The big news of the day: Yet again, students are graduating college with a record amount of debt.
A new survey from the New York Fed breaks down America’s ongoing deleveraging process, showing which kinds of debt are growing, and which are shrinking, and where people are going delinquent.
On this chart of total accounts — not actual debt levels — one things stand out. The number of students borrowing money keeps growing, and growing, seemingly completely immune to any market forces.
This is what it looks like when the market is so controlled and subsidized by the government, which has determined that student borrowing is A Good Thing, and can’t fall.
Of course, housing was like that too.