One of the casualties from the recent, current recession is Harvard's endowment which at the end of June stood at $26 billion, now from nearly $37 billion a year ago. That's not chump change even for Harvard.
As a result Harvard had to let go of 275 employees and freeze salaries. The endowment covers over a third of Harvard's yearly operating budget. I can't say I'll weep for Harvard, which epitomizes the liberal education establishment in America. A school which was founded on an explicit Christian vision for education jettisoned that vision years ago.
While everybody has been hit by the recession, the big and little, good and bad, the recession may well have a leveling effect because Harvard has had a lot farther distance to fall than others.