mortgages we created the housing bubble. the same thing is happening with education. as president obama has increased the amount of housing debt that fannie mae and freddie mac and therefore taxpayers have to pay, guess what? the fall rates have -- default rates have gone up. default rates in mortgages are at an all-time high. default rate of student loans of guaranteed government loans at 6.9%. that's the highest in 12 years. >> david: stephane, you know, ultimately -- >> we're in a recession. >> david: taxpayers ultimately will pay for defaults, right? >> i'm not sure i heard the question but we could start going after the government loans made for education at for-profit schools. the for-profit schools are a problem. administrators are urged to chase profits or urged to chase kids. that's not a healthy conflict. i don't have a problem with the for-profit education. i have a problem with government subsidiaries for it. as far as the conspiracy theory, is the white house
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