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$1 trillion bailout is comingand soon.
Saturday, December 1, 2012 23:47
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A possible $1 trillion bailout is coming—and soon.
America’s now-nationalized student loan industry just reached a value of $1 trillion, according to Citigroup, growing at a 20 percent-per-year pace. Since President Obama nationalized the industry (a tacked-on provision of the Obamacare bill), tuition has gone up 25 percent and the three-year default rate is at a record 13.4 percent.
Ron discussed this problem last night with Larry Kudlow:
With many young people unable to pay their loans (average graduating debt is about $29,000), Citigroup and others are speculating that this industry might be ripe for a bailout.
