The higher education bubble from a banker's perspective

HIGHER EDUCATION BUBBLE UPDATE: Just ran across this pithy summary: If you had to sum up the education bubble in one misconception, it might be: “The average 22-year-old is a good credit risk for $150,000 in debt, collateralized by something completely intangible.”

Although since the debt is all federal, this is less of a financial transaction than indentured servitude because Federal debt cannot be abandoned or wiped clean in bankruptcy. Imagine that: the most 'progressive' institutions in our nations promoting indentured servitude on a mass scale for their own gain.

If I didn't know better, I'd call them fascists. Hattip; Instapundit.