1986–1989

The early Fed carried the full "Federalist Paper" masthead and advertised itself as "a newspaper in the tradition of Columbians Hamilton and Jay." The founding members were "a libertarian, conservative, and a socialist, (although no one knows which was which)."^[1]

The founders were Andy Levy (likely the libertarian), Neil Gorsuch (likely the conservative), and P.T. Waters (not likely a socialist). The paper's mission was to create a "classically liberal" forum with content centered primarily on issues and news topics considered "politically delicate" at Columbia, such as race relations, discussions as to Barnard's place in the newly co-ed institution, and whether anyone at the school actually listened to the august WKCR.^[2]

The political and cultural tone of Columbia in the mid to late 80's was still very much oriented toward the free speech protest movements of the late 60's, and the associated far left politics dominated campus political culture. This left a tremendous amount of room on the political spectrum to the right. As early as the first few issues, the paper referred to itself as "the Fed" and wrote editorials in an informal, personal style.^[2]

1990–1992

By 1990, The Federalist Paper was already feeling the pinch of low content. Issues from the era display an increasing disregard for layout and copy-editing (a charge often leveled at the paper regardless of the format), a decline in advertising from former stalwarts such as Coors and Kaplan, and an editorial board that drew almost exclusively conservative commentators. The board of 1992, after a fierce debate, recommitted itself to the "classically liberal" stance of the founders and began a charge towards diversity of opinions.^[3]

1992–1996

During this period, the paper became known as the leading informational publication at Columbia. It also retained its re-affirmed mandate of providing a forum for diverging view-points, consistent with its classically liberal worldview. Later, some members of the Federalist's editorial staff would deride this period in the paper's history, such as former Editor-in-Chief Laurie Marhoefer, who suggested that the paper declined in these years under pressure from other campus competitors, including the then-progressive Spectator and the socialist-sponsored Modern Times (long-since defunct).^[1]

1996–1998

Mirroring Columbia's own campaign to upgrade its image, editor-in-chief Marc Doussard organized a massive layout overhaul and placed an increased emphasis on local social commentary. "They Watch," a regular feature, began running on Page 12. Topics ranged from sex to alcoholism to grade inflation. Readership of the paper increased dramatically.^[4]

But success came at a price. The paper's staff became increasingly insular, refusing to recruit members as older staffers graduated, believing itself capable of running on nothing. By Fall 1997, the staff dwindled to two editors, who produced only one mammoth issue. As the spring semester of 1998 opened, their layout computer crashed, taking with it all records and templates. The Federalist Paper was finished.^[1]

1999–2003

In the fall of 1998, a few readers of the older Federalist elected to restart the paper, committing to the same peculiar blend of viewpoints, with a focus on the humor and absurdism that made the previous incarnation appealing. After a few false starts (no one on the staff had any experience in laying out a newspaper, and as such the initial issues were printed in an oversized font) and an anonymous donation, The Fed began to produce regular content.^[1]

2004

In February 2004, The Fed published a cartoon from the ongoing series "Whacky Fun Whitey" entitled "Blacky Fun Whitey." Columbia was already experiencing racial tensions on campus, after the Conservative Club authorized an "Affirmative Action Bake Sale" where items were sold at various prices depending on a person's race, gender, or political affiliation.^[5] Many took the cartoon to be demeaning to African-Americans and the concept of Black History Month, and coming after the events of the previous weeks, it was the last straw. Students formed groups calling for immediate action and multicultural awareness, alleging an insidious culture of discrimination was growing from ignorance at Columbia.^[6]