22 March 2013

Michael Hudson On The Financialization of Higher Education

Education, like healthcare and commercial banking, would be best treated as public utilties and not 'winner take all' businesses with extravagant executive salaries and arcane investments.

A strong vocational secondary educational effort would do wonders for those who are not inclined to college.

There is always room for private enterprise for those who wish something different, above and beyond.

But in those cases they ought not to be tax exempt unless there is some integral religious affiliation, or subsidized in any way with public funding, except to fund specific special programs and research.

If a private educational institution were to desire tax exempt status, it would have to comply with some strict regulation on management salaries and investments for example. If they wish to be businesses, let them be businesses.

Wall Street and their financiers can take any human endeavor and turn it into a parasitical racket. Wait until you see what they do with agriculture, energy, housing, elder care, and water if the people allow it.

This is the corrosiveness of paper money and crony capitalism.