Catastrophic debt

27 days ago


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The $779 billion budget deficit has renewed Democratic anger about the $1 trillion Republican tax cut (and the party's call to shrink safety nets). The $21.6 trillion national debt is an even more incomprehensible figure. But for younger Americans, there's another number looming: $1.5 trillion. That's how much student debt is out there, and this is how the current crisis is shaping up to become a catastrophe. —David E. Rovella

Here are today's top stories

Despite the disappearance and alleged torture, murder and dismemberment of Washington Post columnist and U.S. resident Jamal Khashoggi, European banks and Wall Street plan to send executives to a Saudi Arabia investor conference known as "Davos in the Desert." 

China’s holdings of U.S. Treasuries fell for a third consecutive month in August as the Asian nation struggles to prevent the yuan from weakening.

America is drowning in milk that nobody wants, and the entire dairy industry is under siege thanks to low prices and changing tastes

Almost half of U.S. births are happening outside marriage, a trend the United Nations says is taking hold across developed nations.

Apple began allowing users in the U.S. to download a copy of all data they have stored with the company.

Canada became the first Group of Seven country to legalize recreational marijuana, giving it a head start in a global market pegged at $150 billion.

What's Luke Kawa thinking about? The Bloomberg cross-asset reporter says that while tech stocks are on a tear again, there are a few reasons why some bulls are questioning whether this bounce-back will have legs.

What you'll need to know tomorrow

The U.K. denied a visa to a Moldovan. It may cost $1.7 trillion.Robert Mueller could have some news after the midterms.Bloomberg Businessweek knows who the election is about. Guess.Peek inside the Fed debate over interest rate hikes.Trump administration charges an alleged leaker of Manafort dirt.No more cheap stamps for China, says the White House.There's a blue pill a new study shows is stopping HIV.

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What you'll want to read tonight

When Pro-Ballers Want a Suit, They Call Jang

Andrew Jang has become the go-to tailor for athletes looking for a flashy suit to wear at an awards show, celebrity benefit or fan event. You, as a regular human, can’t have one. Unless you’re draining three-pointers for the Golden State Warriors or catching passes downfield for the New England Patriots, Jang won’t sell you one of these suits

Have you started strategizing for 2019? We have. Don’t miss the annual Bloomberg Businessweek special report, The Year Ahead, on the major trends, disruptions, breakthrough products, innovations and movements to watch in the coming year. Get Bloomberg All Access in time to receive this issue in print and much more.

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