I must admit, the college admission scandal that rocked the airwaves this week didn’t surprise me a whole lot. Any student or parent who has gone through the process knows that college admissions at elite schools has become outrageously competitive in recent years. So, it isn’t a surprise to find out how far some people are willing to go to ensure admission. My hope is that the scandal will reveal the false notion that college admissions are a meritocracy. They are not. While the families and administrators that were involved in the DOJ investigation are accused of committing criminal acts, the system is rife with legal ways that favor the rich and connected. Children of donors and alumni (legacies) receive preferential treatment that is widely known and accepted. Unlike recruited athletes or students with unique or exceptional talents, the special treatment that legacies receive has absolutely nothing to do with merit and yet it is perfectly legal. Harvard revealed in 2017 that even though its overall acceptance rate is only 6%, the acceptance rate for legacies is over 34%. A truly shocking factoid!
To me, this is further evidence that the ongoing assault on affirmative action in college admissions is ridiculous. The best colleges understand that the community experience students receive at a four-year college is every bit as valuable as the academic one, and a focus on diversity is one of the best ways to enhance that experience. I’ll admit that on the surface college admission policies based on race seem unfair. It feels odd to say that a particular college should have fewer Whites and Asians… but, I believe that it IS appropriate for colleges to strive to create a student population that reflects our society and that brings a diversity of experiences and perspectives to their campuses. The thrust behind affirmative action is essentially that everyone does not start at the same place and some additional consideration should be given to people who come from disadvantaged backgrounds. Perhaps an imperfect solution but nonetheless a reasonable one in my view.
I am glad the DOJ finally focused some attention on wealthy people who broke the law with impunity by trying to rig the system even further in their favor. Wasn’t it enough that their kids attended the best high schools, have access to private tutors, employ SAT coaches, etc.? Do people from privileged backgrounds really deserve the added advantage of legacy biases? I personally don’t think so, but there is no real challenge to that policy at this time. That said, later this year the U.S. Supreme Court will rule on the latest legal effort to completely abolish the practice of giving even a small preference in college admissions to people of color who come from disadvantaged backgrounds. I don’t get it…
The top real estate sales coaches, like Mike Ferry, flat out tell their students that representing buyers is for losers. Driving buyers around to open houses, dealing with fickle lenders, and filling out multiple offer forms is a lot of work. To make matters worse, after doing all that work, you still might not get paid if your buyers' offers aren't accepted.
By definition, unintended consequences are the results of an action different from what was expected or planned. They are often referenced in relation to changes in policies. I have heard the term used for years, primarily related to government policies. Still, I didn’t realize until recently that much has been written on the subject, and most experts believe that there are three categories of unintended consequences:
This week's big news in real estate was the settlement of the class action lawsuits directed against the National Association of Realtors (NAR)...Despite what you may have heard from the media, if the settlement is approved, this would be a modest victory for both realtors and homebuyers. The lawsuit's deeply misguided proponents, including Steve Brobeck from the Consumer Federation of America, have been calling for an outright ban on broker cooperation. In that regard, they didn't get what they wanted.