“It’s a collateralized debt obligation [CDOs] made up out of, like, C-rated mortgages,” said Wesley Yang in a conversation with John Sailer in 2022. “These people, their job is—as the rating agency—to say that it’s all A plus.” Yang and Sailer were not talking about the CDOs stuffed with subprime mortgages and fraudulently passed off […]
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“College May Not Be Worth It Anymore” warns a headline in The New York Times. It has been a sacred dogma to the American left since the 1960s that “Everyone should go to college.” But the NYT headline is no fluke. Many on the left are now wondering out loud whether mass higher education is […]
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Nearly a decade ago, my then colleague Andrew Gillen suggested that one could say that higher education was in a bit of a “bubble”: over-exuberant “investors” in human capital, better known as students, were potentially misallocating their resources, becoming increasingly underemployed after graduation, leading to adverse financial consequences. In the private sector, bubbles, like those […]
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