Mostly agree, but "The few geniuses stay and do research" is probably not true. I don't like the term "genius", but many of the best and brightest are put off by academic elitism and bureaucracy and leave, while at least some not particularly gifted individuals stay because they are more comfortable to play the academic game. One could even go so far to say that academia needs both of these types, but arguably, there are too many "game players" at the moment. (And of course, this is an oversimplification, and most academics try to play the game AND do useful research, but to different extents.)