This is the Cato Daily Podcast for Friday, April 11, 2014. I'm Caleb Brown.

The Education Bubble is showing signs of stress, but constant massive federal subsidies aren't helping reform

American higher ed.

Glenn Reynolds is a professor of law at the University of Tennessee.

He spoke about higher ed at the Cato Institute's benefactor's summit in February.

Thank you very much.

Well, it's great to be here.

I've been a Cato fan and supporter for a long time.

Actually, my most fan and supporter for a long time.

Actually my most recent book is called The New School,

How the Information Age will save American education from itself.

I don't think it's on my UT bio yet, though. but I kind of got into talking about education by accident.

The idea of a higher education bubble isn't really mine. It seems to have gotten its big kick with an article in the chronicle of higher education by Joseph Mark Cronin and Howard Horton in 2009, but I've been writing about it a long time. I wrote some newspaper articles for the Washington

Examiner and the New York Post and some other places. And then Roger Kimball, who some of you may know,

at encounter books, said, why don't you write something for me

about this?

So I wrote one of their broadsides, which

is kind of like an Atlantic Monthly Feature

Article in a freestanding booklet.

And then he said, why don't you do something on K-12, too?

I was like, okay.

So I wrote something called the K-12 implosion, which

...