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Moore Money with Steve Moore - Jeff Yass: Reinventing Higher Education · Stampede of Truth

• 0:00
  Speaker 1: Next up is my good friend Jeff Yass, who is
• 0:03
  Speaker 1: with Susquehanna Capital. He has a great piece in the
• 0:07
  Speaker 1: Wall Street Journal, I believe it ran on Friday, that
• 0:11
  Speaker 1: is about how you're not going to solve the problems
• 0:14
  Speaker 1: of the Ivy League schools and the kind of leftism
• 0:17
  Speaker 1: on campuses by giving them more money. And Jeff is
• 0:21
  Speaker 1: a great giver to all sorts of causes. But Jeff,
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  Speaker 1: first of all, thanks so much for coming on.
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  Speaker 2: My pleasure, Steve. How are you? Good.
• 0:29
  Speaker 1: So thank you for coming on. So explain what you
• 0:34
  Speaker 1: mean by your piece. And because, look, I'm very concerned
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  Speaker 1: that so much money is flowing into these universities, especially
• 0:41
  Speaker 1: the kind of Northeastern liberal universities. And the kids are spending,
• 0:44
  Speaker 1: you know, their families are spending two hundred thousand dollars
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  Speaker 1: to get a degree. And then the kids are coming
• 0:50
  Speaker 1: out without any useful skills. And all they're learning on
• 0:53
  Speaker 1: college campuses, how terrible America is.
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  Speaker 2: Yeah, it's a great parlay for the left. You send
• 1:01
  Speaker 2: your kids to college. You come out with a lot
• 1:04
  Speaker 2: of debt. You're taught to hate civil society and free enterprise.
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  Speaker 2: And then you can't get a job. And then when
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  Speaker 2: you're dissatisfied, instead of blaming the people who have been
• 1:17
  Speaker 2: lying to you your whole life, you blame capitalism. So
• 1:20
  Speaker 2: it's just win-win for the left.
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  Speaker 1: Yeah, and it's become a racket, actually. So you look
• 1:27
  Speaker 1: at the the voting pattern of the professors on college
• 1:31
  Speaker 1: campuses and on, on most of those in those faculty lounges,
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  Speaker 1: as you know, Jeff, you know, 70 to 80 to
• 1:39
  Speaker 1: 90% of the faculty members are liberal Democrats or socialists
• 1:44
  Speaker 1: or communists. And it hasn't really improved much in, in the,
• 1:49
  Speaker 1: even though people are more aware of it than ever before,
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  Speaker 1: it's still a big problem. And then you've got the problem,
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  Speaker 1: The degrees that kids are getting, whether it's philosophy or
• 2:02
  Speaker 1: sociology or anthropology, are so left wing that the kids
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  Speaker 1: are not coming out with any kind of useful skills.
• 2:12
  Speaker 2: Yeah, and they become enemies of capitalism. The idea of
• 2:17
  Speaker 2: the piece was that approximately $ 80 billion a year gets
• 2:22
  Speaker 2: donated to colleges in America. It's just an astounding number.
• 2:28
  Speaker 2: And what I'm proposing is to philanthropists, look, if 20%
• 2:32
  Speaker 2: of that $ 16 billion went to start new colleges, then
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  Speaker 2: we could start new colleges all over the country. They
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  Speaker 2: can have all kinds of different philosophies, different methods of teaching,
• 2:45
  Speaker 2: different ways of making you pay or not. And that
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  Speaker 2: would change the world. The colleges, in my view, are
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  Speaker 2: absolutely irredeemable. There's no way, like Harvard's not going to
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  Speaker 2: admit they were wrong or they were anti-Semitic or whatever.
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  Speaker 2: They're just going to be quiet until the dust settles.
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  Speaker 2: And their philosophy hasn't changed.
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  Speaker 1: So, Jeff, let me just let me interrupt you for
• 3:10
  Speaker 1: one second. So I went to the University of Illinois
• 3:13
  Speaker 1: in Champaign-Urbana, Illinois. And what college did you go to, Jeff?
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  Speaker 2: SUNY Binghamton State University of New York at Binghamton.
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  Speaker 1: Now, would you say because I feel like I got
• 3:24
  Speaker 1: a really good education at University of Illinois. I mean,
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  Speaker 1: it was a little left biased, but it wasn't bad.
• 3:29
  Speaker 1: It sounds like you got an awfully good education where
• 3:31
  Speaker 1: you went because you're so successful. So what's different about
• 3:35
  Speaker 1: you know, 30 years ago or 40 years ago versus today?
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  Speaker 2: Yeah, I think, you know, I remember college. I don't
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  Speaker 2: really remember it being political, you know. Maybe I wasn't
• 3:48
  Speaker 2: aware of it, but I really wasn't a political kid
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  Speaker 2: at that time. But I think over time, they... You know,
• 3:56
  Speaker 2: the same thing that happened to journalism. They said, you know,
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  Speaker 2: it's so much better instead of just grinding out a
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  Speaker 2: class and teaching you chemistry or physics or math or,
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  Speaker 2: you know, economics or accounting. I want to save the
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  Speaker 2: world and I want to tell you what's right from wrong.
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  Speaker 2: And it's a much more pleasant experience if you're a
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  Speaker 2: teacher doing that than grinding out the classes. And and
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  Speaker 2: I think just over time, you know, this is 30, 40,
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  Speaker 2: 50 years. Without doing anything overt, people who believed in
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  Speaker 2: free market philosophy just felt uncomfortable. This wasn't a place
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  Speaker 2: for them. So they just gradually dropped out or didn't
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  Speaker 2: go in. So without Harvard putting up a sign saying,
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  Speaker 2: you know, free enterprise not welcome here, it just naturally
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  Speaker 2: evolved that way slowly but surely over the last 30
• 4:45
  Speaker 2: or 40 or 50 years until it finally reached the
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  Speaker 2: tipping point where it's at now and people are aware
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  Speaker 2: of it and hopefully we can fight back.
• 4:54
  Speaker 1: So I want to raise a related problem, Jeff, because
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  Speaker 1: you're a good economic mind and business mind, obviously. So
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  Speaker 1: one of the problems seems to be that we just
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  Speaker 1: keep pouring more and more tax dollars into the universities.
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  Speaker 1: And a lot of the people, I mean, I'll give
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  Speaker 1: you a good example. My father was a successful businessman.
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  Speaker 1: And when he died, he left a couple of million
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  Speaker 1: dollars in his estate to Northwestern because he was a
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  Speaker 1: Northwestern grad. And And, you know, people have a fond
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  Speaker 1: memory of their alma mater. And I remember saying to
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  Speaker 1: my dad, I said, you know, dad, look, it's your money.
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  Speaker 1: You can do whatever you want with it. But, you know,
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  Speaker 1: there's no school that needs money less than Northwestern does.
• 5:36
  Speaker 1: They just spend $ 800 million on a football stadium. So
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  Speaker 1: maybe they shouldn't even be taxed. Why do we even
• 5:43
  Speaker 1: treat these universities as tax deductible institutions?
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  Speaker 2: Yeah, I mean. The tax deductibility is outrageous. If someone's
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  Speaker 2: donating money to a school whose philosophy we disagree with,
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  Speaker 2: why are they taxing me? If that person's getting a
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  Speaker 2: tax deduction, then someone else has to pay it. Why
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  Speaker 2: is the government forcing me to pay for something I
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  Speaker 2: don't believe in? All those deductions should be eliminated. I
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  Speaker 2: think when you think that 98% of the donations from
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  Speaker 2: Princeton University, which is generally considered like not that far,
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  Speaker 2: not a totally crazy school, went to Democrats. It's like,
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  Speaker 2: what do you think is going to happen? I think
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  Speaker 2: if you went to the faculty of the leading universities
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  Speaker 2: and said, what's closer to the truth, the 1619 Project
• 6:32
  Speaker 2: or that America is the greatest country ever and the
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  Speaker 2: Declaration of Independence and the Constitution are defining moments in
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  Speaker 2: human history, I think the 1619 Project would win. Now,
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  Speaker 2: Imagine if the far right was running the universities in
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  Speaker 2: such an extreme way. The left would go berserk. They
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  Speaker 2: wouldn't let it happen. But we have passively let it happen.
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  Speaker 2: It's been a slow, boiling frog. And now, finally, it's
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  Speaker 2: time to fight back. And I believe the only way
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  Speaker 2: to fight back is you cannot redeem these universities. They're
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  Speaker 2: never going to change their mind. They're just going to
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  Speaker 2: be a little bit more careful. Start new universities. That's
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  Speaker 2: the American way. Compete with them. If we're better than them,
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  Speaker 2: we'll put them out of business. And if we're not,
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  Speaker 2: then we lose. But we just want a fair fight.
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  Speaker 2: And I'm just calling out all philanthropists to please consider
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  Speaker 2: giving money to new schools that can compete with the
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  Speaker 2: old ones.
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  Speaker 1: Yeah, it's counterproductive. And so, and by the way, you know,
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  Speaker 1: Harvard has what, 50, billion dollars or more in their endowment. So,
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  Speaker 1: you know, there's not a great, you know, and it's
• 7:44
  Speaker 1: a great university, but my God, I mean, you know,
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  Speaker 1: they could give free tuition from now until forever, Jeff,
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  Speaker 1: and not run out of money because they're so well endowed.
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  Speaker 1: So it doesn't make a lot of sense for philanthropists
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  Speaker 1: to give, giving Harvard more and more money or Yale
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  Speaker 1: or some of the, you know, big, you know, highly
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  Speaker 1: prestigious universities because they're, they have so much money. But
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  Speaker 1: I really believe strongly that, Jeff, that we should be
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  Speaker 1: taxing the endowments. I think, you know, this is all
• 8:13
  Speaker 1: money that was never taxed. You know me, I'm a
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  Speaker 1: flat tax guy. I believe we should have a broad
• 8:17
  Speaker 1: tax base and low tax rates, but people escape paying
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  Speaker 1: taxes because they give, you know, some millions, in some cases,
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  Speaker 1: billions of dollars to these universities was never taxed. And
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  Speaker 1: that the universities spend $ 800 million on a fricking football stadium.
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  Speaker 1: I don't, it's a racket.
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  Speaker 2: It really is. And I mean, just think of Harvard.
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  Speaker 2: They have– I hate to use Harvest. The other ones
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  Speaker 2: are the same thing, but they have $ 62 billion. Do
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  Speaker 2: they really need the money from the government that they
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  Speaker 2: get for scientific research and stuff? Just do it on
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  Speaker 2: your own, and then you can do all the DEI
• 8:54
  Speaker 2: you want to do. You don't have to put up
• 8:56
  Speaker 2: with Trump or people you don't like. You're free to
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  Speaker 2: do whatever you want. You've got $ 62 billion. Separate government
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  Speaker 2: and education, and maybe some of your donors– who hate
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  Speaker 2: Trump so much will step up and it won't even
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  Speaker 2: cost you any money, but at least separate from the
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  Speaker 2: government so that you can do whatever you want to do.
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  Speaker 2: And we don't have this civil war where money's going
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  Speaker 2: to places that other people don't like.
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  Speaker 1: So why, Jeff, do we have tenure? I mean, my gosh,
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  Speaker 1: the only people in this country practically that have lifelong
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  Speaker 1: tenure are government employees, teachers in the cities, and university professors.
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  Speaker 1: You run a company. I run a firm. You fire
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  Speaker 1: people who aren't performing. That's just the way of the world.
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  Speaker 1: The one place that you don't have any accountability or
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  Speaker 1: reward for success is in university And, you know, I
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  Speaker 1: I look back at my own life and I think of,
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  Speaker 1: you know, three or four teachers who had an amazing,
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  Speaker 1: profound impact on my life. And they were exceptional teachers.
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  Speaker 1: And I've said this many times on the show. I
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  Speaker 1: believe a great teacher is worth their good worth, their
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  Speaker 1: weight in gold. But you've got a lot of lousy
• 10:18
  Speaker 1: teachers out there. New York, you know, you you study
• 10:21
  Speaker 1: this New York, Philadelphia, Los Angeles. They never fire any teachers,
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  Speaker 1: even if they're horrible, even if they don't know what
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  Speaker 1: they're doing in front of a classroom.
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  Speaker 2: Yeah, that's– the real tragedy is that teachers are so valuable.
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  Speaker 2: A good teacher is worth 100x what they're getting paid.
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  Speaker 2: But because the teacher's profession, particularly K-12, is so protected
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  Speaker 2: by the labor unions that if you're good, you don't
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  Speaker 2: make any more money than if you're bad. They don't
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  Speaker 2: get rid of the bad ones. If you're a kid
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  Speaker 2: going through K-12– You're almost certain to get a bad teacher,
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  Speaker 2: and that will throw you off track. So you can't
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  Speaker 2: even have 20% or 30% of the teachers being bad
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  Speaker 2: because eventually you'll get one, and you're not going to
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  Speaker 2: learn the next step, and you'll be– you won't be
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  Speaker 2: able to learn the subject. And the bad teachers are bad,
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  Speaker 2: but the good teachers and the really smart people generally
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  Speaker 2: know education is not a place for me. That's where
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  Speaker 2: you go if you want to make sure you'll never
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  Speaker 2: get fired. You just have to show up. It's like
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  Speaker 2: working at the post office or something like that. And
• 11:32
  Speaker 2: to the teachers who are great, you're the ones who
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  Speaker 2: are really being disadvantaged. But you should be making 10
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  Speaker 2: times as much money as you're making, and you should
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  Speaker 2: be glorified citizens. Instead, you're just a cog in the
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  Speaker 2: wheel of a labor union.
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  Speaker 1: We're talking to Jeff Yass, by the way. Jeff has
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  Speaker 1: a great piece. He's the CEO of Susquehanna Capital and
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  Speaker 1: has a great piece in the Wall Street Journal this week.
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  Speaker 1: about people pouring money into universities in ways that is
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  Speaker 1: not productive. Jeff, can you hold on for one more segment?
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  Speaker 2: Sure. I got it.
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  Speaker 1: Okay. So we're going to take a quick two-minute break, folks.
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  Speaker 1: We'll be right back with Jeff Yass. And I hope
• 12:12
  Speaker 1: you're having a wonderful weekend. We're back, folks. This is
• 12:15
  Speaker 1: The More Money Show. Hope you're having a great weekend.
• 12:17
  Speaker 1: I'm talking to Jeff Yass of Susquehanna Capital. He has
• 12:21
  Speaker 1: a wonderful piece in The Wall Street Journal this week.
• 12:23
  Speaker 1: about what do we do about the left-wing drift of
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  Speaker 1: our universities, and why do so many philanthropists give so
• 12:29
  Speaker 1: much money to universities? In too many cases, it's just
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  Speaker 1: pouring money down the drain. Jeff, thanks again for joining.
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  Speaker 1: You gave a large donation to, I believe, the University
• 12:41
  Speaker 1: of Dallas. So explain why you did that. How is
• 12:46
  Speaker 1: that going to be different than giving money to, say, Harvard?
• 12:50
  Speaker 2: Yeah, it's the University of Austin at Texas.
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  Speaker 1: Oh, I'm sorry. It's University of Austin in Dallas?
• 12:58
  Speaker 2: At Texas.
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  Speaker 1: I mean, I'm sorry.
• 13:02
  Speaker 2: It's UATX, University of Austin at Texas.
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  Speaker 1: Okay, got it.
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  Speaker 2: Okay. So the idea was it's a new school. I
• 13:11
  Speaker 2: gave money so that the kids would never have to
• 13:15
  Speaker 2: pay tuition. So you go there.
• 13:18
  Speaker 1: So kids can go to the school and not have
• 13:21
  Speaker 1: to pay any tuition for it.
• 13:24
  Speaker 2: Right.
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  Speaker 1: How are the kids chosen?
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  Speaker 2: The kids are chosen. It's just your test scores. There's
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  Speaker 2: no community service. There's no letters from your teachers. There's
• 13:36
  Speaker 2: no essays. There's no BS. It's just sending your test score.
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  Speaker 2: And if you have a high enough test score, you're in. OK,
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  Speaker 2: so the idea is that, you know, we say to
• 13:51
  Speaker 2: the kids, OK, it's free, but nothing's free. This is
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  Speaker 2: basically Milton Freeman University here. And you you have to
• 14:00
  Speaker 2: you know, we're asking you on your honor, no legal
• 14:03
  Speaker 2: requirements to pay it back. If you pay it back,
• 14:06
  Speaker 2: the university exists. If we do a great job, it exists.
• 14:10
  Speaker 2: And you know what? If you don't pay it back,
• 14:11
  Speaker 2: if you didn't think it was worth it, you just
• 14:13
  Speaker 2: don't want to do it, then maybe the university will fail.
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  Speaker 2: So we are going to put our money where our
• 14:17
  Speaker 2: mouth is. We expect to get, you know, the kids
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  Speaker 2: to go out and do very well in life and
• 14:22
  Speaker 2: then pay us back and perpetuate it without any government interference,
• 14:27
  Speaker 2: zero government interference. And the whole middle class, if this
• 14:31
  Speaker 2: method were the whole stress of middle class people saving
• 14:35
  Speaker 2: up for college education, which really defined their whole, you know,
• 14:40
  Speaker 2: life from the time that 35 to 55 would go away.
• 14:43
  Speaker 1: So by the way, Jeff, so, There's going to be
• 14:45
  Speaker 1: no no federal government money given the University of Boston.
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  Speaker 2: Right. Zero.
• 14:52
  Speaker 1: So that means they're not going to be subject to
• 14:53
  Speaker 1: all the regulations.
• 14:56
  Speaker 2: Right. They you know, they're free to say whatever they want.
• 15:00
  Speaker 2: We have, you know, rigorous debates all the time about
• 15:04
  Speaker 2: politics and about, you know, morality and ethics. Right. And,
• 15:08
  Speaker 2: you know, people know if you go there, you're going
• 15:10
  Speaker 2: to hear some stuff you don't like. And if that's
• 15:13
  Speaker 2: not the kind of person you are, then don't go here.
• 15:17
  Speaker 1: Now, is this school, is University of Austin, by the way,
• 15:20
  Speaker 1: I see it now, UATX is the acronym, and it's
• 15:24
  Speaker 1: University of Austin, Texas. And is this school up and
• 15:28
  Speaker 1: running now?
• 15:29
  Speaker 2: Yes, it is. This is the third year. It was
• 15:32
  Speaker 2: basically founded by Joe Lonsdale, Barry Weiss, and Neil Ferguson. Okay?
• 15:38
  Speaker 2: So it was their... you know, their idea. And I,
• 15:42
  Speaker 2: you know, thought it was a great idea. So I,
• 15:44
  Speaker 2: I funded it. But there's 80 kids a class about,
• 15:49
  Speaker 2: so now we're up to about 230 kids. And we're
• 15:51
  Speaker 2: going to have our first grad. We are not accredited
• 15:54
  Speaker 2: by the way. You can't be accredited. Who cares?
• 15:57
  Speaker 1: I mean, by the way, Jeff, you know, the accrediting
• 16:00
  Speaker 1: institutions are totally corrupt. Go ahead.
• 16:06
  Speaker 2: It's just another government scam to keep their monopoly safe.
• 16:10
  Speaker 2: So the kids know they're going there and that the
• 16:13
  Speaker 2: school's not accredited, whatever the hell that means. If a
• 16:17
  Speaker 2: business wants to hire these kids who've gotten great internships
• 16:20
  Speaker 2: with Peter Thiel, Joe Lonsdale, et cetera, you can't get
• 16:25
  Speaker 2: accredited until after the first year. Class graduates. So hopefully
• 16:29
  Speaker 2: in two years, we'll be accredited. But ultimately, we try
• 16:32
  Speaker 2: and do a free market approach. We don't really care
• 16:34
  Speaker 2: if we're accredited. You know you go there. The marketplace
• 16:38
  Speaker 2: knows the kids come out educated and enthusiastic. And they
• 16:44
  Speaker 2: want to work in a free market system. So if
• 16:46
  Speaker 2: businesses hire them, who cares if you're accredited?
• 16:48
  Speaker 1: Oh, I love this. And by the way, I do
• 16:51
  Speaker 1: know something about the accreditation process. It is totally corrupt.
• 16:55
  Speaker 1: And the only reason the universities need to get accredited
• 16:58
  Speaker 1: from these corrupt institutions, they were just an insider game,
• 17:02
  Speaker 1: is because student loans, you can't get a student loan
• 17:07
  Speaker 1: if the school isn't accredited. So it's just another one
• 17:09
  Speaker 1: of those rackets we're talking about. So it sounds like
• 17:12
  Speaker 1: then that kids who go to University of Austin are
• 17:14
  Speaker 1: not going to be getting student loans. No.
• 17:18
  Speaker 2: Well, there's no tuition, so they wouldn't need student loans. Oh, right.
• 17:21
  Speaker 1: They don't need it.
• 17:22
  Speaker 2: Right.
• 17:22
  Speaker 1: OK.
• 17:23
  Speaker 2: Yeah, they don't need it, but they couldn't get it
• 17:24
  Speaker 2: if they couldn't get it anyway. Right.
• 17:27
  Speaker 1: You know, and so this could be the model. Is
• 17:31
  Speaker 1: your hope that we would see more of these schools
• 17:33
  Speaker 1: being developed over the next 10 and 20 years?
• 17:36
  Speaker 2: That's what I was saying. You know, there's 80 billion
• 17:39
  Speaker 2: a year going to colleges. If we had 16 billion,
• 17:42
  Speaker 2: you know, you can start a school for a couple
• 17:44
  Speaker 2: of hundred million dollars and we can have hundreds of
• 17:47
  Speaker 2: them around the country.
• 17:48
  Speaker 1: Oh, that'd be amazing.
• 17:49
  Speaker 2: A thousand flowers bloom. We'll see who's who has a
• 17:52
  Speaker 2: good approach and which people want to go to. And
• 17:54
  Speaker 2: the kids are happy and they're productive. And let's, you know,
• 17:57
  Speaker 2: let's do it like if it was in a free market.
• 18:01
  Speaker 1: And so that's going to give opportunities to a lot
• 18:03
  Speaker 1: of kids. And it's going to, it's, you know, the,
• 18:05
  Speaker 1: all the, crap and the political correction, the correctness that
• 18:08
  Speaker 1: goes on in universities, which by the way, today is
• 18:11
  Speaker 1: as bad as ever before. You're going to circumvent that
• 18:15
  Speaker 1: by sending your kids to one of these schools, which
• 18:18
  Speaker 1: is going to provide them with real lessons for real life.
• 18:22
  Speaker 1: By the way, you hire a lot of, you know, mathematicians,
• 18:26
  Speaker 1: computer scientists and so on. And you were saying that
• 18:30
  Speaker 1: you have to get foreign students a lot because they're
• 18:33
  Speaker 1: not teaching our kids these Yeah.
• 18:37
  Speaker 2: That's absolutely right. I mean, there's not nearly enough kids
• 18:41
  Speaker 2: coming out of American colleges with STEM majors. I would
• 18:45
  Speaker 2: say 60 to 70 percent of the new hires we
• 18:48
  Speaker 2: have coming out of college are foreign born or, you know,
• 18:53
  Speaker 2: they might have been born in America, but their parents
• 18:55
  Speaker 2: are foreign born.
• 18:57
  Speaker 1: Amazing. I mean, it's just an indictment of our education system.
• 19:02
  Speaker 1: I shudder to think how it got this way. Do
• 19:05
  Speaker 1: you think that the donors, in other words, Jeff, what
• 19:10
  Speaker 1: has been the reaction to the piece that you wrote
• 19:13
  Speaker 1: in the Wall Street Journal? Because we need more people
• 19:18
  Speaker 1: of financial means to be supporting these kinds of initiatives,
• 19:22
  Speaker 1: and yet too many of the millionaires and billionaires are
• 19:24
  Speaker 1: just giving money to Harvard and Yale and Stanford. A,
• 19:28
  Speaker 1: they don't need it. B, they've become more and more corrupting.
• 19:31
  Speaker 1: And so this could be the start of something big.
• 19:33
  Speaker 1: But have you heard from others who want to get
• 19:37
  Speaker 1: involved in this?
• 19:38
  Speaker 2: Just anecdotally, as I was getting out of my car
• 19:42
  Speaker 2: in the driving range today before golf, a guy said
• 19:44
  Speaker 2: to me, I read your piece. I went to Harvard,
• 19:47
  Speaker 2: but it really shook me up. I think you're right.
• 19:50
  Speaker 2: And maybe I'll stop giving to Harvard. So that was great.
• 19:53
  Speaker 2: The bad news is, you know, Peter Gettler of the
• 19:56
  Speaker 2: Cato Institute, you know, emailed me that he's just amazed
• 20:00
  Speaker 2: how many people he knows who went to these Ivy
• 20:02
  Speaker 2: League schools who are sort of free market people, but
• 20:05
  Speaker 2: not diehards. And they just continue giving. So what makes
• 20:10
  Speaker 2: me optimistic is that there's so much wealth created thanks
• 20:15
  Speaker 2: to you guiding Donald Trump for free market policies. We
• 20:19
  Speaker 2: thank you. America thanks you, Steve, for that $ 40 trillion
• 20:22
  Speaker 2: you got us. And there's so much wealth that Michael
• 20:27
  Speaker 2: Dells of the world, certainly Elon Musk of the world,
• 20:31
  Speaker 2: They can start– they could really disrupt the college world.
• 20:37
  Speaker 2: They can start a lot of new colleges or a
• 20:39
  Speaker 2: lot of big colleges. And the great thing that Ken
• 20:42
  Speaker 2: Griffin did, $ 2 billion for Carnegie Mellon to start one
• 20:46
  Speaker 2: in Miami. I'm just hoping that other philanthropists follow his
• 20:50
  Speaker 2: lead and say, we've got to disrupt. We've got to
• 20:53
  Speaker 2: do this. We don't need any more art museums or
• 20:56
  Speaker 2: maybe one or two.
• 20:58
  Speaker 1: So Jeff, we just have two minutes left. I'm talking
• 21:01
  Speaker 1: to Jeff Yast from Susquehanna Capital. Great piece in the
• 21:03
  Speaker 1: Wall Street Journal. You know, hopefully what will happen as
• 21:07
  Speaker 1: this movement continues to evolve and as large donors stop
• 21:12
  Speaker 1: giving to the Harvards and Yales and Princetons and so on,
• 21:15
  Speaker 1: is that it will force these schools to reform themselves
• 21:20
  Speaker 1: and to go get back to educating and not indoctrinating.
• 21:25
  Speaker 2: Well, I mentioned that in my piece. It was Johns
• 21:27
  Speaker 2: Hopkins that in 1880 started graduate programs. And by 1900,
• 21:34
  Speaker 2: they had more graduates, more people in their graduate program
• 21:39
  Speaker 2: than Harvard did. So the University of Chicago was the
• 21:42
  Speaker 2: same thing, you know, by Rockefeller. And then Harvard changed
• 21:45
  Speaker 2: their ways and they became, you know, much, you know,
• 21:48
  Speaker 2: they copied it and they had much more graduate students. So,
• 21:51
  Speaker 2: you know, the competition does help your school. So, you know,
• 21:56
  Speaker 2: I wrote that if you love Harvard, give them some
• 21:59
  Speaker 2: competition and maybe they'll perform. So I'm not going there,
• 22:02
  Speaker 2: but I'm not telling you not to go there. But
• 22:05
  Speaker 2: couldn't they use a little competition?
• 22:07
  Speaker 1: Well, Jeff, thanks for what you've done. Thanks for what
• 22:10
  Speaker 1: your wife, Janine, yes, has done for Harvard. providing literally
• 22:14
  Speaker 1: tens of thousands of kids opportunities to go to the
• 22:16
  Speaker 1: best possible schools. And this could be the start of
• 22:19
  Speaker 1: something big. Jeff, yes, thanks for coming on the show.