"Let's have a regulator who sets limits on the cost of some of these courses. They could set the cost by knowing what the real job prospects for people graduating with these degrees is."
That's just so impractical and so open to political abuse by whoever is nominated as being in charge of making those decisions.
Let's face it Medieval History is not going to be the most employable field, so this "regulator" may slap harsh limits on how much a University can charge for it (even more likely if someone like Ed Balls was in charge given his views). Those limits don't meet the costs, so the University drops the course.
The effect would be that Universities would only be able to teach courses that some regulator had decided were sufficiently employable so as to justify a certain level of tuition fees.
I'm not sure we want our Universities to be turned into that sort of thing.
"In the same way we shouldn't allow them to get into that amount of debt for what we know are sometimes mickey mouse degrees, in order to enrich certain colleges or individuals."
So should we also stop them from spending their money and getting into debt on other "Mickey Mouse" things? If so I nominate clubbing holidays to Spain. And is there then a certain age when you can be trusted to get into debt on "Mickey Mouse" things.
And once again we have that issue where someone has to decide what is and what isn't "Mickey Mouse" and you just know that will be used as a political football.
I think there's a lot to be said for some sort of fee capping mechanism including some recognition of the Universities costs, such as lab costs for science courses.
However if we let an element of "worthiness" creep into that where there's some judgement as to what is a valid course and what isn't then we're going down a very troublesome road.