In the 17th century, Harvard was all about preparing men to serve God. It was about educating ministers. And ministers were arguably the most deeply respected men of their day. In the 21st century, Harvard has a new god — mammon. Harvard grads today most commonly reach for the big bucks in the world of banking and finance and Wall Street. And those who succeed in their get rich quick positions are arguably the most deeply celebrated (if not universally respected) men and women of this American moment.
If you accept for the moment that America’s brightest and best attend Ivy League universities like Harvard and Princeton, what does it say that so many of our most promising young aspire as their highest cause in life to make money and lots of it by manipulating financial markets?
Ezra Klein noted the following stats for the top Ivies:
As of 2011, finance remained the most popular career for Harvard graduates, sucking up 17 percent of those who went from college to a full-time job. At Yale, 14 percent of the 2010 graduating class, and at Princeton, 35.9 percent, were headed into finance.
At Harvard and Yale, at least, the numbers have drifted down in recent years. Harvard’s 2008 class sent 28 percent of its gainfully employed graduates to Wall Street, while Yale sent 26 percent.
More than one-third of Princeton grads went into finance in 2010: Incredible!
As the humanities wither at our universities, the financial sector continues to grow and consume our youth with promises of mammon and “success.”
Isn’t it high time to change our national motto? How about “In Mammon We Trust”?
I have conservative friends (Yes, I do!) who express disfavor with higher education. They see higher ed as being in lockstep with liberal/leftist agendas. Things like gay marriage, aggressive feminism, multiculturalism, and diversity that focuses not on wide-ranging political views but on the politics of gender and race. They further see higher ed as being unfriendly to conservatives, hostile to organized religion (especially Christianity), and intolerant of alternative views that challenge leftist shibboleths.
There’s truth to this critique. I’ve been around enough liberal faculty members to recognize a certain collectivism, often manifested by smug superiority, in their treatment of anyone who challenges their views. So-called Birkenstock Bolsheviks are hardly immune to prejudice, including the refusal of job interviews or the denial of tenure to conservatives. Such prejudice is especially galling among faculties that pride themselves on tolerance.
But while conservatives fight loud skirmishes against conformist liberals in higher ed, they ignore real battles of enormous significance. The middle class in America continues to wither, even as the cost of higher ed spirals ever upwards (Americans now carry more student loan debt than credit card debt); financial and corporate elites continue to gain more power at the expense of the little guy, even in higher ed, which is increasingly obedient to business imperatives; the American empire continues to grow, and the individual rights of Americans continue to atrophy, even as higher ed willingly genuflects before the military-industrial-homeland security complex.
Everywhere in American society, including in higher ed, we see the exercise of power without regard to communal functions. And most liberals (and conservatives) in higher ed either kowtow to power or hunker down in their own little academic fiefs.
To liberals in higher ed, the power elites basically say: We’ll give you gay marriage, we’ll give you your left-leaning courses on feminist basket making in the Punjab. But we reserve real power, the power that translates into money and influence, for ourselves. Even liberal icons like President Obama are just the multicultural happy face on a power structure that continues to screw the little guy and gal.
Think about it. Whether you’re liberal or conservative, do you believe you have any real say in America? Any real power? Any real speech? Compared to financial and corporate elites, who are now citizens and who can outshout you with billions of dollars in political campaign “donations”?
Again, those wine-drinking and cheese-eating liberals in academe, with their smug, Prius- and Volvo-driven politics, may be annoying, but they have no real power except to annoy.
Of course, in some ways this is nothing new. President Dwight Eisenhower identified part of the problem: the growing domination of militarized corporate agendas in the name of “security.” What has made it worse is our permanent war footing, which both drives and justifies fascism-lite, and which works to break down the social contract. Even Ike couldn’t foresee the extent to which Washington and the Congress have become beholden to, and virtually owned by, major corporate and financial interests.
The character Gordon Gekko’s quote of “greed is good” from the movie Wall Street caught the Zeitgeist of the 1980s. Then in the recent sequel Gekko adds: “Now it seems it’s legal,” a statement as sardonically funny as it is indicative of America’s new 21st century Zeitgeist.
To preserve their power and perks, the rich and powerful use their usual divide and conquer strategy, in which they sic the middling orders on the welfare class. Look over there! A lazy welfare mom buying king crab legs using food stamps! Even as another CEO cashes in his golden parachute for $10 million and another luxury yacht.
The media serve power, the politicians serve money/power, and when politicians leave office, they cash in as well. It’s all a circle jerk in which the little guy gets hosed.
Colleges and universities, in the meantime, are divided or distracted by identity politics and the usual grievances and petty animosities, even as administrators increasingly align themselves with corporate types, who promise to run a tighter ship while cutting benefits (including health care) to temporary/contingent faculty.
So, my message to my conservative friends is this: Don’t worry about the leftist types in higher ed who get under your skin: they’re just parlor pinks. They have the power to annoy, and within academe they have a smidgen of authority. But they have no real power, especially when compared to our corporatist state, to multinationals, to the big banks, Wall Street, and the K Street lobbyists.
If you don’t believe me, if you continue to chew the carpet at midnight, pause for a moment and ask yourself this question: When was the last time Prius-driving liberals with their “Coexist” bumper stickers got $700 billion from American taxpayers in the TARP to bail them out?