Our Bi-partisan Progressive elites keep pushing collage education as the solution to all our ills. As someone in the IT industry, without a degree I can tell you this is nonsense. Thanks Bi-partisan support for outsourcing of Hi Tech and financial jobs, many people with degrees are working at McDonalds or Walmart. I don’t knock any job, but you can’t sustain high living standards with these low paying jobs. So why do our politicians continue to push for College education? The answer is so their banking buddies can make money off people who take out loans to go to College. The Universities alos make money off these loans as well.
People who take out colleg are straddled with debt that it takes them many years to pay off. Also, not everyone is meant to go to college. Does this sound familiar, well it should. This is what we did by encouraging home ownership. Whether it was Clinton lowering the standards for a loan or Bush’s ownership society. Once again, the Progressive Bi-partisan elite are creating another finacial bubble.
Fair warning: This article will piss off a lot of you.
I can say that with confidence because it’s about Peter Thiel. And Thiel – the PayPal co-founder, hedge fund manager and venture capitalist – not only has a special talent for making money, he has a special talent for making people furious.
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Consider the 2000 Nasdaq crash. Thiel was one of the few who saw in coming. There’s a famous story about PayPal’s March 2000 venture capital round. The offer was “only” at a $500 million-or-so valuation. Nearly everyone on the board and the management team balked, except Thiel who calmly told the room that this was a bubble at its peak, and the company needed to take every dime it could right now. That’s how close PayPal came to being dot com roadkill a la WebVan or Pets.com.
And after the crash, Thiel insisted there hadn’t really been a crash: He argued the equity bubble had simply shifted onto the housing market. Thiel was so convinced of this thesis that until recently, he refused to buy property, despite his soaring personal net worth. And, again, he was right.
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Instead, for Thiel, the bubble that has taken the place of housing is the higher education bubble. “A true bubble is when something is overvalued and intensely believed,” he says. “Education may be the only thing people still believe in in the United States. To question education is really dangerous. It is the absolute taboo. It’s like telling the world there’s no Santa Claus.”
Like the housing bubble, the education bubble is about security and insurance against the future. Both whisper a seductive promise into the ears of worried Americans: Do this and you will be safe. The excesses of both were always excused by a core national belief that no matter what happens in the world, these were the best investments you could make. Housing prices would always go up, and you will always make more money if you are college educated.
Read the rest: Peter Thiel: We’re in a Bubble and It’s Not the Internet. It’s Higher Education.
Once again, our politicians are engaged in Progressive social engineering. College is a worthy goal for people, but like home ownership it’s not for everyone. The reality is, you don’t need a College degree for many jobs. What we need are trade schools for to give skills for non College people. We need to implement Tax and regulatory reform so we can bring good paying jobs back to America. We need to get away from the Globalized Free Trade Ubber Alles mindset that has destroyed America’s living standards. Our economic policies should be what is in America’s interest, not what the Global Progressive elite at Davos decide and their Bi-Partisan puppets here at home.
The College bubble will be just as disastrous for our financial system as was the housing bubble.
