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October 5th, 2011, 20:41
Originally Posted by zahratustra View Post
Western World is changing bn. There was a time when job was for life and there was a time when college education led (in majority of the cases) to worthwhile employment. But now more and more college graduates are forced to take jobs below their skill level and more of them have hard time finding any employment at all.
It's one thing to pay off your student's loans when your salary is reasonable and quite another to when you are underemployed or unemployed.
It think that really comes down to a problem with degree dilution. We've become convinced that we have to have a bachelor's degree to just get even a decent job and with costs of those degrees increasing (in part, though not wholy, due to the massive increase in colleges and universities) its a recipe for disaster.

Graduate degrees are suffering the same fate. When I started looking at MBA programs, there were 2 MBA programs in Dallas - UT Dallas and SMU. If you went farther out, you picked up a couple other programs at UNT and UT Arlington. And out of the four, SMU was really the only decent program.

Now in Dallas there are UT Dallas, SMU, UT - Austin (DFW campus), U of Dallas, Dallas Baptist, a University of Phoenix branch, Baylor - Dallas Campus (Baylor is 2 hours south in Waco), and two others that I can't think the name of.

Does the world need that many MBA's? No, but people are spending boatloads of money on these degrees. When I worked in Dallas, I routinely interviewed people with degrees from those programs and outside of maybe a third the people coming from UT - Dallas, UT - Austin (DFW) and SMU, I couldn't believe that these people held MBA degrees. They paid a lot of money to essentially diploma mills.

I once briefly dated a girl that had $140k in student loans. She just HAD to go to a Christian school (Baylor, a private school at about $25k a year in tuition) and then went on to get a masters at another Christian school, Dallas Baptist.

To do what? To be a school counselor. Making around $35k a year. She didn't need a private education for that. She didn't need a masters either, and if she decided to get one, she didn't need to get one at a private university that cost 4x as much. And she complained non-stop about how much her student loans were costing her.

It's a combination of brain washing and plain stupidity that has lead us to this spot.

As for Wall Street "zombies". I thought it was part of an old American tradition? Original Tea Partyers dressed up as "Indians", modern Tea Partyers wearing War of Independence costumes, racists dressed as "Ghosts of Christmas Past" and Ivy League president dressed up in Stetson and cowboy boots. Zombies fit right in!

That's a good point! Of course outside the original Tea Partyers, I'm pretty much ok with rounding up all of those people and deporting them!


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