Aligators eat their own babies.
(I'll let myself out)
Edit: the fix could be to fill it under national security hazard(?)
How America's universities became debt factories
451–460 of 564 posts
Re: How America's universities became debt factories
#452Earlier quoted context omitted.
I would imagine in Europe they select more carefully the students whom will go to College. Here in the US we've told students that everyone must go to College. We now have too many people in College and many of them aren't going to be successful once they are in. It's not sustainable. In many of our public universities, the graduation rate is well below 50%
> I would imagine in Europe they select more carefully the students whom will go to College. Here in the US we've told students that everyone must go to College You imagine wrong. Pretty much everyone goes to university in most and European countries. Even in wildly tourist dependent places, a degree in tourism is a normal thing for a young person to pursue before going to work at hotels/restaurants.
Data says otherwise though.
Only three European countries are above the US in tertiary education rate: Ireland, UK and Luxembourg.
https://www.statista.com/statistics/1227287/share-of-people-...
Re: How America's universities became debt factories
#453Earlier quoted context omitted.
No, i mean EU socialist countries. To the tune of Sweden, Netherlands, etc. That are little but sleepy retirement community with no ways to make money. Why would anyone with any ambition want to live there? So they don't. They go to America in spite of all it's horrors and sins. Live there once they made they money? Also no, because taxes, they go to the likes of Cyprus or Malta, or since recently, Spain [1]. These c…
Sweden? The country with one of the highest amounts of startups per capita? The Netherlands??? Are you sure you know what you're talking about?
What is the total cap of those startups? How does it compare with what IPOs in the Valley in a single year? We are probably talking about same "startups" as in Spain that people only open to get startup visas. There are multiple business plans mills there who specialise in writing plausible "sitcom startup" BPs for that purpose.
Re: How America's universities became debt factories
#454Earlier quoted context omitted.
> It's worth noting, by the way, that the United States has a shortage of medical doctors. That's a pipeline problem. What the U.S. actually has is a severe bottleneck in available places at medical schools and for residency training.
That’s only because doctors collude to limit the number of available residency places. I programmers were smart, they would: 1. Lobby the government to prohibit anyone from practicing programming without a license. 2. Limit the number of licenses granted each year
> Lobby the government to prohibit anyone from practicing programming without a license.
No way you're getting consensus on this one, but even if you could, it's too hard to stop. If you charge for compilers, and only provide them to licensed developers, hippies will make and distribute compilers for free.
Re: How America's universities became debt factories
#455- the government should not be guaranteeing these loans - they should be dischargeable in bankruptcy That’s it.
and if nobody is willing to lend to these students any longer because their field of study won't yield enough income to pay back a loan... well, mission accomplished
this. you'll also need escrow, a notary, a co-signer, and 50 pages of signatures to secure the loan
Re: How America's universities became debt factories
#4561) Move most good careers that do not require a college degree out of the country for the benefit of shareholders 2) Tell everyone born between 1980 and 1995 that they'll be unable to compete in the global marketplace if they don't get at least some post-high school education, and imply that the mere presence of a degree will help instead of having a specific type of degree 3) Have next-to-zero standards for public f…
> SCOTUS has said that the chief executive of the note-holding institution (in this case, the President of the United States) cannot use discretion in deciding who he gets to forgive for loans
It's really amusing how the unitary executive oscillates in fashionability according to which political tribe is currently in power. Congress is responsible for appropriations. Full stop. Whenever this has been bypassed via some loophole, by Bush, by Trump, by Biden, etc, it has been at its core unconstitutional. And it is in our collective interest that it remains that way.
Re: How America's universities became debt factories
#457Earlier quoted context omitted.
> So many young people think their hobby can become their career and pay for a nice life style. Unfortunately, it's not the case for many majors. We (as a society) tell kids all the time that their hobby can't be a viable career. Kids are just headstrong and don't want to listen to their parents/other adults telling them unpleasant truths.
> We (as a society) tell kids all the time that their hobby can't be a viable career That's absolutely 100% not true. The bs message I see everywhere pushed on young people is "You can be anything you want to be". We have a whole generation of kids who think they can be youtube stars, influencers, rap stars, etc.
It's more than one generation. I remember hearing this "you can be anything you want to be" stuff when I was a kid 30 years ago, and they're still telling kids this today. It's a joke
Re: How America's universities became debt factories
#458It depends on the type of university tbh. Getting a BA in Underwater Basketweaving from your local commuter state university is much less financially damaging than at Duke or UChicago. I'm not a fan of the idea of "useful" and "useless" degrees (ime, the best predictor for success is critical thinking skills, not major), but I do find private universities don't make as much financial sense, especially given that well…
> beyond your first job. That's the twist though. If your first job is better, the second job is likely better too. It took me a decade before I made it to a first class job, sitting next to people who worked there straight out of college.
The best jobs themselves have a regional bias.
That's why Baruch has Ivy level representation in IB and High Finance, and SJSU plus CalPoly SLO has Stanford level representation in the tech industry at large.
Just looking at the Linkedins of the most successful EMs, PMs, and SEs in my network, most attended a normal state flagship and worked at an "OK" company like Oracle or Splunk.
This whole "FAANG"-or-bust or "Ivy"-or-bust mentality is legitimately divorced from reality, especially now that the market is legitimately horrid for new college grads.
> It took me a decade before I made it to a first class job
What do you define as a "first class job"? Where was your first job located? Were you open to moving to a major tech employment hub (eg. Bay Area, Seattle, Austin, NYC)? Did you start your career during a tech slowdown (eg. 01-04, 08-12, 20-21, 23-present)?
"Meh" companies like Oracle or Cisco pay early-to-mid career employees roughly the same as similarly leveled employees at Google or Amazon.
The main thing is, these employees need to be based in the Bay Area, Seattle, or Austin to justify those salaries.
And if you start your career during a hiring slowdown, it doesn't matter if you went to Stanford or SJSU - you're screwed. I'm already seeing the desperation right now at on-campus recruiting events at Harvard/MIT as well as at regional publics.
Re: How America's universities became debt factories
#4591) Move most good careers that do not require a college degree out of the country for the benefit of shareholders 2) Tell everyone born between 1980 and 1995 that they'll be unable to compete in the global marketplace if they don't get at least some post-high school education, and imply that the mere presence of a degree will help instead of having a specific type of degree 3) Have next-to-zero standards for public f…
>>> 1) move most careers...out of the country....to the benefit of shareholders. You've hidden very carefully the causality in this sentence. Who moved them? Why? Its perhaps implied that since shareholders benefited, that they did it. Yet a careful examination reveals quickly the elephant in the room in that thesis: why did outsourcing now, and not before, if the benefit to shareholders has always been there? why di…
Well one of the reasons for outsourcing was the idea that becoming a service economy would improve our country and it's citizens... Unfortunately that turned out bust.
Re: How America's universities became debt factories
#460Earlier quoted context omitted.
In this case, government intervention is what caused the problem, and removing that intervention is what would disrupt the multi-million dollar industry. Specifically, the government made it so college loans can't be discharged in bankruptcy, and backs many student loans. The solution is to remove the exception for student debt in bankruptcy, and either have the government stop backing student loans, or make stricter…
Agree, but the result will be that far fewer kids get to go to college, or get to go to the best college that they can get into. Loans will only be granted to students who have a track record of high achievement, parents willing to co-sign, and going into majors that make economic sense. Enrollment will drop, universities will stop offering passion majors, mass layoffs in library science, academia, and college admini…
But isn't it the goal? To make sure only the kids who have the brains and the right class to make value out of a degree (or don't care about value because their parents have cash), will go to study, not "just about everyone" as now. Working class kids without outstanding abilities should go to trade schools/apprenticeships and do blue collar labor. It pays decent bucks, and brings value to society too.