Liberal UC Berkley blames The State for 500 person layoff.

One of the tenets of my debt Ponzi world view was that everything built on debt and powered by debt would unravel rapidly when the debt peaked.  Additionally, all Ponzis operate on a "stair steps up, elevator down" basis.

I specifically targeted Big Education and non-economic, academic pursuits of all kinds as being among the big losers here.  I also indicated that liberals would be the biggest whiners when the Ponzi that they helped create came crashing down.  No liberal likes to take personal responsibility for anything.  Whatever good thing happens, yes, they want credit for that.  But the bad stuff was either an act of God OR the fault of a big institution which does not allow easy pinning of personal blame.

Before today, UC Berkley was already in financial trouble.  Why?  Because their revenue stream was based on student loan debt at a time when students are beginning to realize that lifetime debtitude is not worth a freaking liberal arts degree.  It's no different than what will eventually happen to the global real estate markets once a trigger point occurs that makes taking debt on impossible (much higher interest rates, much more stringent lending requirements, etc.).  Sellers, be they sellers of education or of housing, do not set prices.  They set suggested retail prices.  Only buyers set the prices and if buyers cannot afford or cannot qualify to take on debt in order to purchase overpriced education and housing then both markets will fall.  This is coming.  Education is marginal to housing so it is only natural that education will be hit first and worst.

Today's laughing point on this front is that UC Berkley was already in financial trouble before the state of California just decided to appease its sheeple by mandating a minimum wage of $15 per hour for everyone.  So every ditch digger, floor sweeper and maid (AKA "slave") they employ now gets an 11% raise (from $9 to $10) in 2016 with a rapid path to $15 in just 4 years.  That's a 66% raise over 5 years which would be considered awesome by anyone EXCEPT those who have to pay it.

So UC Berkley is using this opportunity to dump 500 low level employees.  Of course they could cut back on benefits for professors but that will be a last option.  The marginal players are always hit the first and worst.  Thus we see that liberals are all about benefiting the little guy as long as someone other than they are made to foot the bill.  You just have to love how CA lawmakers think that every big institution is made of money and thus it doesn't matter if the lawmakers buy votes at the expense of said institutions by passing corrupt minimum wage laws.  Many people do not see the truth of this but it is just another example of the organized criminals who are now at war with each other trying to garner favor of the people instead of conspiring together to screw the people as they have been doing for decades of debt expansion.