Apparently. I was really shocked to see UC Berkeley being discussed in City Journal for budgeting problems (http://www.city-journal.org/html/how-uc-berkeley-can-dig-out...). I never heard of such craziness before. To think tuition went up year after year, it's like the never drying well. I think when money flows it's not very hard to convince folks to go crazy during the heyday to ride the wave as long as it lasts. Cant' blame folks for losing to temptations during such windfalls I guess.