The Power of a Single Idea

There are no problems that can't be fixed by nice white ladies. Alex Tabarrok at Marginal Revolution links to an article in the Times about some sort of special bond that Goldman has purchased to finance a jail program intended to reform recidivism rates among minority juvenile offenders. Much discussion ensues over the economic performance of the bond, gaming, incentives, causes of recidivism, blah blah blah.

All miss what is undoubtedly behind the 'special bond'. As Steve Sailer tirelessly points out, the rich and powerful are endlessly searching for ways to make their daughters' expensively-acquired though useless English/Arts Major degrees worth something. This 'jail program' is being sponsored by Bloomberg Philanthropies and financed by Goldman Sachs for some $9m. Look at the picture in the Times.

Here's the young woman's LinkedIn profile. That's right - she's majoring in "Social Justice Education Through the Arts" at NYU - NYU! - one of the most expensive schools in the world. I know nothing of this girl's background and for all I know she's from a modest background and on a full-ride scholarship. But I'm sure there's plenty like her with dads working at Goldman/Bloomberg dying for more-and-more programs like this to give their kids something to do.

Not the worst thing in the world, and at least they're not using taxpayer's money - at least not directly - and not until the bond matures:)