In all, the average college endowment lost 2.7 percent in the fiscal year that ended June 30, 2008, according to Commonfund, an organization that manages many colleges' endowments. A follow-up survey found endowments lost another 22.5 percent in the five months that ended Dec. 1, 2008.As Ritholtz observes, together with reduced state funding for research and teaching institutions, this financial slump will have effects on our country for decades to come. Scholarships will decline in number and value, and endowed research positions will go unfilled.
We're talking the big guns like Stanford, which has already cut business school positions and even a few of the university-issued Blackberries, according to CBS News.
Is our children learning? Not as much as they was a while ago. And they ain't gonna get much book learnin' for a while yet.