PODCAST: 'Money Under 30' and Facebook syndrome
Students walk across the campus of UCLA on April 23, 2012 in Los Angeles, California. A new report from the New York Federal Reserve shows that student loan debt is up nearly 8% since last year.
Student loan debt made headlines back in March when the nation's total student debt load passed $1 trillion. A new report from the New York Federal Reserve Bank shows that student debt is up nearly 8 percent in just the last year. Those are the headline numbers, but for our midday extra we talked about the story behind the numbers with David Weliver, publisher of financial advice blog, Money Under 30.
Jobs numbers are out in Europe and they're not pretty. Unemployment in the eurozone hit 11 percent in March and April. That's the highest it's been since they started tracking the number in 1995.
Manufacturing in China dropped off in May -- a sign that the Chinese economy is slowing down more than expected.
Irish voters appear to be resigned to tough austerity. After yesterday's referendum, unofficial results have just come in. Nearly 60 percent of Irish voters said "yes" to the budget-cutting treaty with Europe.
As if middle school dances aren't emotionally scarring enough, the New West Charter School in West Los Angeles created a VIP room at its dance, complete with laminated passes, a dessert bar, and a gift bag to take home. The VIP pass cost $5.
We were just talking about the Facebook Syndrome -- a kind of contagion that infects other companies trying to sell their own stock to the public for the first time. Listen to what the head of the bank that underwrote Facebook's ill-fated IPO is saying. Morgan Stanley CEO James Gorman told CNBC that investors who bought Facebook looking for immediate gains were"naïve." They bought it under what he called the "wrong pretenses."