“Take a place like Grinnell or Swarthmore or Amherst, which had more than $1 million-per-student endowments — what were they doing? They’ve hit a tough time because their budgets are completely dependent — 30 percent, 33 percent or 40 percent — on the income from this endowment. Now the endowment has collapsed 30 or 40 percent and they’re in a jam.”