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Colleges charge insane amounts in tuition and are still losing money

Either schools are being horribly mismanaged or higher education just isn't a profitable business

There's a third option- the profit is carefully erased. See "non-profits" that divert millions of dollars to an owner, relative, or other.

"Never ascribe to malice what is adequately explained by incompetence." - variously attributed

Of course, there's no reason it can't be both.

I'm a fan of Hanlon's Razor, but in certain cases (such as when many millions of dollars are involved) I feel it needs to be inverted if only out of caution.

People learn to game systems. Hanlon's razor is an initial condition.

I always picture the "variously attributed" as some kindly old gent, like Ralph Bellamy in Trading Places, whom, after telling some outraged protestor this bit of wisdom heads back into the private club, to the innermost sanctum where the other conspirators sit around a long table, grabs up a golden goblet brimming with what is hopefully wine, and announces cheerfully "Gentlemen, to Evil!"

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