Daily Digest 7/29 - Spain's Jobless Rely On Family, Doctor Shortage Will Worsen, How Recession Will Change Uni. Financing
Tim Geithner was complicit in Lehman’s accounting fraud, (and see this), and pushed to pay AIG’s CDS counterparties at full value, and then to keep the deal secret. And as Robert Reich notes, Geithner was “very much in the center of the action” regarding the secret bail out of Bear Stearns without Congressional approval. William Black points out: “Mr. Geithner, as President of the Federal Reserve Bank of New York since October 2003, was one of those senior regulators who failed to take any effective regulatory action to prevent the crisis, but instead covered up its depth”
Pensions for the elderly are among the few benefits that have not been slashed, though they have been frozen since last year. The Spanish are known for their strong family networks, and most grandparents are eager to help, unwilling to admit to outsiders what is going on, experts say. But those who work with older people say it has not been easy. Many struggle to feed three generations now, their homes overcrowded and the tensions of the situation sometimes turning their lives to misery.
“The Turkish police are watching the border, but with their eyes closed,” said Ahmed al-Debisi, a Syrian pharmacist and opposition member based in Antakya, who is trying to clandestinely make gas masks out of Coke cans and cotton balls, in case the government of Syria’s president, Bashar al-Assad, unleashes chemical weapons.
“We have a shortage of every kind of doctor, except for plastic surgeons and dermatologists,” said Dr. G. Richard Olds, the dean of the new medical school at the University of California, Riverside, founded in part to address the region’s doctor shortage. “We’ll have a 5,000-physician shortage in 10 years, no matter what anybody does.”
Also, those now leaving college are finding few jobs. Only 54 percent of those age 18 to 24 are employed, the lowest share since data began to be collected in 1948, and the unemployment- rate gap between this demographic group and all working-age adults is the widest on record. Only 49 percent of graduates from the classes of 2009 to 2011 found jobs within their first year out of school, compared with 73 percent of those who graduated three years earlier. About 54 percent of bachelor’s- degree holders under 25, or about 1.5 million people, were jobless or underemployed last year.
To get a more precise sense of what college costs, we need to do two things. First, we should look at "net-price of attendance," which subtracts scholarships and financial aid from the whole cost of a year at school. This is essentially the budget that attempts to take into account the real cost of a dorm room, late night trips to White Castle, Andy Warhol posters for decorating, and beer money, along with tuition. Once we have that figure, we should break it down by family income level.
Article suggestions for the Daily Digest can be sent to email@example.com. All suggestions are filtered by the Daily Digest team and preference is given to those that are in alignment with the message of the Crash Course and the "3 Es."