Michael Barone writes:

Peter Thiel, co-founder of PayPal, is adept at spotting bubbles. He cashed out for $500 million in March 2000, at the peak of the tech bubble, when his partners wanted to hold out for more. He refused to buy a house until the housing bubble burst.

"A true bubble is when something is overvalued and intensely believed," he has said. "Education may still be the only thing people still believe in in the United States."

But the combination of rising costs and dubious quality may be undermining that belief.

For what have institutions of higher learning accomplished with their vast increases in revenues? The answer in all too many cases is administrative bloat.

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