Incoming Philly Fed chief says universities may become extinct

Marketwatch reports:

It’s not clear at this point if the new president of the Philadelphia Fed will be any more or less of a hawk on interest rates than the one who’s retiring.

But what is clear is that Patrick Harker, who the Philadelphia Fed on Monday announced would be its next president in July, has strong views on the current U.S. higher-education system.

In an op-ed written last month for the Philadelphia Inquirer, the head of the University of Delaware says there is a crisis coming in higher education.

“America’s universities are pricing themselves out of the reach of the middle class,” he wrote, ending his column by saying they could become extinct if they don’t change.

Prices.