Laura Newland examines the hypercompetitive battle for internships and the economic pressures—student loans, the daunting cost of graduate degrees, high unemployment—at the nation’s elite universities. She argues that these economic pressures have fueled a Wall Street recruiting machine that is winning over the best and the brightest. In Chasing Zeroes: The Rise of Student Debt, the Fall of the College Ideal, and One Overachiever’s Misguided Pursuit of Success, she writes about her own experiences with college debt and the lure of finance, and looks at higher education and the tension between ambition and debt.
Montreal's bike share company, which also supplies equipment and technology to the largest bike share systems in the U.S., has filed for bankruptcy—but transportation officials in the U.S. say that won't have any immediate impact on operations.
The federal government could default on its debt if it does not increase the amount of money it can borrow by October 17.
Yesterday afternoon, it was announced that the city of Detroit would be filing for bankruptcy today. This bankruptcy petition would seek to protect the Motor City from creditors who are owed over $18 billion dollars. While the city government may be going bankrupt, Detroit residents are picking up the slack. The Takeaway talks with Craig Fahle, Host of WDET's the Craig Fahle Show and Amy Peterson, a Detroit resident who won a local competition that supports creative local projects aimed at social change.
Economist and Nobel laureate Joseph Stiglitz discusses public debt and argues that concerns over debt are crowding out the relief and recovery policies that the United States—and other nations facing debt problems—needs. Stiglitz was chairman of President Clinton's Council of Economic Advisers and served as senior vice president and chief economist at the World Bank, and his most recent book is The Price of Inequality: How Today’s Divided Society Endangers Our Future.
Some pundits, including New York Times columnist Paul Krugman, have proposed minting a trillion dollar coin as a way for Democrats to avoid a debt ceiling fight with Republicans. Is the proposal legal? Is anyone taking it seriously? Todd Zwillich, our Washington correspondent, explains.