Originally Posted by chay
Another theory to throw into the mix -

http://theweek.com/article/index/25...-can-explain-the-higher-education-bubble

This is my point with the "credit has no business existing."

You don't originate mammoth amounts of credit for Veblen goods because such origination is simply stupid.

Also, these loans do have underlying security.

They are simply a re-run of the old American tradition of indentured servitude.

I viewed law school as effectively purchasing a "letters patent." I was quite content to be extended credit to purchase this degree.

And yes, I actually talk about law school this way.

Last edited by JonLaw; 03/21/14 08:59 AM.