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Mark Cuban departed from his usual Ayn Rand-like attitude (he has a yacht named after the writer’s book “The Fountainhead”) to express concern for impoverished students, or rather colleges that might go bankrupt in an impending student loan bubble, according to Business Insider. Tuitions have risen to such a staggering degree that graduates begin their Freshman year of life and a hard course of decades crippled by debt that provides them with only the bare necessities.
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Mark Cuban, star of CNBC’s Shark Tank and owner of the Dallas Mavericks, thinks the crisis could be as huge as the infamous housing bubble that triggered the Great Recession of 2008. He told Inc.com, “It is inevitable that there will be a cap on student loan guarantees, and when that happens, you are going to see a repeat of what on in the housing market. When easy credit for buying and flipping a house disappeared we saw a collapse in the price of housing, and we are going to see a collapse in the price of student tuition, and that’s going to lead to colleges going out of business.”
Mark Cuban and Elizabeth Warren would certainly make strange political bed fellows, but they agree on this issue. Warren joined personal finance guru Suze Orman, who said banks were “raping” students by burdening them with debt. She had no qualms about using the rape analogy. Suze Orman said, “The kids today, they don’t have money, and they have not been educated about how important it is to pay their student loans … so why are we protecting private banks who are financially raping, and I say that word truthfully, our children?”
