While You Were Working - May 9

Mulvaney kept playing the short game

Mick Mulvaney moved today to weaken the CFPB’s Students & Young Consumers unit by folding it into the bureau’s Office of Financial Education. While the move comes as no surprise, me thinks Mulvaney might be mistakenly playing the short game to please all those people who you to pay to meet with him.

The student lending system is the US is broken. But rather than fix anything, this move by Mulvaney will further entrench many of the things that ail the system. For the last two decades, I have spent a good chunk of my spare time coaching high school soccer. The outlook my players have on college has changed dramatically in the last few years. Many students who are prime candidates to attend excellent colleges do not want to do so out of fear of the student debt that such an education often entails.

Many colleges have already noticed a decline in applications. So far, their response has been to increase the tuition for students who still opt to attend. But what happens when the colleges start running out of those students? The schools will lose paying customers … and so will the banks that fund those customers.

A warning shot was fired at Deutsche Bank

The lightning speed with which the Treasury Department launched its investigation into how Michael Cohen’s bank record became public is rather impressive. Hmmmm … it’s almost as if the Treasury is trying to send a message to Deutsche Bank about what will happen if the records of Cohen’s most famous client become public in a similar manner.

This is hilarious

Not only has Wells Fargo been ripping off its customers … it has been ripping off its own employees

Here comes China

It is really quite fascinating how rapid the opening of China’s markets has been. I know many people think the pace has been too slow, but when you look at the course of global history, China is moving less like a glacier and more like a bolt … Usain Bolt.

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