Megan McArdle talks about a college dean, who earns a 6 figure salary by producing law students that have no hope of getting a job and then expands her criticism towards administrators who produce PhDs in a dismal job market.
The belief that education is both good in and of itself, and also, is practically a guarantee of a good job, was never entirely true. But now it's clearly false in many fields, and insiders who blind themselves to this reality are doing naive kids a great wrong. Increasingly, getting the extra degree may actually decrease peoples' chances of finding jobs, partners, and satisfying lives, because of the debt and time that are poured into them. Bottom-tier law schools are the perhaps the most flamboyent offenders, but they are far from the only ones.
Apt. 11d 
Bottom-tier MBA programs are about as vile. And how about that Cortney Munna? “Like many middle-class families, Cortney Munna and her mother began the college selection process with a grim determination. They would do whatever they could to get Cortney into the best possible college, and they maintained a blind faith that the investment would be worth it.” http://www.nytimes.com/2010/05/29/your-money/student-loans/29money.html?pagewanted=all&_r=0
You have a lot of well intentioned people who have gone into the university teaching business, and who now are not eager to see what is happening for their students. And then there’s Kaplan!
There’s a lot of inertia in corporate hiring, people who are hiring for jobs which in no way really require more education than someone would get at a decent high school have required and will continue to require a college degree because they can. And this will keep the machine staggering forward for a while. I want my kids to go to college, partly because many jobs require it and partly because I think they will become more broadly cultured there. But it’s on my list of things which can’t go on forever, at current levels.
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