Winter for Higher-Ed
The Very Model of a Modern Major Terrible
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  • Tom

    Credit where credit’s due: the lyrics are taken from this webcomic:

  • Corlyss


  • Jim__L

    That graph is what the death of the middle class looks like — and, once again, the culprit is the Financial sector.

    Step one: Find a traditional path to prosperity, like a college education.
    Step two: Convince people who can’t quite afford that path that as long as the increase in marginal gains outweighs the expense of financing charges, they’re making an economically rational decision.
    Step three: Providers of the path take the new supply of money and hike up prices accordingly, reducing the marginal gains. (Why let the banks make all the money?)
    Step four: Persuade universities to take out massive capital loans to compete for (borrowed) student tuition dollars.
    Step five: Pursue regulatory capture to make sure that either a) no one can discharge any of these debts in bankruptcy, or b) you get a bailout when the loans go bad.

    Result: Debt slavery for everyone!

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