50 U. Rich. L. Rev. 783 (2015-2016)
Are We Heading toward a Charter School Bubble: Lessons from the Subprime Mortgage Crisis

handle is hein.journals/urich50 and id is 821 raw text is: 







ARE WE HEADING TOWARD A CHARTER SCHOOL
BUBBLE?: LESSONS FROM THE SUBPRIME
MORTGAGE CRISIS


   Preston C. Green III*
   Bruce D. Baker **
   Joseph 0. Oluwole
   Julie F. Mead ****

                          INTRODUCTION

   Since 1992, forty-three states and the District of Columbia
have passed charter school legislation.1 Charter schools are com-
monly defined as public schools that are given considerable lati-
tude from state rules and regulations that apply to traditional
public schools while being held accountable for student achieve-
ment.2 There are more than 6700 charter schools nationwide,
serving nearly three million students, which accounts for 6% of
public school enrollment.3
   Charter school advocates have called for the removal of obsta-
cles that limit their expansion, such as the lack of charter school
authorizer options and caps on the number of charter schools al-
lowed within a state.4 The federal government has also sought to

   *  John and Carla Professor of Urban Education, Professor of Educational Leader-
ship and Law, University of Connecticut.
   ** Professor of Education, Rutgers University.
   *** Associate Professor of Educational Administration, Montclair State University.
   **** Professor of Educational Leadership, Policy, and Analysis, University of Wiscon-
sin-Madison.
   1. SARA MEAD ET AL., BELLWETHER EDUC. PARTNERS, THE STATE OF THE CHARTER
SCHOOL MOVEMENT 37 (2015), http://bellwethereducation.org/sites/default/files/Charter
%20Research%200908%20FINAL.pdf; Adam Weinberg, Moms Say Kids Can't Wait for
Better Schools, PLATTE INST. FOR ECON. RES. (July 9, 2015), http://www.platteinstitute.org
/researchldetail/moms-say-nebraskas-kids-cant-wait-for-better-schools.
   2. What Are Public Charter Schools?, NAT'L ALLIANCE FOR PUB. CHARTER SC-S.,
http://www.publiccharters.org/get-the-facts/public-charter-schools/.
   3. MEAD ET AL., supra note 1, at 3.
   4. See, e.g., CTR. FOR EDUC. REFORM, CHARTER SCHOOL LAWS ACROSS THE STARES:
2015 RANKINGS AND SCORECARD 6-7 (Alison Consoletti Zgainer & Kara Kerwin eds.,

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