getting homes, and are getting jobs. they re looking at 40 years of flat wages. those doors to opportunity got harder to open. [laughter] this is a big. staggering debt from student loans. that old construction instruction manual seems like false advertising. the system isn t fair. we tell young people they have to go to college, and they take out loans, and other punished for it. borrowing money for the right reason, higher education. this is a story about how our basic bargain was broken by greed and politics. it was two lines, slipped in under the dark of night. it wasn t until it was all over, you went back and said, oh my god. two lines in the bill change the lives of millions of americans. in my personal journey to uncover how student debt crush the american dream. this lending system is now catastrophically failed. it is spun out of control. you get a wig in your hands. this is not a wig, it s a vlogger. and who was secretly behind
stops against our best and brightest for the crime of going to college. this lending system is now catastrophically failing, proactively failed, by all rational metrics and measures. we now owe close to two trillion dollars in federal student loan debt. and, you know, it seems like nobody is really even paying attention to what. so whoa. there is definitely a story here. but was allan right about its magnitude and that no one was doing anything about it? we just have to clear the area of both tires. it all seemed so outrageous. glad you showed up, man. and honestly, so did allen. meet jerome. he s the chair of the federal reserve, a fancy way of saying his job is to make sure the economy doesn t stop.
banks that if, in fact, they re not as credit worthy, then the investors, the bondholders might say, maybe not a good place to keep my money. before we go, katherine, you tweeted what do bailouts, price gouging and porn have in common? no one can precisely know it until you see it. the biden administration keeps saying this is not a bailout. but let s be straight with the american people, isn t it especially with that lending system? well, what is a bailout? we all know a bailout is a bad thing. it s a toxic word. you don t want the thing that you were responsible for to be a bailout. but, look, this was a rescue for the depositors, right? they were getting insurance they did not pay for in the sense that if they had several million dollars in this bank, it was ensured. they were not having to pay effectively get assessed fdic fees for that insurance. so it was a rescue for them.
i had health care. i had a house. i had many things. i have none of those things today because i decided that the most useful thing that i could be doing with my life was fighting this battle. the lenders pull out all the stops against our best and brightest for the crime of going to college. this lending system has now catastrophically failed. it s galactically failed by all rational metrics and measures. we now owe close to $2 trillion in federal student loan debt. and you know, it seems like nobody s really even paying any attention to it, so. - whoa. there was definitely a story here. but was alan right about its magnitude and that no one was doing anything about it? - we re just gonna have to clear this whole area out, both tires. - it all seemed so outrageous. - glad you showed up, man. - sure. and honestly, so did alan.
crushed the american dream. - this lending system has now catastrophically failed. - this thing has just spun out of control. - i see you ve got a whip in your hand. - this is not a whip. it s a flogger. - oh, okay. and who was secretly behind it. - we are trying to figure out where it came from. - who? - nobody put their name on this one. - unraveling this political scandal would require listening. - adults tell you, you have to go to college. - i did what i was supposed to do. - and it feels like somebody lied to you somewhere along the way. - traveling the country. - glad you showed up, man. - tremendous focus. [whimsical chords] and steely determination. - it is a problem. did congress even know what it was doing? - it s keeping me up at night. - this was a legislatively manufactured crisis. - this is a scam. - it s the greatest robbery in modern american life. [moody, heavy chords]