As I wrote some time ago, the market for student loans is a mess that is rapidly heading for a painful correction. The Obama administration’s misguided quest to provide higher education for all has distorted the cost calculations of college to a devastating degree. Yet, rather than recognize the dangerous bubble he has created, the president is now doubling down—backing a policy dreamed up by Elizabeth Warren to allow the refinancing of student loans en masse at current interest rates, and making up the cost with the “Buffet Rule,” a special provision that would ensure that millionaires pay a minimum income tax rate.