With that universal truth, I note that now the S&P is turning against independent law schools:
The creditworthiness of independent law schools that aren’t affiliated with larger universities is deteriorating as enrollment declines, Standard & Poor’s said in a report.
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Brooklyn Law, New York Law, Thomas Cooley and Thomas Jefferson have negative outlooks, S&P said. Albany, with a BBB rating, was listed as stable.
David Singer, an Albany spokesman, declined to comment on the report. Representatives of Thomas Jefferson and Thomas Cooley didn’t respond to e-mails seeking comment.Of course they didn't. Would you? It'd be like explaining the Rule Against Perpetuities to a 5 year old, or trying to justify faculty hiring to someone who couldn't even get a district court clerkship. MY SMARM IS JUSTIFIED, LESSERS.
The business world is now piling on law schools. For the contrarian investor, it's time to go all in. Law schools are not milk men or 8-tracks. Because of the massive need for lawyers among dolphins, Ethiopian children, and po' people, there will always be room at the bar; the bar is, in many ways, like the trenches in World War I, as there's always room.
And yet the S&P thinks that over 1/10 of law schools may be at risk. Yeah...go back and look at how those assclowns did in 2008.
World is selling and dumping on a stable and necessary commodity. Time to buy, kids. Still time to get in for next semester...
There are so many facets to the irony of this situation...So if S+P is overreacting about the finances of these JD factories, which is scaring students away, then anywhere from 5 to 20 institutions are becoming admissions bargains, so to speak? And that's the great career, easy job, and high income that some opportunistic student with poor grades and test scores can now attain, due to having fewer competitors than before?
ReplyDeleteI hope no one thinks that's the case, and I'm sure the author doesn't. The students have not been scared away by the poor finances of the scam academies. Their poor finances are the consequence of students being scared away by sky-high tuitions and dirt-poor job prospects. Just sayin' for the benefit of readers outside the reform movement...
That assumes that the S&P is not underreacting - remember, they get paid by the parties whose bonds they endorse. They had no problem rating criminal fraud as AAA right up until they physically couldn't, and didn't take any hits for that.
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