Across the country, business-school faculties are grappling with the possibility that they've been instilling generations of students with a naive faith in free markets, teaching them to focus solely on short-term profits, and justifying some of the more outrageous executive-compensation schemes that have become Exhibit A in the case against corporate America. Many of those notions are tumbling quickly.

But what comes after the fall?

"This market was full of people who were really just salesmen. You'd get them in class and ask them questions [about the latest financial innovations], and, for the first ten minutes, they sound sophisticated. Then you probe a little deeper, and, for the next ten, they're an idiot."

From last December, Malcom Gladwell:

We should be lowering our standards, because there is no point in raising standards if standards don’t track with what we care about.

From last October, Andrew Lahde:

I was in this game for the money. The low hanging fruit, i.e. idiots whose parents paid for prep school, Yale, and then the Harvard MBA, was there for the taking.

Paul Graham:

If you want to invest two years in something that will help you succeed in business, the evidence suggests you'd do better to learn how to hack than get an MBA.