HIGHER EDUCATION BUBBLE UPDATE, ENDOWMENT INEQUALITY EDITION: The $400 Million Question: What could the rest of higher education do with a gift as large as the one pledged last week to Harvard?

That’s why I favor a federal excise tax on “excessive” endowments, with the proceeds to redistributed to the less fortunate schools that didn’t win the endowment lottery like Harvard. Because it’s better for everyone when you spread the wealth around. Harvard didn’t build that endowment. We all did.