone up, and roughly double in the last five years or so. yeah, it s a and the reason that people think of it as the new subprime. when it s coming from the government, a student loan is
moammar gadhafi? i ll talk to an expert in the middle eastern region. plus 4:00 eastern, we ll go over fortune magazine s top 40 under 40 list. your $$$$$ starts right now. president obama on the road this week pushing his jobs plan but is he fighting for your job or campaigning for his own. welcome to your $$$$$. i m christine romans, ali velshi is off. chrystia freelander and economist stephen moore. the president traveling through battle grounds on a key trip, wants to push congress to pass every part of his jobs act piece by piece. what is this about? whose job is he looking for. my view is if he had really been serious about passing a jobs bill earlier this year, if he had moved to the middle he might have gotten something through congress. once he started talking about a big tax increase on the rich, there was no way republicans were going to go to that. i think this has become a polit debate, not what we can pass now. that s a problem when you have 4 million
from. ing ofly the issuers don t want to have bad ratings and there is a conflict of interest. had they done that, we would not have had the huge debt bubble, housing bubble. when it burst we would not have had the huge great recession at the scale of which required the government bailout of wall street, a stimulus package, a lot of things that are now contributing to the debt we have today. so it s a double irony, not only is standard & poor s not doing the job it ought to be doing today, it didn t do the job it should have been doing then, which got us into the trouble we are in today. robert reich, former labor secretary, thank you very much for joining me tonight. thanks, lawrence. up next, congresswoman jan schakowsky on the new pressures put on the congressional super committee to reach a compromise on the debt. and later, political reports rick perry will make a major announcement on saturday while everyone else in the political world is concentrating on the