The past 40 years or so have seen an explosion in the higher education industry as colleges and universities have marketed themselves as, among other things, providers of job-hunting licenses, producers of “leaders” and sellers of indulgences for racial sins. Government subsidies have created an enormous artificial demand, driving prices higher, and the quality of education has declined as institutions came to focus on things other than the intrinsic value of learning. We are not the first to observe that this looks like another economic bubble. It would be a lovely irony if it burst during the presidency of a man who is so much a creature of the faculty lounge.