Steven Pearlstein, a one-time reporter for the Post who now pens a column for the newspaper, wrote February 20 that “the best thing that could happen to our economy is for a dozen high-profile hedge funds to collapse; for investment banking to enter a long, deep freeze; for a major bank to fail; and for the price of a typical Park Avenue duplex to fall by 30 percent.”
[From Post Business Columnist Wishes for Economic 'Burn']
It’s kinda hard to imagine the irresponsibility of a columnist seriously suggesting that economic collapse is a good thing. While declining values for Park Ave. duplexes would not be catastrophic, a massive collapse of investment funds and banking would be globally devastating.
I’ve recently been critical of large higher education institutions for how they haven’t been using their formidable endowments, to expand education opportunities for more students. Harvard and Stanford in particular deserve considerable attention for what they do and don’t do with their multi-billion dollar investment funds, but today I want to point out something that Stanford is doing that is worthy of praise. Let’s hope this is the beginning of a trend among top tier and very wealthy universities.
In a radical change to its financial aid program, Stanford University will announce today that it will no longer charge tuition to students whose families earn less than $100,000 a year.
[From Stanford drops tuition for some students]