But war in Afghanistan and Iraq, and the broader surge of anti-George W. Bush sentiment, had proved awfully good for business: the romantic ideal of journalism became sexier than since Watergate, attracting that many more applicants. Plus, the school began drawing tons more daughters of uber wealthy families from abroad who looked like juicy development prospects.

The J-School grew and grew through the Bush-Cheney era, bullish on its future even as the Internet increasingly drained revenues from the field, and then suddenly the economy collapsed—donations cratered, grants dried up, and most of the hoped-for benefactors overseas ended up giving in their home countries rather than send their millions to New York. Short of a massive capital infusion, the institution would soon be forced to make painful cuts.

The centennial was the last, best chance to turn things around—to raise a mountain of cash showcasing the school’s prestige and newfound global reach. So it’d be a yearlong extravaganza convening experts and VIPs all around the world, including books and a film and an ambitious online campaign.

[It’s an interesting reminiscence from ivy Exile about the pitfalls of self-promotion in the midst of decline, and perhaps the self-delusion of institutions on a micro scale. Mostly, it’s just a good tale. — Ed]