>> yes, overborrowing, and extension of credit.ou as a shady or opportunistic mortgage broker could buy into the animal spirits of people who shouldn't have bought a home in the first place, and then you could pass that down and securitize that on wall street and sell it to investors, so it was no one's problem, and yet it was everyone's problem, because ultimately the taxpayer was on the hook and u.s. government, and congress, and federal reserve had to backstop the banks, because the banks had the entire global economy hostage. lending. about 6 million americans are still under water, and jorge says: and he gave us a video comment to tell us more. >> consumer confidence is being held back because all of the recent job growth as been in low-wage jobs. >> john, you heard his story. there seems to be consumer confidence. people say the economy is recovering, but has it come at the expense of main street and the average american. we have got the jobs, but it seems they are low-income jobs. >> i want to challenge that with -- as far a

there is a lot of claims about overborrowing. these claims do not take into account the significant disparities in wealth. famili glak families under /* /- black families understand that you need to havedcation to move up. but it is hard if when you don't have wealth. home ec wit, family inheritance, et cetera, for many black families there are no other options. my coauthors and i want to look at this data. there is a lot of information about historically black college and universities and a lot of discussion about for profits. so we thought it was very important to turn some attention to this. it is of course the case that black students are overrepresented in their ep rollment in these two types offens tugss and we might therefore expect that borrowing rates would be higher in part because they do have student there who do need fwroer it. to /* borrow it. to /* borrow it there's less financial aid available for students and that's why they need to borrow more. what we find is that this factor, lack of resources at institution,

there is a lot of claims about overborrowing. these claims do not take into account the significant disparities in wealth. famili glak families under /* /- black families understand that you need to havedcation to move up. but it is hard if when you don't have wealth. home ec wit, family inheritance, et cetera, for many black families there are no other options. my coauthors and i want to look at this data. there is a lot of information about historically black college and universities and a lot of discussion about for profits. so we thought it was very important to turn some attention to this. it is of course the case that black students are overrepresented in their ep rollment in these two types offens tugss and we might therefore expect that borrowing rates would be higher in part because they do have student there who do need fwroer it. to /* borrow it. to /* borrow it there's less financial aid available for students and that's why they need to borrow more. what we find is that this factor, lack of resources at institution,