Education the next bubble to burst
<p><span word="Many">Many</span> <span word="people">people</span> <span word="are">are</span> <span word="now">now</span> <span word="wondering">wondering</span> <span word="whether">whether</span> <span word="the">the</span> <span word="education">education</span> <span word="industry">industry</span> <span word="will">will</span> <span word="also">also</span> <span word="start">start</span> <span word="to">to</span> <span word="experience">experience</span> <span word="a">a</span> <span word="downfall">downfall</span> <span word="as">as</span> <span word="a">a</span> <span word="result">result</span> <span word="of">of</span> <span word="the">the</span> <span word="global">global</span> <span word="financial">financial</span> <span word="crisis">crisis</span>, (<span word="GFC">GFC</span>).</p><p><span word="Initially">Initially</span> <span word="what">what</span> <span word="began">began</span> <span word="with">with</span> <span word="the">the</span> <span word="US">US</span> <span word="sub">sub</span>-<span word="prime">prime</span> <span word="mortgage">mortgage</span> <span word="crisis">crisis</span> <span word="has">has</span> <span word="now">now</span> <span word="transmogrified">transmogrified</span> <span word="into">into</span> <span word="something">something</span> <span word="far">far</span> <span word="more">more</span> <span word="devastating">devastating</span>.</p><p><span word="Last">Last</span> <span word="week">week</span> <span word="we">we</span> <span word="saw">saw</span> <span word="the">the</span> <span word="bankruptcy">bankruptcy</span> <span word="of">of</span> <span word="the">the</span> <span word="Icelandic">Icelandic</span> <span word="nation">nation</span> <span word="and">and</span> <span word="the">the</span> <span word="resignation">resignation</span> <span word="of">of</span> <span word="their">their</span> <span word="government">government</span>.</p><p><span word="Almost">Almost</span> <span word="weekly">weekly</span> <span word="new">new</span> <span word="reports">reports</span> <span word="are">are</span> <span word="being">being</span> <span word="broadcast">broadcast</span> <span word="of">of</span> <span word="company">company</span> <span word="bankruptcies">bankruptcies</span>, <span word="staff">staff</span> <span word="cuts">cuts</span>, <span word="bank">bank</span> <span word="closures">closures</span>, <span word="negative">negative</span> <span word="trade">trade</span> <span word="statistics">statistics</span> <span word="and">and</span> <span word="billionaires">billionaires</span> <span word="who">who</span> <span word="decide">decide</span> <span word="to">to</span> <span word="take">take</span> <span word="their">their</span> <span word="own">own</span> <span word="lives">lives</span>.</p><p><span word="One">One</span> <span word="estimate">estimate</span> <span word="here">here</span> <span word="in">in</span> <span word="China">China</span> <span word="placed">placed</span> <span word="the">the</span> <span word="possible">possible</span> <span word="number">number</span> <span word="of">of</span> <span word="jobless">jobless</span> <span word="resulting">resulting</span> <span word="from">from</span> <span word="the">the</span> <span word="present">present</span> <span word="mess">mess</span> <span word="to">to</span> <span word="be">be</span> <span word="around">around</span> 20 <span word="million">million</span>.</p><p><span word="Unlike">Unlike</span> <span word="the">the</span> <span word="commodity">commodity</span> <span word="markets">markets</span> <span word="in">in</span> <span word="oil">oil</span> <span word="and">and</span> <span word="minerals">minerals</span> <span word="or">or</span> <span word="the">the</span> <span word="manufacturing">manufacturing</span> <span word="industry">industry</span> <span word="dealing">dealing</span> <span word="with">with</span> <span word="clothing">clothing</span> <span word="and">and</span> <span word="automobiles">automobiles</span> <span word="there">there</span> <span word="was">was</span> <span word="always">always</span> <span word="one">one</span> <span word="industry">industry</span> <span word="that">that</span> <span word="appeared">appeared</span> <span word="a">a</span> <span word="safe">safe</span> <span word="haven">haven</span> <span word="for">for</span> <span word="employees">employees</span> <span word="and">and</span> <span word="company">company</span> <span word="directors">directors</span> <span word="during">during</span> <span word="a">a</span> <span word="recession">recession</span> – <span word="that">that</span> <span word="of">of</span> <span word="education">education</span>.</p><p><span word="I">I</span> <span word="remember">remember</span> <span word="quite">quite</span> <span word="specifically">specifically</span> <span word="a">a</span> <span word="time">time</span> <span word="when">when</span> <span word="my">my</span> <span word="old">old</span> <span word="private">private</span> <span word="language">language</span> <span word="school">school</span> <span word="boss">boss</span> <span word="commented">commented</span> <span word="that">that</span> <span word="education">education</span>, <span word="particularly">particularly</span> <span word="here">here</span> <span word="in">in</span> <span word="China">China</span>, <span word="was">was</span> <span word="like">like</span> <span word="a">a</span> <span word="tree">tree</span> <span word="that">that</span> <span word="just">just</span> <span word="keeps">keeps</span> <span word="on">on</span> <span word="growing">growing</span>.</p><p><span word="Well">Well</span> <span word="that">that</span> <span word="metaphor">metaphor</span> <span word="is">is</span> <span word="now">now</span> <span word="being">being</span> <span word="put">put</span> <span word="to">to</span> <span word="the">the</span> <span word="test">test</span> <span word="and">and</span> <span word="perhaps">perhaps</span> <span word="it">it</span> <span word="won">won</span>'<span word="t">t</span> <span word="be">be</span> <span word="for">for</span> <span word="another">another</span> <span word="half">half</span> <span word="a">a</span> <span word="year">year</span> <span word="or">or</span> <span word="so">so</span> <span word="before">before</span> <span word="we">we</span> <span word="begin">begin</span> <span word="to">to</span> <span word="see">see</span> <span word="the">the</span> <span word="impact">impact</span> <span word="of">of</span> <span word="the">the</span> <span word="GFC">GFC</span> <span word="on">on</span> <span word="the">the</span> <span word="education">education</span> <span word="industry">industry</span>.</p><p><span word="Contacts">Contacts</span> <span word="in">in</span> <span word="Australian">Australian</span> <span word="institutions">institutions</span> <span word="are">are</span> <span word="telling">telling</span> <span word="me">me</span> <span word="application">application</span> <span word="numbers">numbers</span> <span word="from">from</span> <span word="China">China</span> <span word="are">are</span> <span word="still">still</span> <span word="strong">strong</span> <span word="though">though</span> <span word="yesterday">yesterday</span> <span word="I">I</span> <span word="had">had</span> <span word="a">a</span> <span word="phone">phone</span> <span word="call">call</span> <span word="from">from</span> <span word="my">my</span> <span word="brother">brother</span> <span word="who">who</span> <span word="works">works</span> <span word="in">in</span> <span word="Japan">Japan</span> <span word="and">and</span> <span word="his">his</span> <span word="impression">impression</span> <span word="was">was</span> <span word="far">far</span> <span word="more">more</span> <span word="pessimistic">pessimistic</span>.</p>
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