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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.
[Thiel] thinks its fundamentally wrong for a society to pin peoples best hope for a better life on something that is by definition exclusionary. If Harvard were really the best education, if it makes that much of a difference, why not franchise it so more people can attend? Why not create 100 Harvard affiliates? he says. Its something about the scarcity and the status. In education your value depends on other people failing. Whenever Darwinism is invoked its usually a justification for doing something mean. Its a way to ignore that people are falling through the cracks, because you pretend that if they could just go to Harvard, theyd be fine. Maybe thats not true.