This Trillion-Dollar Debt Bubble is Ready to Pop w/ Bruce Mesnekoff

1. ThisTrillion-DollarDebt Bubble is Ready to Pop w/ Bruce Mesnekoff Announcer:It’s timeforMarcLichtenfeld’s Oxford Club Radio, the hardest-hitting half-houraboutyouandyour money.Now, here’s MarcLichtenfeld. MarcLichtenfeld:Gladyou’rewith us. We’vegotatremendous show foryou this week.In a little bit, we’ll betalking with student loan expertBruceMesnekoff, co-author ofTheUltimateGuideto StudentLoans.Even ifyou,your kids orgrandkids don’t havestudent loans, this is stillaveryimportant topic. Thereare alot of people out therethat saythe student loan debt bubblecould be thenext big crisis in the U.S. Soyou need to hear about what’s going on and whythiscould havesuchadevastating impact on the economy. We’ll also talk about healthcaremergers.On Thursday, therewere aton of them: big ones, too– worth about $40 billion all told. And thenthere’sTwitter(NYSE: TWTR) andFacebook’s (Nasdaq: FB) earnings. Ifyou havequestions, comments or feedback, go towww.oxfordclubradio.com, click on“Contact” and shoot mean email. We often go into the mailbag on the showsoIcan trytoansweryour questions.I can’t give personal advice, so don’t say, “What shouldIdo with Yahoo?Iown 100 shares.”ButIcould answer ifyou asked me, “Hey, what doyou think of Yahoo?”Whatever’s on your mind about themarkets, the economyoranything else like that,I’m happyto help. So Twitterand Facebookhad earningsreleases recently, whichwereverydifferent. Facebookabsolutelycrushed it, andthe stock gapped about 10%higher. Yet Twitter gotcrushed becauseof bad earnings.It can’t seem to figureout how toturn its platform into a lucrativebusiness,whereas Facebookclearlyhas. Personally,IlikeFacebook.Iuseit to post pictures of familyandtrips, find out what’s happening with friends, stalkexes and the like.(Bytheway,you canfollow me at Facebook.com/oxfordmarc.)It’s not somethingIuseeveryday,butIam on it.I liketo seewhat myfriends areup to. ButIfind Twitter, which can’t seemto find areal businessmodel, to bean invaluabletool forinvesting, newsand figuring out what’sgoing on in theeconomy. Ifollow 850 people on Twitter. Someof them arecelebrities, but most of them arebusiness,economy, financeand investing people. Thereareafew boxing people in there, too.Ifyou don’tknow,Ihaveaside job as aring announcer, hencethe reason whymyTwitter handle isStocksNBoxing. But mostly,Ifollow investing people. WhenI’m donewith atask and havea moment to breathe,I’ll takealook at Twitter and seewhat people aretalking about. Veryoften,Ifind they’ll link to articlesIwouldn’t find on myown. Yes, therearecertainlypeoplewho link tothe mainstream media: CNN, NBC, MSNBC, Fox, etc. But manywill link to other things thatyou wouldn’t havefoundotherwise: nichemedia.It’sreallyhelpful,andyou get a wide variety of opinions.Ithink Twitteris fantastic for that, especiallyforinvestors. Ifyou’venever signed up forTwitterandwant toget on now, pick ahandle.It starts with the@ sign. Thenyou pickyourname.Let’s sayyour actual nameis Mike Jones.In that case,your

2. handle could be @mikejones. Of course, theremight be other MikeJones out there, soyou might haveto be mikejones23 or mikejoneschicago or denvermikejones. Again, mineis @stocksnboxing.Ifyou follow me,you can see whoIpayattention to byclicking on“Following.”Right now, it says 851, whichyou’dclick on. That might giveyou ahead start onwho else to follow. For example, mylist includesRonnie Wood from TheRolling Stones, butalso Morgan Wright, who was on theshow last week. He’s an onlinesecurityexpert. Then there’s Neel Kashkari, president of theMinneapolis Fed and part ofthe team that helped devisethe economiccrisis strategy. There’s so manypeople:a dividend guy; Alex Korb, aneuroscientist we’ve had on the showbefore;aCFA; Ninja Economics; Brad Thomas, who does real estate investment trusts;JasonHartmann, oneof oursponsors here; Mark Dow,ahedgefundmanager…Those arejust the onesat theveryfront ofmylist right now. You can alsoclick on someof them toseewho theyfollowand reallybuild up anicelittle information networkthat way. Again, it’s atyour leisure:Wheneveryou feel like scrolling,you can go andseewhat’s happening. Theothernicething isyou can put in search terms– likethe Fed– and ticker symbols.Let’s sayyou’reinterested in Yahoo. You’d put in “$YHOO”and seewhat people aresayingabout it. Ifind it to be an invaluable tool. So it’s just amazing to methat,from a business standpoint, thecompanycan’t seem tomakeit work. Yet Facebook, which is much more frivolous, is managing it.If Facebook went awaytoday,I’d bebummed.ButIfind Twitterto beabsolutelyinvaluable.When astock is moving during thedayandIcan’t find areasonwhy,I’ll go there.If there’s breaking news,I’ll oftenfind out about it on Twitter first, both forstocksand general news.If there’s someinternational incident somewhere, Twitter usuallyhas that stufffirst. SoIreallyloveit.Ifyou’renot on Twitter,Istronglyrecommend it.It’sabsolutelyfree.It doesn’t costyouapenny. Again,youcanfollow me@stocksnboxing. OK, myguest todayisBruceMesnekoff, oneof theforemost experts on student loan debt and the co-author ofTheUltimateGuideto Student Loans. Bruce, thanks so much forjoining us today.Iwas talking about theperception ofastudent loan debt bubblethatcould pop at any moment and significantlyimpact the economy.Is that accurate? BruceMesnekoff:Hi, Marc. Glad to behere. Youhit the nail on the head.There’s over $1 trillion in student loan debt now.It’s bigger than credit card debt, believeitor not. Theonlydebtlarger in this countryismortgages. And there’s definitelyabubble brewing. At least 10% ofpeople with student loans arealreadyin default, and millions morearestruggling. Withthe power thegovernmenthas to collect on theseloans, which aretrickling down to effect peopleinotherareas of life, it’salreadymaking an impact. MarcLichtenfeld:Let’s talk a bit about that impact. What power does the government havetocollect on theseloans,and do we haveto beworried about a massivedefault rippling through theeconomy? BruceMesnekoff:Thedefaults are alreadycoming in staggering numbers.And ourgovernment’s power to collect on themis unbelievable.Ifyou don’t payyour credit card debt, forinstance,you go to collection.Ifyou decideto ignoreit,you can declarebankruptcyandwipe

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