The Next Too Big To Fail: For Profit Colleges
With a default rate of nearly 50 percent and with graduates holding a lot of meaningless and useless paper degrees and with the amount of for-profit college debt equal to the total amount of credit card indebtedness in all of America ($750 billion), we must wonder what is keeping Arne Duncan and the Dems from doing something to rein in these corporate welfare diploma mills whose administrators are getting deliriously wealthy from taxpayer-supported student loans.
Could the hesitation to stop the bilking and fraud have something to do with an Obama promise to return the U.S. to its #1 status in the number of college degrees? With Wall Street buying Congressional votes to halt the expansion of public colleges and universities, it seems that the for-profit phony-baloney colleges will have to play a vital role if the President is not to be embarrassed by making another promise he can't keep.
Besides, who are these profiteers at Argosy and Phoenix and Corinthian hurting, anyway? Certainly no one who
Could the hesitation to stop the bilking and fraud have something to do with an Obama promise to return the U.S. to its #1 status in the number of college degrees? With Wall Street buying Congressional votes to halt the expansion of public colleges and universities, it seems that the for-profit phony-baloney colleges will have to play a vital role if the President is not to be embarrassed by making another promise he can't keep.
Besides, who are these profiteers at Argosy and Phoenix and Corinthian hurting, anyway? Certainly no one who
