As for the corporations, the reason they demand college degrees, as we wrote in 2007, is that the government forbids them to screen applicants directly for basic intelligence under a doctrine of antidiscrimination law known as "disparate impact" that the U.S. Supreme Court established in the 1971 case Griggs v. Duke Power Co.: But why are employers able to get away with requiring a degree without running afoul of Griggs? Because colleges and universities--again, especially elite ones--go out of their way to discriminate in favor of minorities. By admitting blacks and Hispanics with much lower SAT scores than their white and Asian classmates, purportedly in order to promote "diversity," these institutions launder the exam of its disparity. Thus the higher-education industry and corporate employers have formed a symbiotic relationship in which the former profits by acting as the latter's gatekeeper and shield against civil-rights lawsuits. Little wonder that in 2003, when the Supreme Court considered the constitutionality of discriminatory admissions policies at the University of Michigan, 65 Fortune 500 companies filed a friend-of-the-court brief urging that they be upheld. Now of course the kids at Occupy Wall Street don't know any of this. They have received four-plus years of "education" from mostly left-wing professors who owe their sinecures to this arrangement and who are happy, for reasons of both ideology and self-interest, to vilify the capitalist system they feed off. When we explained this to Taylor, it was totally new to him, and he was fascinated.
If these young people ever figure out the real reasons they're so deeply in debt, maybe they'll "occupy" Columbia and NYU rather than Wall Street.
These kids who put themselves in debt for $100K+ for a useless degree surely have been lied to. But they are angry at all the wrong people, and advocate all the wrong solutions.