Assistant Professor of Economics, University of Utah.
@jainfamilyinst
Senior Fellow, Higher Education Finance. Emblem of Debased Humankind. RIP Aaron Bushnell.
“We’re mad that the poet we assassinated wrote a poem predicting we would do that and calling for others to carry on the struggle after we did that, which they did.”
Increasingly clear that the survival of the human race depends on a broad-based coalition of young people joining together to overthrow the bipartisan political coalition of elites whose sole aim is destroying their lives.
The president of the university asked for a "reset"--looks like she got what she wanted: wall-to-wall rejection of her administration among all of the university's stakeholders.
Columbia suspended Ilhan Omar's daughter the day after her mother grilled the president of the university about the extreme hostility and prejudice with which the university treats Palestinian solidarity activism.
Joe Biden just decided that suppressing anti-Zionist student protest was more important than winning the 2024 election. So when he loses, he has no one to blame but himself.
UPDATE: Dean Pericles Lewis admits that his email implying Yale student protestors peaceful occupying Grove and College were people with a “known history of violent confrontation with police” was based on NO EVIDENCE and that he was “repeating speculation.”
🚨 NEWS: Biden admin will begin regulatory process to enact student debt relief under Higher Education Act, per notice posted today on Ed Dept's website:
Putting aside whether this decision is right, I just want to note that an educated student who says she is against genocide and violence has a literal hammer and sickle in her bio.
This seems incompatible, no? The Soviet Union is responsible for the genocide of millions…
Roberts cited Nancy Pelosi to make the case against administrative cancellation. Pelosi said this because prominent Democratic donors who nominally supported cancellation told her it wasn’t their preferred strategy (presumably because Biden didn’t want to be put on the spot).
The fact is that “a college degree pays off” isn’t true. And worse than that, it’s gotten into this mess where the government issues hundreds of billions of loans it knows can’t be paid back, propping up a disaster of a higher education system.
/3
Sitting on the beach in Jamaica tweeting about how college students aren't doing enough work these days & that's why they have time for pointless & disruptive protests.
Minneapolis’s mayor on the supposedly dangerous precedent set by the ride share ordinance: “Are we now planning to set a minimum wage for every industry?”
Because they want to portray cancellation as an unwarranted giveaway, instead of what it really is: a necessary tool to manage a loan portfolio that’s so far underwater its submersible got squished by 500 atmospheres of pressure.
/5
Thrilled to welcome the inimitable Carrie Adams (
@madamcadams
on here) to team Fetterman as our new Communications Director! A real pro with a “who’s who” of Hill experience, we are beyond psyched to have her on board. 🎉
There's about to be a massive police riot, welcomed onto campus by the president of the university.
University administrators are obligated under federal law to protect the civil rights of their students.
NOW: A massive number of NYPD officers — including SRG — are now lining up in front of the barricaded pen of protesters outside the main gates of Columbia University
First I've heard of this: homebuyers getting their mortgage approvals yanked thanks to the end of the repayment pause & overturning of student debt cancellation.
And to think we were told for years that there's no way student debt diminishes homeownership.
In order to get a handle on this we need to shut off the free money to colleges unless they offer a low **and uniform** cost of attendance to undergrads, and affordable tuition for professional programs based on society’s needs, not colleges’ & employers’ moral hazard.
/8
The reason for the repayment crisis is quite simply the higher education crisis: shifting to a tuition-based revenue model set off a scramble for elite status, to attract the type of students who can pay full freight. And elite status is determined by having high SES students.
/6
The biggest US hospital chain uses an algorithm to select patients "likely to die," so the they can "discharge them" & claim reductions in their "mortality rate."
Families are being pushed to pull the plug on patients who might recover:
From
@gmorgenson
:
The fact that the student debt won’t be repaid no matter what isn’t convenient for the politicians fighting the culture war over whether student debtors are Good or Bad. For example, the Center for Responsible (!!) Federal Budget assumes that every penny will be paid back.
/4
We use our latest report to show how the “crisis of non-repayment” got going long before the pause. In fact, the repayment pause partly reversed it, by halting the pileup of accumulating interest.
/2
That would mean a higher education system that is institutionally homogeneous & where student bodies are diverse, rather than the other way around. Totally at odds with the neoliberalization of higher education designed to buttress the myth that we live in a meritocracy.
/9
Republicans have accommodated themselves very well to the idea that Democrats occasionally win elections: they make it impossible for Dems to govern or get anything done, but using counter-majoritarian institutions. Why would you compromise with that?
I couldn't agree more with
@mattyglesias
here. Republicans are going to run the country roughly half the time, so even committed liberals benefit from elevating relatively reasonable conservative thinkers.
Zionists are consciously stoking confrontations, then whining about their own victimization & demanding violent reprisals from US state power. It's literally the same dynamic as the occupation of Palestine. Zionism is an all-consuming, malign presence that demands resistance.
That vicious cycle means intense institutional segregation, relegating the neediest students to the least-resourced institutions and thereby loading them up with debt.
/7
@ass_deans
I think the most radical thing about this proposal is that it explicitly rejects the idea that financial aid is egalitarian. Elites want to pick and choose who gets into an exclusive club, but the higher education we need rejects that logic based on scarcity & privilege.
/fin
No, seriously, Uber is deciding what driver gets what job based on their weight, whether they ever missed a payment, what political associations they have.
Algorithmic wage discrimination should be made illegal before it becomes the dominant business model.
Literally everything this piece points to as evidence of NPR’s liberal bias is in fact evidence of them becoming a mouthpiece for the centrist faction of the Democratic Party.
This is quite a read from a longtime NPR editor. I disagree with pretty much all of it. The network, like all news orgs, has its faults. But most of this is just arguing for more conservative-friendly coverage and lamenting progressive internal policies
It’s funny that amidst all the China fear-mongering, we’re still not allowed to say *why* China’s a threat in polite company: their leading corporations aren’t crippled by shareholder primacy & ours are.
A stunning 50% of Americans see China as the greatest threat to America. Agree or disagree, like it or not, support it or hate it, this is our reality. Businesses, Investors, regulators, elected officials, everyone needs to understand and discuss this.
I'll take this opportunity to vent a little political spleen in a separate thread.
1. I've heard political people say that the Dems shouldn't prioritize student debt because that alienates blue collar workers, and don't we all know it's a big problem they've left the party.
Controversial thought experiment: What would happen if companies told universities that they wouldn’t hire ANY of their students unless the schools take decisive action to end blatant antisemitism on campus. After all, no company would use an executive search firm with even one…
Richard Haass and Senator Chris Coons now support conditioning aid to Israel. These are moderate, centrist, establishment figures, not lefty radicals, who are finally recognizing that the war in Gaza is a moral and strategic disaster.
BREAKING: A Palestine solidarity demonstration gathers outside the entrance of the White House Correspondents Dinner, confronting celebs and high-profile guests as they arrive.
I don’t see how any secular US institution can have anything to do with Israel given their obligation not to discriminate on the basis of religion or national origin.
/1
BREAKING:
LEAKED DOCUMENT from Columbia University admin detailing:
1. Discriminatory Admissions policies for the Tel Aviv Dual Degree program
2. Disproportionate financial aid given to Tel Aviv Dual Degree Students
3. Bias from the Dean of General Studies
Thread 🧵
To that end, in addition to regulations under the HEA that would make
@ass_deans
squeal with pain and anguish, we propose a federal university to instantiate this vision: campuses across the country, all with low tuition & socioeconomically diverse student bodies.
/10
I'm devastated about the loss of my dear friend, collaborator, and role model in all things, Bernie Weisberger, who died yesterday at 101. Among other things which I'll get to in a moment, there's no way I would have survived the UChicago Econ PhD program without him close by.
/1
Reminder that Fox News would have been illegal under mid-20th-century media regs, which Reagan did away with and which no government has lifted a finger to restore since, since there's widespread elite consensus against government regulation & tons of money to be made.
Fox News host Jesse Watters on Tuesday broadcast extensive biographical details about Juror No. 2 -- her neighborhood, occupation, education, marital and family status, and what industry her fiance works in.
He concluded by saying, "I'm not so sure about Juror No. 2."
He…
“One of the challenges we face in San Francisco is we need the rent to go back up.”
It is so refreshing to hear YIMBYs say this stuff out loud. Private developers have no plan for building new housing when rents actually go down.
Fun fact: when I was at UChicago the university PD had undercover plainclothes officers spying on a campus protest. The chief of the PD at the time later became the chief at the university where I teach now.
First of all, plenty of blue collar workers have student debt. Remember how the neolibs told us to defund public colleges b/c "a college degree pays off" and so any amount of student debt can easily be repaid? State legislators heard that loud and clear.
In response to a Fox News question about campus protests, the White House spokeswomen said the Department of Justice, Homeland Security and the Department of Education will be involved. This means the Biden administration may be pursuing federal charges against student protestors
An underrated aspect of current university policy is that billionaire philanthropy matters so much more in the current era of widening plutocracy & gerontocracy than a couple of hundred bucks a year from generic alums.
I would say that as an alum I will never donate to Columbia . . . but I actually don't know anyone who went to grad school at Columbia who donates anyway 😂😂😂😂
Just learned that
@Columbia
has locked down every building on campus (deactivated swipe access) and that faculty wishing to visit their offices today require a campus police escort to gain access.
BREAKING 🚨: SECURITY HAS ABANDONED THEIR POSTS, Armed men now fighting and launching items at each other from either side of the encampment. Total chaos, there’s ZERO police presence.
Returning to that old fave Academia in Anarchy, wherein Buchanan & Devletoglu argue that we should replace free college tuition with student debt in order to exclude the rabble and force students to focus on their studies instead of political activism. They got what they wanted!
I am going to Columbia this week for a conference, and I had been concerned to show up at all rather than boycotting. But seeing this shit makes it obvious that I should go, to demonstrate that this crap about “unsafe place for Jews” is false & dangerous crybullying.
In response to “horrific” scenes of antisemitic harassment at and around campus, the Orthodox Rabbi at Columbia/Barnard sent a WhatsApp message to more than 290+ Jewish students this morning recommending that they go home until it’s safe again for them on campus:
RealPage persuaded landlords to abandon their focus on high occupancy. Through collective rent-setting, they would obtain higher per-unit rents that more than offset the loss from lower occupancy rates. Practical consequence: More people struggling to find affordable housing.
Hanania’s apology is a look into where the mainstream race/IQ right will end up. Their view is that some races are stupider, etc. than others, but instead of culling them, the right kind of liberal capitalism will sort them into the service jobs/social tier where they belong.
How do the people who claim student loan non-repayment is a matter of individual personal irresponsibility explain the raced and gendered dynamics of non-repayment? Just wondering.
It's interesting to observe how the formerly Campus Free Speech crowd configures their support for cracking down on Palestine solidarity: those protests do not reflect "reason and free thought," so their speech should not be protected.
Hi
@NAChristakis
, as a social scientist, you know the importance of representativeness. I see on your timeline that you repeatedly amplify the posts of one individual who gained prominence claiming Yale is full of anti-semites. Please visit the encampment and judge for yourself.
This misleading PPP/student loans talking point refuses to die. The loans were 100% intended to be turned into grants, it was baked into the policy from the start. The type of student loans under discussion were not designed the same way.
A lot of them are hired specifically to oversee the financial demise of their institutions. That’s what the political power structure wants to happen to public universities that act in any way to undermine social hierarchies.
Elites consider legacy admissions policies to be fully consistent with meritocracy and affirmative action isn’t. Eugenicism is the ideology that makes these views consistent.
Duke admits 11% of the general applicants but 23% of legacy applicants—whose parents and grandparents parents were accepted during Jim Crow.
Duke didn’t even accept Black students until 1963. Now Black scholarships are banned but racist Jim Crow Legacy thrives.
This is America.
My grad school roommate told me when he worked at a quant hedge fund, they'd scrawl nonsense math on whiteboards before client meetings to make themselves look smart & nerdy. It's like in Mad Men when they have a giant IBM computer in the office for no reason.
Another big topic: the worst people in the world look like they're going to get what they want. Namely the higher ed policy establishment (+ college administrators) always hated both cancellation and the pause, because those policies reveal that the system doesn't work.
2/ first, if you win, people will resent you and not want to be part of your coalition afterwards. And second, if you don't, you don't get any voice at the table once you're beaten.
And yet! They keep trying it.
Since Josh Wright once put my picture up on a slide in front of a closed-door conference of senior antitrust academics at which I was not present, so as to label me a threat, I think it's only fair I do the same to him.
Hence all sorts of professional credentials require student debt, whereas once you'd be able to pick up a certificate virtually for free at a community college. Thanks, Obama.
The whole “greedflation” thing reminds of the time 6 out of 7 members of a cartel admitted illegality. Econ expert for the 7th concocted a story about how the conduct wasn’t coordinated. On cross was asked “are you aware that the other 6 admitted it & implicated your client?”
Hormel Foods will pay more than $11 million to settle class-action lawsuits alleging the company worked with other pork producers to illegally fix prices and overcharge customers, according to court records.
In this excellent interview,
@DavidKlion
asks “when will the liberal elite tell Biden it’s time to pack it in on Gaza or he risks reelection,” the way they did to LBJ over Vietnam in early 1968? They won’t, ever, thanks to 2016.
/1
Like Tom Malinowski said, the machine exists not to win hard elections but decide who’s allowed to win easy ones, which is downstream from Congress (and other offices) becoming resume lines for a lucrative lobbying or nonprofit exec career, rather than actually doing anything.
They're going to tell all of us to get on board with their strategy, which is to lamely encourage everyone to sign up for IDR. I will not participate in that. Instead I will make sure the political price to be paid is steep.
It's frustrating to work very hard on the public's behalf only to see the political establishment's prerogatives re-assert themselves, to the detriment of the public interest and the American people. That's not a politics I'm willing to help perpetuate.
@jainfamilyinst
@laura_bmw
@sergiotpinto
@Edi_Nilaj
We find
--The repayment pause actually caused more student debt to be repaid than would have been the case in its absence.
--The distributional effect is egalitarian on the basis of race & gender
--Borrowers whose payments were paused enjoyed greater financial wellbeing.
/2
Thanks very much to our colleagues
@Edi_Nilaj
&
@sergiotpinto
, who actually did all the work we get to Hold Forth about, and to
@taymaggiacomo
&
@jashkenas
at the Times, who did a fantastic job fancifying the graphics & editing the piece to make us sound & look smart.
Asked if anti-Israel demonstrators are extremists,
@PressSec
notes Biden's earlier condemnation of neo-Nazi protestors at Charlottesville, says "we are calling out any form of hate," and adds "he was very clear then, and he's very clear now."
People, including me, are rightly making fun of this but employers throw their weight around all the time, even where it’s flagrantly not their right to do so. This letter is excellent evidence in favor of the FTC’s determination that a blanket noncompete rule is required.
Just fyi, this was me. And yes I will pre-emptively block you if I see you trying to get someone else fired for tweets. I assume you’re going to do the same to me.