This is the news no one wants to hear – but it's important.

We always knew there would be cases and clusters. We have plans and systems in place to deal with precisely this scenario – and those are already well underway.

1/ The “I Have a Dream" speech is one of the most extraordinary speeches in American history. You should read it again. First, a few thoughts about the common American heritage Dr. King relied upon in calling Americans to rededicate themselves to the unfinished work of freedom.

2/ Dr. King delivered his speech in what he called the “hallowed spot” of the Lincoln memorial. More than a picturesque backdrop, King relied on America’s reverence for Lincoln and the common celebration of Lincoln’s words and acts, especially the Emancipation Proclamation.

3/ “Five score years ago…” King echoes the words of the Gettysburg Address. Like Lincoln, King invokes the Declaration of Independence and the fundamental principles of American freedom, “life, liberty and the pursuit of happiness.” Every person in that crowd knew these words.

4/ The Declaration, Constitution and Emancipation Proclamation declared and established the fundamental American principles of freedom that all Americans knew and believed in. But these principles and promises remained unfulfilled for black Americans.

5/ Lincoln’s audience knew the history of slavery and many had suffered personal loss in the ongoing war. Dr. King’s audience knew the history of violent racism, segregation, and unequal economic opportunity. The Proclamation freed the slaves, “but the Negro still is not free.”

Shocking fact: Millennial men are less likely to work than any other age and gender demographic in America.

Today, there are 500,000 young men missing from the U.S. workforce.

Research suggests video games & improved leisure tech plays a role in the problem. 👇 Thread:

Following the 2007 to 2009 recession, 25 to 34 year old men exited high school with fewer middle-skill job opportunities than years prior.

During this time, we saw an increased number of men living with parents & choosing unemployment over lower paying jobs.

It's estimated that 24M millennials live w/ their parents.

1 in 4 living in their parents’ home neither go to school nor work.

What's more surprising? 9 in 10 who lived with their parents a year ago are still living there w/ no plans to leave.

Economists are calling millennial men a lost generation.

According to economist David Dorn:

“If you get to the point where you’re turning 30, you’ve never held a real job and you don’t have a college education, then it is very hard to recover at that point.”

Economists suggest this choosiness is a generational trait.

Forbes interview w/ a high school educated man:

"I’m very quick to get frustrated when people refuse to pay me what I’m worth."
“People feel that they have choice nowadays, and they

My little Jacob Wohl story: August 2016, we're sitting around the trading turrets at my office on a bored to tears slow day. Our receptionist said someone was here for his 2pm appointment. None of us had an appointment on schedule. Who is it? we ask? Some guy named Jacob Wohl 1/

Jacob Wohl, for those out of loop, gained quite a bit of notoriety for becoming the youngest guy to ever get himself barred for life from the financial industry. Now he's waiting in our lobby to pitch something. We're a large merchant bank. 2/

Send him in, we said. In walks young Jacob asking to be seeded with $25mm to start a new hedge fund in exchange for an ownership stake in it. Oh, & he needs an office. And a Bloomberg station. And needs to borrow staff until he can hire some guys. And he needs a leased car... 3/

And he needs an answer today. Right now. Because there's a competing offer from Izzy Englander's firm Millenium (we know those guys well). We fight the urge to literally start laughing, but do ask him...hey, you the same guy who got banned by regulators? He didn't even flinch 4/

He went on about that being untrue & handed over a letter he said was from his lawyer who had confirmed he was not barred, had been vindicated but it 'just wasn't in the system yet at the SEC, CFTC'...whatever that means. 5/

It's been a whole day since we tweeted Part 2 of this chapter, so let us remind you: #AdamSmith just said that the colonies got nothing that helped them succeed from the mother country. (IV.vii.c) #WealthOfTweets #SmithTweets

So these two opening sentences are pretty heckin’ sarcastic:
Now we've seen the great advantages the colonies got (they got nothing!) (IV.vii.c.1)
So what have been the great advantages to Europe! (IV.vii.c.2)

Seems like there’s a...tone there. #WealthOfTweets #SmithTweets

Europeans buy goods from America, and Americans buy European goods as well. Even countries that don’t trade directly with America have benefited. (IV.vii.c.3–8) #WealthOfTweets #SmithTweets

The mother countries restrict colonial trade (esp the exclusive right to buy from or sell to their colonies). That's a dead weight on the increase of the wealth of nations. Everything is more expensive, everyone enjoys less of it. (IV.vii.c.9) #WealthOfTweets #SmithTweets

Maybe European countries get added security? In ancient times, empires expected military support and revenue from their colonies, and they got it.
18thC colonies? Not so much. (IV.vii.c.11–13) #WealthOfTweets #SmithTweets

My wonderful @jainfamilyinst colleagues @laura_bmw & @Edi_Nilaj have released their new report "Student Debt and Young America," which pretty comprehensively demolishes many of the myths about who does and doesn't have student debt.
https://t.co/y02KFosRQ3
Highlights to follow
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@laura_bmw @Edi_Nilaj First of all, look at this one chart that tells you why the student debt crisis is happening: rising debt; stagnant income, and the gap has opened widest for minority borrowers.
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You look at that chart and you see the total failure of the human capital model to explain labor market outcomes, insofar as it even is a falsifiable social science hypothesis.
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Second, while it's true that total loan balances are increasing in income, student debt has increased most over time among the lowest-income groups. This tells you that student debt is becoming a marker of the disadvantaged rather than the advantaged.
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Third, balances on outstanding loans are rising over time, not declining. As I said in my last report, the student debt crisis is a crisis of non-repayment. This is why it's foolish to think the student debt is ever going to be paid back, whether it's cancelled now or not.
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