Too Big To Fail Comes to the College Industrial Complex

San Francisco is filled with people who shook their fists at the way the government industrial complex coddled the banking industrial complex by bailing them out in the last collapse. And given the prevalence of banking hate in SF, I’m sure the faculty at the City College of San Francisco had plenty of choice, twenty-five cent words condemning the government’s action. Diverting attention by getting the people to hate the bankers is an easy trick around the schools.

As everyone is trying to get their heads around Corinthian College(s), comes the news that the accreditor are giving the CCSF even more time to do what they were told to do several years ago. Why? Well, everyone is realizing that killing the colleges could sort of be bad for the students who will be stuck with debt and no degree. And so we’ve got a combination of two powerful political rhetorical devices: Too Big to Fail and It’s For the Kids. So let’s just keep shoveling more money into the debt factory, okay? It’s for the kids.

Are they really better off with the school surviving? I’m not sure. A completed degree doesn’t make much difference at Starbucks. The ones who are headed there– and it’s got to be a big percentage– don’t gain much except more debt. Given the status of the CCSF in the hierarchy, I’m not sure if many would be better off without the debt.

For more, read Kevin Carey at the NY TImes. 

One Response to Too Big To Fail Comes to the College Industrial Complex

  1. Here are the stats from US DOE (linked to article).

    What a mess! Unbelievable! Accreditors trying to fix problems are trumped by the sectors’ guardians in Washington, DC!

    And to think that governance problems (shared responsibility between faculty and local boards, no less) since the 1960s is almost impossible for me to take in.

    Look at these graduation statistics! Can the electorate be that stupid?