This article reads like a roadmap for the next financial bubble.<p>FTA: <i>"A 2005 Wall Street Journal story by John Hechinger showed that the Department of Education was projecting it would actually make money on students who defaulted on loans, and would collect on average 100 percent of the principal, plus an additional 20 percent in fees and payments."</i><p>I'm not sure if "eating one's young" is an appropriate reference or not, but this article certainly leaves a bad taste in your mouth. Considering how ugly topics Taibbi covers, that must account for something.