By about 414 points. Things have bounced around rapidly. Weve seen the volatility. Part of that was the big selling that happened. Nasdaq off another 140 poijnts. Looking at the 10year trading down talking historic lows every day when the 10yearwas above 1. 2 on the ticker, i was looking for it this is an important time to watch that, didnt you think it is crazy its a new time line to look at global rates we never thought these type of rates would get to us. They are still higher than the rest of the world is at. It is still staggering it is unbelievable and shocking on the daily basis. Providing the context. It does not happen often they are usually tied to an event. 1998, it was the collapse of the he hedge fund in 2010, resulting in a drop 2008, the financial crisis led to a fourday decline of more than 1,500 points. And now the coronavirus with a loss of 3,200. The big one was 1987 that wasnt really precipitated by any other event other than insurance. 22 in a day i want to make a
A huge weight of growth that simply cant be sustained indefinitely and thats whether by the students themselves coming on board well by the windows its a huge increase in the private debt load on the economy and its falling on the people who earn the least money and its setting them up for being able to participate in the rest of the economy life which is also driven by did so i think is one form of it is going to basically a. Student debt is going to make it impossible to keep boosting Household Debt so the Financial Sector is eating itself im so old i remember the 2008 financial crisis and if you recall the sub prime debt bubble up and we have this global meltdown the student debt is already bigger than the subprime debt bubble. That was about an on trillion dollars when you look at it went from 6 to non trillion between about 22000. 00 and fog so were not talking the same sky loving christian debt were talking they did go on turning in income and then when they graduate they grudge.
Welcome to front running 2020 with max kaiser and stacy are over at a bevy of special guests right here in fabulous hipster brooklyn im feeling it so stacy this episode is all about Student Deaths and the students of course are the millennium goals and generation z. They like the candidates promising to get rid of all the student debts theres 1. 00 trillion dollars in outstanding debt today in america that is up from 300 63000000000. 00 in just 2005 joining us to discuss this dr Michael Hudson professor steve kean and randy roller professor steve kean of course you talk a lot about debt and in fact increase the rate of increase of debt what do you think of that number 363000000000. 00 in outstanding Student Loans in 20051. 6 trillion today doubling every 2 years which is a huge right of growth that simply cant be sustained indefinitely and thats whether by the students themselves coming on board well by the windows its a huge increase in the private debt load on the economy and its fal
Owed to the government so that means that the government could wipe out all the student debt and it wouldnt hurt any creditor at all it could be wiped out without any disruption of the economy and in fact unless its wiped out the economy will be distorted because as steve cain just said if you have to pay a lot of money in student debt you cant afford to get a Bank Mortgage to buy a house of your own and theyre going to end up living with your parents you know awol dr Michael Hudson here according to moodys erasing student debt would be a small stimulus but would it create moral hazard moral however or has it but i wouldnt know what is the morrow if he had worked the moral hazard is if the rich families that can afford to send their kids to School Without an education would no longer be able to lord it over the families that are driven into poverty by student debt. The moral hazard is that there wouldnt be a polarizing economy between an oligarchy at the top and a democracy at the bott
63000000000. 00 in just 2005 joining us to discuss this dr Michael Hudson professor steve kean and randy roller professor steve keen of course you talk a lot about debt and in fact increase the rate of increase of debt what do you think of that number 363000000000. 00 in outstanding Student Loans in 20051. 6 trillion today doubling every 2 years which is a huge right of growth that simply cant be sustained indefinitely and thats whether by the students themselves coming on board well by the windows its a huge increase in the private debt load on the economy and its falling on the people who are in the least money and its setting them out for being on a able to participate in the rest of the economy life which is also driven by did so i think is one form of it is going to basically a. Student debt is going to make it impossible to keep posting Household Debt so the Financial Sector is eating itself im so old i remember the 2008 fine. Cry out and if you recall the sub prime debt bubble u