Let Them Eat Cake? They Don’t Even Get No Stinkin’ Cake.

While perusing my morning NYT last week two articles jumped out at me.  The pair perfectly capture the Wilted Gilded Age we find our selves in.  The first dealt with the interesting little irony that the rich are actually and calculatingly walking away from more mortgages than average households.  It would appear that the WSJ’s moralizing about moral hazards moralizing ends somewhere west of the Hamptons.  The second article dealt with how the ivy covered towers of Academe are now being turned into the country clubs of the kids of the ruling classes, complete with spa-quality student centers.  Now public schools and community colleges are also spending more on student services  according to the article.  But they are doing so to deal with a) a vast backlog of repair and expansion work that has been sidelined for decades; and b) the crush of lower-income students trying to ride out the Great Recession in a classroom.  (Note to students: choose a major that will take 20 years to complete. If the economy hasn’t recovered by then maybe an elder relative will have kicked off in the interim and left you a small bequest….).  Private schools are putting in tapas bars.  Oh, such a world of difference