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He should have left out the for profit universities as part of the problem (they're a symptom not the cause). It's all about the free federal dollars. The paral
by lftl 14y ago
He should have left out the for profit universities as part of the problem (they're a symptom not the cause). It's all about the free federal dollars. The parallels to the housing bust are pretty clear. Cheap and widely available mortgages led to exorbitant housing prices and an eventual bust. Cheap, widely available, and undischargable loans for education are leading to exorbitant education costs. It'll be interesting to see how this bubble ends.
- ericfrenkiel 14y agojust addressed that in another comment. another side effect is increased revenues to these institutions caused a rampant increase in spending across the board - personnel, buildings, facilities, departments, etc. - that are now no longer sustainable.