Now it's official. The vast majority of law degrees are no more valuable in the marketplace than the paper used to print their transcripts. That puts most law school graduates in the same category as most MBA graduates. The entire article is a great read. It details one of the last bubbles left to pop in the Ponzi-laden economy of America.
The obvious lesson is that most law school aspirants should not change careers. Federal student loans, in a misguided attempt at promoting meritocracy, have enticed large numbers of people to surrender their prospects for a comfortable middle class existence in exchange for debt peonage. Come to think of it, perhaps that was the plan all along. There's only so much room at the top and the ruling class doesn't like being crowded out.
