I don't really have much to add, except to say that this is exactly where we're heading here in Washington State:
The education capitalists have a great plan. We starve the universities by reducing their state funding so much that students can’t easily graduate in 4 years. Then we get our lackeys in the state legislature to pass a law forcing schools to accept online classes as credit. That opens up the possibility for gigantic MOOCs that has two benefits. First, we can cut state education funding even more. Second, we can make a ridiculous amount of money through the continued privatization of education.
[...] I mean, there won’t actually be jobs for any university graduates. And they won’t have actually learned anything. But what do we care? We just made $50,000 in the last 4 years off each student!
I'm not opposed to online courses in theory, but anybody who pitches them as a replacement for the traditional university experience is selling you a load of hooey. But, you know, the market! Yay!