Journalism Schools Are a Tax on Rich and Stupid Kids

And also they are breaking journalism, and America. That is what finance blogger Felix Salmon has concluded.

See, fancy, expensive journalism schools are basically like overdraft fees and lottery tickets—a way to raise free, unlimited amounts of money from dumb people. And you needn't provide anything in return!

And also, this is why journalists are terrible at covering money and finance.

I think it's fair to say that going to journalism school increases your chances of getting a job in journalism. If J-school graduates are almost by definition financially naive - if they weren't financially naive they'd never have spent so much money on J-school - then maybe J-school is only serving to increase the number of innumerates working in journalism. Which is a sobering thought.

Ok, but why are financially literate writers not only shitty at but also generally uninterested in actually explaining things clearly to us dumb lay people? (Besides you, Felix!)