of course because after the lehmann crash the emerging markets tended to act as a bull wark a source of stability on the quiet a lot of big emerging markets help with the western payouts we didn't like to admit it but they did but this time again because of q.e. you've got debt markets in emerging markets that are pumped up as well bubble like tendencies the so-called fragile five but it goes beyond that cross the big emerging markets so the emerging markets themselves could be a source of systemic instability as we have in the western world a lot let me describe the last few years and tell me if this is a good description two thousand and eight you had credit seizure around the world credit dried up you know banks were at threat of going bust and in response to central banks engaged in quantitative easing and you had very loose monetary policy here in the u.k. the debt under i was born roughly double the national debt more more than. now so about one one point two five trillion pounds he added roughly six hundred billion pounds that. would be about one point six by twenty eight c. n

. >> reporter: kat lehmann is an engineering neighbor at uc davis.r families limited finances she has to leave and go to a community college. her father earned $140,000 last year, too much to qualify for need-based grants. but with two teenage brothers still heading to college, money is tight. >> my dad feels pressure just looking at the bill thinking how are we going to pay for this? >> reporter: poly-cy major is also feeling the pressure. >> it's extremely stressful. we were coming out after a recession and my mom hadn't been employed for one and a half years. >> reporter: annual tuition at berkeley is close to $14,000. added expenses bring the total up. a major financial strain. >> the law that governor brown will sign today are significant opportunities for middle class californians. >> reporter: it's the first financial aid grant in the country created for familiar list making up to $150,000 annually. the man behind the legislation is john perez. >> california like the rest of the country has had a real crisis of college affordability. >> report