Joe Stiglitz on Inequality, Wealth, and Growth: Why Capitalism is Failing (video; if you don't have 30m, skip to 20m for discussion of political inequality, wealth, credit and monetary policy) - "If the very rich can use their position to get higher returns, more investment information, more extraction of rents, and if the very rich have equal or higher savings rates, then wealth will become more concentrated... economic inequality inevitably gets translated into political inequality, and political inequality gets translated into more economic inequality. The basic and really important idea here is that markets don't exist in a vacuum, that market economies operate according to certain rules, certain regulations that specify how they work. And those effect the efficiency of those markets, but they also effect how the fruits of the benefits of those markets are distributed and the result of that is there are large numbers of aspects of our basic economic framework that in recent years have worked to increase the inequality of wealth and income in our society... leading to a society which can be better described, increasingly, as an inherited plutocracy." [more inside]
The top 25 hedge fund managers earn more than all kindergarten teachers in U.S. combined. "'Last year turned out to be the worst one for this elite group of investors since the stock market meltdown of 2008,' Institutional Investors' Stephen Taub writes, adding, 'How bad was it?' apparently without irony." [more inside]
Has the Higher Education Bubble Popped? According to the CSM, the boom in demand for bankers, barristers, and bureaucrats is over.
The Higher Education (Debt) Bubble - "[H]igh and increasing college costs mean students need to take out more loans, more loans mean more securities lenders can package and sell, more selling means lenders can offer more loans with the capital they raise, which means colleges can continue to raise costs. The result is over $800 billion in outstanding student debt, over 30 percent of it securitized, and the federal government directly or indirectly on the hook for almost all of it. If this sounds familiar, it probably should... [more inside]
Student puts the cost of education on the table Out of state student Nic Ramos paid his $14,300 tuition cost for a semester at CU Boulder in $1 bills to bring attention to the rising cost of education in the U.S. [more inside]
There is a firestorm in Bedford, New Hampshire, because a parent wants the school board to take the book "Nickel and Dimed: Not Getting By In America" off the reading list for a high school personal finance class. [more inside]
The Scholar Ship, an international floating university stewarded by top universities in Morocco, the United Kingdom, China, Australia, Mexico, USA, and Ghana, have temporarily suspended all voyages due to lack of funds - mainly caused by the withdrawal of main sponsor and initiator Royal Caribbean International. The program ran two voyages in 2007 and 2008 before shutdown. Alumni and prospective students on Facebook and Ning are busily sourcing options to revive the organization, while Semester at Sea is offering spaces to students who were accepted for the now-cancelled voyages. [more inside]
MoneyChimp - a "coherent, logical, useful and accessible financial education resource".