Note: "below economy" class is a terrible idea for us, because it means that those seats will cost current coach prices, and what we call coach will become business class. (This has happened before; business now is what coach was in 1990.)
89 karma · joined September 6, 2010
Note: "below economy" class is a terrible idea for us, because it means that those seats will cost current coach prices, and what we call coach will become business class. (This has happened before; business now is what coach was in 1990.)
The vast, vast, vast majority of people in that 55% are not even remotely poor. Most are of upper-middle income and of even higher socioeconomic status (e.g. progeny of diplomats, famous art gallery owners, and esteemed professors who make a merely upper-middle income but are higher in social status).
Yale spends nearly $100 million annually on financial aid. And this is up from roughly $32 million in 2001. This is not just a "token" expenditure, nor is it a token growth in spending.
It "spends" that money by giving aid packages that can only be redeemed by purchasing their extremely expensive product. Don't get me wrong; I think it's better for universities to price discriminate in this case than for them not to do so. However, it's not accurate to claim that they're bending over backward to provide equal access to the poor, as they're demonstrably not doing this.
I wouldn't say it's "incredibly good financial aid", especially in light of the nightmarishly high tuitions universities now charge and the fact that an inordinately high percentage of people have to take on nondischargeable debt. It's price discrimination. I'm not saying this is a bad thing; it's arguably for the better that colleges do this, because if they didn't, poor students would have no hope of attending, but price discrimination is still what's happening.
Also, only a token number of low-income students are admitted to the top schools, due to "extracurricular" admissions criteria that are socioeconomic by design. This is why these universities can fearlessly offer need-blind admissions; poor kids rarely pass the extracurricular hurdles.
What actually matters is not whether returns diminish, because this tends to happen right away if inputs are allocated to the most efficient projects, but the point where the marginal value gained is less than the cost of the input.
With university degrees, quality of education is second and prestige is first in importance. These are correlated but not always the same, and this is one of the reasons why academia is not vulnerable to upstarts, unless there's a radical shift in how to evaluate prestige (and I doubt there will be).
Both are vocational necessities for most professionals in the U.S., but the "prestige" of the car one takes to work is irrelevant whereas that of the degree is essential.
We have, at the top of society in a milieu most of us will never see, some really rotten people with a lot of power and influence. This realization explains a lot.
Also, the dismantling began in the 1980s when people who are generally considered pre-Boomer were in power. CEOs in that time generally had birthdates in the 1920s and '30s, not '40s and '50s. Reagan was one of the so-called "Greatest Generation".
This is largely a class issue. Baby Boomers did most of the villainy because most of the egregious opportunities presented themselves while they were in power. That's all. They're not any better or worse than the rest of us. (Born in 1983, I have no specific need to defend the Boomers, other than intellectual honesty.)
On the other hand, all generations of the American upper class and right wing have been fucking over all generations of the rest of us for about 30 years.
If you were late Silent or early Boomer (b. 1930 to 1950) you faced an extraordinarily easy career game. Even in advertising, the era's analogue of banking, people left work at 6:00. Unlike those who are young now, you didn't have to bust your ass through college and internships. People dropping acid at Woodstock in '69 could walk into executive-track corporate jobs in '70 and be VPs by '72. They had it really fucking easy. Today you can't get a decent entry-level job with a 3.4 GPA and no internship.
The sunny era, however, didn't end in 2008 or 2001, but much earlier. If you were leaving college in the mid-1970s stagflation era, you'd missed it. There were small, blippy, "booms" localized to a few industries (banking, then oil/gas, then dot-coms, then oil/gas, then real estate, then banking) in the next three decades, but the general prosperity never came back.
The worst villains are mostly Baby Boomers, but just because that's the generation who is in power, and most people of any generation are out of power.
I don't like ripping on "the Baby Boomers" because it's similar to the "politicians are awful, but my Congressman is great" mentality that keeps incumbents in office despite dysfunction. People who rip on the Baby Boomers will except their parents, and this makes sense, because the villainy isn't generational but class-based. So let's frame this issue in proper terms. There's been a whole lot of chicanery going on, but it's not something that can be placed on one generation.
You want an "almost right" program to fail, but you want it to do so at compile time. Runtime silent failure is the worst.
They may be great guys, but you really need to get a firm commitment regarding equity. You're taking a risk and have a right to know what the rewards will be. A promise, especially a subjective one, means nothing. What does a "big" share even mean? If the company is valued at $2 million and you get 0.25%, that's a $5000 bonus, which can be described as "big" but is quite lousy in comparison to what you actually deserve. Remember that the business guys, due to the overconfidence that is characteristic of that sort, would still consider such a grant very generous. After all, it's going to be a $10 billion company one day, and that 0.25% is going to make you a millionaire many times over, no?
You're taking as much risk as they are, and you actually have the technical skills. You deserve a better deal. If your leaving would hurt them as much as you think it would, then they will give you equity, and they'll actually respect you more now that you're not letting them take advantage of you. Or, they might let you go, in which case you're better off to have this happen sooner rather than later, after having wasted even more time.