Saturday, January 17, 2009
Warning! Higher Education, A Hoax On The Middle Class
Interesting cover story this month in Forbes magazine. I am relieved that the mainstream media is finally getting it. Hopefully, some kids will take this article to heart and avoid becoming indentured servants to Sallie Mae the loan shark and those awful cockroach infested paper plantations.
“The two disillusioned attorneys were victims of an unfolding education hoax on the middle class that’s just as insidious, and nearly as sweeping, as the housing debacle. The ingredients are strikingly similar, too: Misguided easy-money policies that are encouraging the masses to go into debt; a self serving establishment trading in half-truths that exaggerate the value of its product; plus a Wall Street money machine dabbling in outright fraud as it foists unaffordable debt on the most vulnerable marks.”