Is student lending a speculative bubble? Is higher education a scam now? Malcolm Harris makes the case. The whole thing — a cogent, thorough analysis — is well worth reading, but here’s the money quote:

If tuition has increased astronomically and the portion of money spent on instruction and student services has fallen, if the (at very least comparative) market value of a degree has dipped and most students can no longer afford to enjoy college as a period of intellectual adventure, then at least one more thing is clear: higher education, for-profit or not, has increasingly become a scam.

Seriously. Go read.