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.
HT: The big lead
Michelle Zei
ReplyDeleteMWF 10-1050
I think this article is pretty interesting. It poses the idea that maybe you don't need to go to college to be successful and in fact maybe you'll be more successful if you don't. However, to be successful and start a business without a degree you need to be exceptional and have some money to start your business. Everyone who is currently enrolled in college does not fall into these two categories. So I think Thiel's competition is great- it fosters entrepreneurship and decreases the power of high status universities. The only problem is that it won't work for everyone. In order for there to be more alternatives to college, there would have to be outlets for people with all educational backgrounds- not just the tech industry. There would also have to be insurance that the college-drop out's business would be successful because if if it fails they may not be able to find another job without a degree. Surely, truly brilliant individuals will be hired and thrive without a degree, but again what about everyone else? Thiel says that Darwinism is used to justify people falling through the cracks, but his proposal would leave many people out just like high status universities.
Interesting
ReplyDeleteCongratulations to the 20 recipients that accepted the challenge to start a business and start-up money of 100,000.00 dollars. The billionaire from Stanford University with the butler reminded me of a character from the movie, “Trading Places.” I hope the young adults will take advantage of this opportunity; one suggestion could be put the billionaire’s money in the bank, apply for grants and loans to start a business and use the billionaire’s money for a two years degree at Harvard
Terrie Hawkins
MWF 9AM
Samantha Anderson
ReplyDeleteMWF 9-9:50
I found this reading very interesting. It certainly clarified my opinion on a lot of things I have observed myself and heard before. We need to stop kidding ourselves and believing the ultimate "way out" for Americans success. Perhaps you will make more than a high school graduated, but perhaps you will not get that six figure jobs for years to come. And until then..you will be living with mom and dad working at CVS or the local YMCA. This quote really stood out to me: “You have to get rid of the future you wanted to pay off all the debt from the fancy school that was supposed to give you that future.” I think this quote is self explanatory.
I feel like for the most part changing these statistics means informing more people that college is not the only way. It will not happen in a year...but can start now.
Greg Fuguet
ReplyDeleteMWF 10-11
I think there's a lot of truth to this. It is a somewhat different situation from the housing bubble, in that there are many more positive externalities especially on a societal level, but the basic argument is the same. The other half to this as well is the ever climbing prices for tuition, driving the educated into debt and expanding this bubble. But, the basic premise that we overvalue education is true, as well as frightening. Education has become the expectation, and results in students without focus and a belief that it will secure they're future. In the past when it was more rare the people attaining an education did it to a specific end and were generally able to attain that end. Now it's the standard and doesn't guarantee a job, but it does guarantee debt.