If by smart people you mean people who acknowlege and support this system, I'm with you. But I don't see much support for this system at harvard. The Economics Dpartment at Chicago, maybe.
i know a smart person when i see one - i assess how he thinks acts and talks. his social position and formal education count...but they're secondary. i don't have to agree with his politics, his religion, his ethics to judge him.
maybe you have different standards