Friday, November 07, 2008

How to educate a generation on $10 a day

Well, it looks like Harvard is almost broke. Apparently, the once mighty endowment is down 25-30%! Even worse, the university

is also reportedly trying to dump 1/3 of its private equity holdings to raise cash, which would be a seriously distressed move.
If these rumors are true, we should expect to see:
  1. A giant "Harvard Yard SALE!"
    Everything must go!

  2. A slowdown in construction of Harvard's new Allston Campus (as seen below).

  3. More pesky fundraising letters to Harvard alums. Sorry, alma mater, I gave all my extra money to fight Prop 8.

Alas, it is not just the storied Ivy League that is in trouble. Here at UCSC, we were informed by email today that the UCSC Provost has
advised principal officers to implement a $4.5 million budget reduction for our campus.
According to the same email:
In the meantime, I've directed principal officers to implement all reasonable cost-saving measures and to engage their staffs in identifying creative ways to invest limited resources as efficiently as possible. I invite you to share with them your thoughts and questions, as well as your own suggestions for belt-tightening. We will thoughtfully consider every reasonable suggestion.
In keeping with the spirit of "reasonable suggestion[s]" for "invest[ing] limited resources," we received a message four hours later from UC President Mark G. Yudof. President Yudof invites us to join him for a discussion of "the value of public education." Oh, but here's the good part:

Why, that's just crazy enough to work!

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