School daze, school daze; good old Golden Rule days
Managing Director of PIMCO, William H. Gross. (Getty Images)
June 26th, 2011
11:59 AM ET

School daze, school daze; good old Golden Rule days

Editor's Note: William H. Gross is the Managing Director of PIMCO. This is a republishing of his Investment Outlook

By William H. Gross

​A mind is a precious thing to waste, so why are millions of America’s students wasting theirs by going to college?

All of us who have been there know an undergraduate education is primarily a four year vacation interrupted by periodic bouts of cramming or Google plagiarizing, but at least it used to serve a purpose. It weeded out underachievers and proved at a minimum that you could pass an SAT test. For those who made it to the good schools, it proved that your parents had enough money to either bribe administrators or hire SAT tutors to increase your score by 500 points. And a degree represented that the graduate could “party hearty” for long stretches of time and establish social networking skills that would prove invaluable later on at office cocktail parties or interactively via Facebook.

College was great as long as the jobs were there. FULL POST

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Topics: Economy • United States