worse than you thought
Exhibit number whatever in reasons I tell students not to pursue graduate work in history, despite history being the best choice of major as an undergraduate, hands down.
history is not alone, either,
"It’s not just young scholars who suffer under the current hiring hierarchy; innovation across all disciplines may be stifled. Because graduates from only a small number of universities account for the majority of faculty jobs, new ideas and discoveries from those elite institutions may be far more likely to gain traction in academia and in the wider world than those from outside this group. (Not to mention that bad ideas coming out of this core group of schools may get more attention than they deserve.)"
(You know, bad ideas like the one generated by Yale and Harvard grads, such as the Iraq War)