INSTAPUNDIT: "The main problem with the “new elite” is that they’re not an elite at all. That is, they aren’t particularly smart, or competent. They are credentialed, but those credentials aren’t so much markers for smartness or competence, or even basic education, as they are admission tickets to the Gentry Class ...."

Read it all, especially the updates. The Heinlein quote, from The Notebooks of Lazarus Long, is one of my favorites.