Reblogged from WITH A BROOKLYN ACCENT

To understand why  we may be approaching a charter school crisis that resembles the one that developed around subprime mortgages, you need to understand how investment banks and credit rating agencies seized upon an instrument to make homeownership available to people with limited resources as a vehicle to make fortunes and advance careers, leaving the tax payers with a large bill. I think something similar is happening today with charter schools, once seen as an opportunity to provide better educational opportunities for families in low and moderate income neighborhoods. In each instance,  an institution initially aimed at expanding opportunity for those with limited resources became, because of government favoritism and lack of oversight, a vehicle for profit taking on a grand scale by the very privileged that sometimes left those the institution was designed to help in very bad shape. Read more>>