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These tough economic times have ganged up on the poor, homeowners, investors, students and immigrants. And now comes word that even Harvard and Yale, among the wealthiest schools in the world, have suffered dramatic losses in their endowments over the past year.

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The economic downturn has been rough on countless industries, and arts organizations in New York City that rely on endowment money to survive have been hit hard -- not just, as City Journal's James Panero points out, by the immediate effects of the meltdown felt round the world, but also by the "indirect effects" of how some of their funds have been managed.

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