America is home to a diverse set of institutions that range from the fabulously well endowed to those that are very poorly funded. Yet many of our poorer institutions provide educations that are just as good as--and in some cases even better than--their richer counter-parts. In this article, the author argues that wealthy institutions of higher learning have become investment banks with educational facades, and should instead focus on building a public space in which both the aesthetic dimensions of life and the exercise of free and open debate and speech can proceed without fear. He offers the example of Bard College to show how less well endowed schools emphasize teaching, learning, and civic ideals by making a habit of raising resources and spending them on current programs that benefit students and faculty immediately.