Small gain for the Dow yesterday. Small loss for gold. Pity the class of ’14! News comes that students are defaulting on their loans at an annual rate of 11%. We’re surprised it isn’t higher. Fewer than half of Americans aged between 18 and 29 have jobs. Even among college grads, nearly half are jobless or underemployed. Hardly surprising, then, that as a share of national income, young people have less than ever. Over the last 14 years, the number of Americans aged between 16 and 24 who have jobs has fallen by 18%.