Interesting article in the A.B.A. Journal on federal loan policies and the law school applicant bubble. This deft analysis deserves careful scrutiny. For now, let me just say that a piece of the puzzle missing from the picture painted is the decline in governmental support (principally state support) for public law schools over the past quarter century and, separately, the impact of the tough economic climate on private philanthropy directed toward both public and private law schools. Any way you slice, challenging times are ahead for U.S. law schools. What will distinguish Northwestern is our commitment and ability to meet these challenges with creative, constructive, and sustainable solutions.