Endow Newspapers? Wrong Question
There's a debate under way in the newspaper/journalism corner of the blogosphere and Twittersphere, spurred by an op-ed commentary in the New York Times earlier this week. The piece, by Yale's chief investment officer, David Swensen, and his colleague Michael Schmidt, a Yale financial analyst, starts with a questionable idea -- that newspapers should be endowed as nonprofits in order to save them -- and goes south from there. The column begins: "The basis of our governments being the opinion of the people, the very first object should be to keep that right," Thomas Jefferson wrote in January 1787. "And...
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