What's happened is that now once great colleges such as Harvard have become Theater of the Absurd.
Keeping it real....there's always been a problem with admissions to elite schools. Well-connected whites have always had an easier acceptance standard than non-connected whites. That's one reason Affirmative Action and a level playing field appealed. Now, we have a playing field that works against middle-class white folks whose chances at upward mobility are being eliminated.
I totally agree but I also think that the world has changed such that many employers looking to hire college graduates are no longer as wow-ed as they once were by a Harvard degree. Personally, I would be a lot more impressed with a guy who worked his tail off and had top of the class grades at a state university (or really anywhere) than a middle or bottom of the heap guy at Harvard.