November 22, 2011

VICTOR DAVIS HANSON ON THE HIGHER EDUCATION BUBBLE: The Fannie and Freddie University. “I noticed about 1990 that some students in my classes at CSU were both clearly illiterate and yet beneficiaries of lots of federal cash, loans, and university support to ensure their graduation. And when one had to flunk them, an entire apparatus was in place at the university to see that they in fact did not flunk. Just as coaches steered jocks to the right courses, so too counselors did the same with those poorly prepared but on fat federal grants and loans. By the millennium, faculty were conscious that the university was a sort of farm and the students the paying crop that had to be cultivated if it were to make it all the way to harvest and sale — and thus pay for the farmers’ livelihood. How could a Ponzi scheme of such magnitude go on this long? . . . But what cannot go on will not go on — at least for most universities without the billion-dollar plus endowments. The present reckoning is brought on not by introspection, self-critique, or concern for our increasingly poorly educated students, but by money, or rather the lack of it. Higher education is desperately searching for students with cash, loaned or not. And it is, by needs, panicking and will ever so slowly start changing.”

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