Wednesday, November 10, 2010

Richard Burr's stance on private education


I'm a capitalist. CPA, MBA, securities trader. Both of my business degrees are from schools recognized to be among the very best in our nation. But I'm not a fan of laissez-faire capitalism when it comes to a few key industries. I think capitalists need to stay the heck out of health care, housing finance, and education.

There's an interesting article this morning in Business Week magazine that reminds me why it is that I so hate how capitalists have raped our nation in the education field. Read the article, it'll make your blood boil. Here's a couple paragraphs to give you a flavor:

Top executives at the 15 U.S. publicly traded for-profit colleges, led by Apollo Group Inc. and Education Management Corp., also received $2 billion during the last seven years from the proceeds of selling company stock, Securities and Exchange Commission filings show. At the same time, the industry registered the worst loan-default and four-year-college dropout rates in U.S. higher education. Since 2003, nine for-profit college insiders sold more than $45 million of stock apiece. Peter Sperling, vice chairman of Apollo’s University of Phoenix, the largest for-profit college, collected $574.3 million.

Education corporations, which receive as much as 90 percent of their revenue from federal financial-aid programs, are “private enterprise that’s almost entirely publicly funded,” Henry Levin, director of Columbia University’s National Center for the Study of Privatization in Education, said in a telephone interview.

This will be our next financial crisis in our country. The education debt on the shoulders of our young people, backed by the taxpayers of our nation, will wind up costing us dearly. And a very few capitalists will make out like bandits. Then, they'll take their riches, and invest with hedge funds who only pay 15% taxes, while all the rest of us have to pay significantly more.

My Republican Party really sucks when it comes to common sense. What's happening in private education does not make common sense. What's happening in so many facets of our society don't make common sense. But this stuff is happening because it has the support of Republicans. And our Republican Senator Richard Burr, with his across the board laissez-faire attitude, is one of many current Republicans screwing our nation royally.

North Carolina deserves better than Republican Senator Richard Burr.

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