Like the society to which it has played the faithful servant, the university is bankrupt.  This bankruptcy is not only financial.  It is the index of a more fundamental insolvency, one both political and economic, which has been a long time in the making.  No one knows what the university is for anymore.  We feel this intuitively.  Gone is the old project of creating a cultured and educated citizenry; gone, too, the special advantage the degree-holder once held on the job market.  These are now fantasies, spectral residues that cling to the poorly maintained halls.