Michael Hudson (Research Professor, UKCM) discusses the financialization of education and its consequences on the RealNews Network:
“People had thought that getting a higher education was going to be the way into the middle class. But now it’s become a larger burden on them than the mortgage debt, and especially now that the lower fifth of Americans can’t get mortgage debts. Student loans can absorb 25 or 30 percent of their income, as much as housing used to do. So the problem is that education has been financialized. Just like roads are being turned into toll roads and sold off to Wall Street firms, you’ve had the school system basically become an appendage of the commercial banking system.” Transcript at the RealNews.