The Feed

Has The Student Loan Bubble Burst?

ZeroHedge has been waiting for the student loan “bubble” to pop, and they think the “quite ghastly” third-quarter numbers might just be the beginning of the end.  Total federal student loan debt (which is only part of the short-circuiting student loan system) shot up $42 billion to hit a “gargantuan” $956 billion.  Even worse, there was a huge spike in the two worst parts of the delinquency spectrum: new delinquencies, and past-due balances that have aged beyond the 90-day threshold, at which point debts become exponentially more difficult to collect.

According to the Federal Reserve, “Of the $42 billion, $23 billion is new debt while the remaining $19 billion is attributed to previously defaulted student loans that have been updated on credit reports this quarter. As a result, the percent of student loan balances 90+ days delinquent increased to 11 percent this quarter.”  No balance sheet with 11 percent of a massive liability floating in the 90-day Sargasso Sea is in good shape. . .

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Education

Husband of Sen. Dianne Feinstein Admits to Helping Well-Connected Applicants Gain Admission to University of California: ‘No One Ever Told Me It Was Wrong’

The husband of Senator Dianne Feinstein (D., Calif.) admitted on Thursday to sending an inappropriate letter identified in a state audit that appeared to help an applicant to the University of California, Berkeley, get accepted to the school. The California State Auditor issued a scathing report on Tuesday ... Read More
Education

Husband of Sen. Dianne Feinstein Admits to Helping Well-Connected Applicants Gain Admission to University of California: ‘No One Ever Told Me It Was Wrong’

The husband of Senator Dianne Feinstein (D., Calif.) admitted on Thursday to sending an inappropriate letter identified in a state audit that appeared to help an applicant to the University of California, Berkeley, get accepted to the school. The California State Auditor issued a scathing report on Tuesday ... Read More

The Arson Party

About that peaceful transfer of power . . . I do not have access to my friend Mario Loyola’s Donald J. Trump super-secret decoder ring, but I am inclined to accept Loyola’s explanation that what President Trump was trying to say, but couldn’t quite manage to say, was the usual witless Trump trolling -- ... Read More

The Arson Party

About that peaceful transfer of power . . . I do not have access to my friend Mario Loyola’s Donald J. Trump super-secret decoder ring, but I am inclined to accept Loyola’s explanation that what President Trump was trying to say, but couldn’t quite manage to say, was the usual witless Trump trolling -- ... Read More
Law & the Courts

No, the Democrats Won’t Pack the Court

For many progressive opinion-makers, the only way to save the Supreme Court is to destroy it.   They believe the best response to the Republican-held Senate confirming a Trump nominee to fill Ruth Bader Ginsburg's seat on the Supreme Court is to pack the Court if Democrats win in November. Holding out the ... Read More
Law & the Courts

No, the Democrats Won’t Pack the Court

For many progressive opinion-makers, the only way to save the Supreme Court is to destroy it.   They believe the best response to the Republican-held Senate confirming a Trump nominee to fill Ruth Bader Ginsburg's seat on the Supreme Court is to pack the Court if Democrats win in November. Holding out the ... Read More
Politics & Policy

Do You Want 51 or 52 States Next Year?

“The prospects of statehood for Puerto Rico and Washington, D.C., have never been greater, but many significant obstacles loom,” The Hill declares. The Constitution declares, “new States may be admitted by the Congress into this Union; but no new State shall be formed or erected within the Jurisdiction ... Read More
Politics & Policy

Do You Want 51 or 52 States Next Year?

“The prospects of statehood for Puerto Rico and Washington, D.C., have never been greater, but many significant obstacles loom,” The Hill declares. The Constitution declares, “new States may be admitted by the Congress into this Union; but no new State shall be formed or erected within the Jurisdiction ... Read More