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After the Financial Crisis, A Decade of Damage | The New Republic
"CRASHED: HOW A DECADE OF FINANCIAL CRISES CHANGED THE WORLD by Adam ToozeViking, 720 pp., $35.00"
book  review  recession  history  2000s  finance  economics  politics 
august 2018 by tsuomela
Political Connections and the Informativeness of Insider Trades by Alan D. Jagolinzer, David F. Larcker, Gaizka Ormazabal, Daniel J. Taylor :: SSRN
"This paper examines the relation between political connections and informed trading by corporate insiders in the context of the Financial Crisis. The unprecedented magnitude of government intervention, the substantial impact of this intervention on firm value, and the political nature of the intervention provide a powerful setting to examine the relation between political connections and informed trading. Consistent with political connections providing corporate insiders with an information advantage, we find strong evidence of a relation between political connections and the informativeness of their trades. Consistent with this relation stemming from private information related to government intervention, we find the relation is strongest during the period in which TARP funds were dispersed, and strongest among politically connected insiders at banks that received TARP funds. Examining insider trades around the announcements of TARP infusions, we find evidence of significant trading thirty days in advance of the announcement, and that these trades predict the market reaction to the announcement. Notably, we find these relations are present only for the trades of politically connected insiders. Overall, our results suggest that politically connected insiders had an information advantage during the Crisis and traded to exploit this advantage."
economics  recession  history  2000s  crisis  finance  management  insider  politics  influence 
september 2016 by tsuomela
interfluidity » Depression is a choice
"We are in a depression, but not because we don’t know how to remedy the problem. We are in a depression because it is our revealed preference, as a polity, not to remedy the problem. We are choosing continued depression because we prefer it to the alternatives."
economics  crisis  recession  policy  debt  preferences  depression  politics 
april 2012 by tsuomela
Thomas Edsall’s The Age of Austerity, reviewed - Slate Magazine
"The Age of Austerity: How Scarcity Will Remake American Politics by veteran political reporter Thomas Edsall, suggests that’s a mistake.

Writers both friendly and hostile to the banking establishment have focused on the continuity at some high levels of policymaking. Ben Bernanke has stayed on as top central banker
book  review  recession  economics  politics  partisanship  polarization 
january 2012 by tsuomela
Special Report: A great haircut to kick-start growth | Reuters
"More than three years after the financial crisis struck, the economy remains stuck in a consumer debt trap. It's a situation that could take years to correct itself. That's why some economists are calling for a radical step: massive debt relief."
economics  recession  debt  jubilee  forgiveness  solutions 
october 2011 by tsuomela
We Are the 99 Percent
We are the 99 percent. We are getting kicked out of our homes. We are forced to choose between groceries and rent. We are denied quality medical care. We are suffering from environmental pollution. We are working long hours for little pay and no rights, if we're working at all. We are getting nothing while the other 1 percent is getting everything. We are the 99 percent.
unemployment  capitalism  america  protests  poverty  class  class-war  online  story  work  labor  recession  depression  crisis  wall-street 
october 2011 by tsuomela
Is America Giving Up on the Future? - Umair Haque - Harvard Business Review
"There's a glum desperation in the air that's hard to escape: volatility, futility, and a McFuture ghoulishly wagging its skeletal finger at a lost generation."
economics  recession  depression  change  future  vision  hope  rant 
september 2011 by tsuomela
Looting: The Economic Underworld of Bankruptcy for Profit by George Akerlof, Paul Romer :: SSRN
"Our theoretical analysis shows that an economic underground can come to life if firms have an incentive to go broke for profit at society's expense (to loot) instead of to go for broke (to gamble on success). Bankruptcy for profit will occur if poor accounting, lax regulation, or low penalties for abuse give owners an incentive to pay themselves more than their firms are worth and then default on their debt obligations. "
economics  looting  business  recession  finance  crisis 
august 2011 by tsuomela
The Great Splintering - Umair Haque - Harvard Business Review
"For many years now, societies have been limping on with broken institutions and splintered social contracts — right into the heart of this perfect storm. And I'd bet most of us have assumed that we'll continue to "get by" — that we can wait for the economy to repair itself, for the next economic boom to provide shelter from the approaching cyclone, for the invisible hand to pick us up and put us back on our feet. Yet, I'd suggest: the upheavals we're seeing now are stark evidence that the status quo's faith-based modus operandi hasn't worked — and isn't working. We're not magically going to "find" shelter from the gathering clouds of this economic whirlwind. We're going to have to build shelter: more resilient, less dysfunctional institutions that can deliver on the promise of real human prosperity that matters, lasts, and multiplies. Because if you didn't know what a lost decade looked and felt like before — well, you sure do now."
crisis  recession  economics  inequality  poverty  business-as-usual  income-distribution 
august 2011 by tsuomela
The Fed Dissenters, Or: Examining Narayana Kocherlakota’s Gut. | Rortybomb
"There it is. Job creators hate future taxes, and unemployment insurance has left our workforce weak, so don’t expect unemployment to come down anytime soon.

For all the fancy math, this logic is very similar to Fisher. ”Now suppose that, for the reasons just mentioned, p fell by 10 percent in the past three years and z increased by 0.05 during this period” is about as close to a “gut” feeling and “gut” reasoning as you can get. This appears to be how one of the most powerful people in the world for determining the future of the United States’ economy is determining his dissent from Bernanke’s position."
unemployment  decision-making  models  econometrics  macroeconomic  economics  recession 
august 2011 by tsuomela
The Truant Muse • I know you don't want to hear this.
But - here’s what drives me crazy as a reporter - did you say anything about it before? It doesn’t seem a coincidence that voter apathy, financial illiteracy, and government spending have all risen in tandem. As reporters, we’re trying to inform you so that you can be a fully functioning citizen. We tell you: here’s the debate. Here’s what people are saying on both sides. And too often, the response we get back is, “how DARE you tell me what those people think? La la la la, I can’t hear you!”
economics  recession  crisis  media  journalism  report  reform  knowledge 
august 2011 by tsuomela
Stumbling and Mumbling: Organizational failure
"Here’s a theory. It’s to do with organizational brittleness. Here are some background principles:
- The death rate for firms generally is high. Of the UK’s biggest employers in 1907, only three are still independent, stock market-listed companies today.
- Companies embody specific vintages of organizational capital. Their expertise depends upon the state of technology when they were formed. It’s rare for a firm to transform itself from one activity to a completely different one
banking  crisis  recession  knowledge  knowledge-management  failure 
august 2011 by tsuomela
America's economy: Distress signal | The Economist
"IN 2007, the great ship of the American economy began encountering darkening skies. In 2008, it was suddenly faced with a violent storm which blew it miles off course, well south of where it ought to have been. The country's leaders didn't know how far from their charted path they'd been swept, but they recognised a need to make a course correction. Now, three years later, a look at the maps tells us that the storm was more powerful than previously believed, and it left the vessel much farther south than anyone had expected. The course corrections made earlier? Far too small to bring the ship back to its previous path. Yet none of America's leaders are trying to steer the ship back northward. Indeed, many seem anxious to yank on the tiller and drag the economy farther south still."
economics  america  recession  statistics 
july 2011 by tsuomela
Covering the Great Recession | Project for Excellence in Journalism (PEJ)
The gravest economic crisis since the Great Depression has been covered in the media largely from the top down, told primarily from the perspective of the Obama Administration and big business, and reflected the voices and ideas of people in institutions more than those of everyday Americans, according to a new study by Pew Research Center’s Project for Excellence in Journalism.
economics  crisis  recession  media  journalism  content 
march 2011 by tsuomela
Stumbling and Mumbling: The wage squeeze, statism
"Can capitalism work in the interests of working people? Mervyn King has, inadvertently, revived this old question*. Last night, he pointed to falling real wages and said:

The squeeze in living standards is the inevitable price to pay for the financial crisis and subsequent rebalancing of the world and UK economies.

But this just raises the question: why must the squeeze be upon workers in the form of falling wages, rather than capitalists in the form of lower profits? As Duncan says, the question of who pays that bill is a political choice."
economics  recession  labor  capital  capitalism  crisis  taxes  socialism 
january 2011 by tsuomela
interfluidity » Alison Snow Jones
"Maxine Udall, “girl economist”, has been one of my favorite bloggers, a person who combines the power of economic thinking with a deep appreciation for moral and social concerns, all expressed in a very human, very charming, voice.

Today we learn that her name in real life was Alison Snow Jones, and that she is with us no more. Wow. This is an awful loss."
economics  recession  quotes 
january 2011 by tsuomela
Inequality and Economic Collapses | Mother Jones
" they've constructed a simple model for financial crises that essentially proposes the following narrative: (a) growing inequality produces less money for the middle class and more money for the rich, (b) the rich loan much of this money back to the middle class so they can continue to improve their living standards even with stagnant incomes, (c) the financial sector balloons to mediate all this, and (d) the system eventually collapses since, after all, this kind of thing can't last forever."
economics  inequality  instability  crisis  recession  leverage  debt  class  wealth 
december 2010 by tsuomela
Why the "lazy jobless" myth persists - Unemployment - Salon.com
First, there's what psychologists call the Just-World Fallacy -- the tendency to believe the world is inherently fair. This delusion is embedded in our pervasive up-by-the-bootstraps, everyone-can-be-a-millionaire catechism.
Narcissism is also a factor. In a nation that typically dehumanizes the destitute Other with epithets like "welfare queen" and "white trash," our self-centered culture leads the slightly less destitute to ascribe their own relative success exclusively to superhuman greatness.
Finally, there's raw fear -- arguably more powerful than even arrogance.
economics  crisis  recession  unemployment  myths  psychology  bias  cognition 
december 2010 by tsuomela
interfluidity » Hangover theory and morality plays
The people who have sinned are not by and large the people being punished. Some people overconsumed relative to their income, and some people invested poorly. Those who overconsumed have mostly faced consequences for their misbehavior — they are either deeply in debt, or they have endured foreclosure or bankruptcy. But the people who invested absurdly, especially “savers” who lent money but permitted themselves ignorance and indifference to how their wealth would be mismanaged, have not suffered the costs of their recklessness. ... ...But rather than condemn them for negligence and permit their claims to be appropriately devalued, we applaud them for “prudence” and ...You don’t counter that sort of villainy with technocratic arguments about liquidity traps. You point out that the motherfuckers who are calling themselves prudent, who are blocking both writedowns and government action that might risk inflation, are hypocrites and thieves.
economics  moral  morality  rhetoric  debt  savings  money  banking  recession  crisis 
december 2010 by tsuomela
The Surprising Wealth and Success of Japan - Frank A. Weil - Business - The Atlantic
As the leading economists' definition of economic success is all about consistent growth, how come Japan has, under the radar, defied the odds and created steady prosperity in recent years without the harmful inevitable excesses of volatility that seem to come with a singular pursuit of growth? 
economics  japan  politics  recession 
december 2010 by tsuomela
Busted: Stories of the Financial Crisis | The Nation
I.O.U. Why Everyone Owes Everyone and No One Can Pay. By John Lanchester.
13 Bankers The Wall Street Takeover and the Next Financial Meltdown. By Simon Johnson and James Kwak.
A Companion to Marx's "Capital" By David Harvey.
On 13 Bankers - "The authors seem, in that instant, on the verge of realizing that the problem is the dynamic itself—that the choice between greed and regulation is a false one, that the dance of bankers and regulators is exactly what ends in a tangle on the floor, with the markets a shambles, liquidity in drought and real unemployment trending toward 20 percent."
books  review  economics  capitalism  crisis  marxism  marx  karl  recession  finance 
november 2010 by tsuomela
The Instability of Moderation - NYTimes.com
by Paul Krugman.
"But watching the failure of policy over the past three years, I find myself believing, more and more, that this failure has deep roots – that we were in some sense doomed to go through this. Specifically, I now suspect that the kind of moderate economic policy regime Brad and I both support – a regime that by and large lets markets work, but in which the government is ready both to rein in excesses and fight slumps – is inherently unstable. It’s something that can last for a generation or so, but not much longer."
crisis  recession  fiscal-policy  policy  economics  instability  stability  moderation  model 
november 2010 by tsuomela
Income Inequality and Financial Crises - NYTimes.com
Professor Moss is among a small group of economists, sociologists and legal scholars who are now trying to discover if income inequality contributes to financial crises. They have a new data point, of course, in the recent banking crisis, but there is only one parallel in the United States — the 1929 market crash.
economics  finance  instability  crashes  depression  recession  history 
august 2010 by tsuomela
Auerback: The Real Reason Banks Aren’t Lending « naked capitalism
More striking, private credit growth seemingly had nothing to do with the takeoff of the economy. Industrial production, off the 1932 low, doubled by 1935. By contrast, bank credit to the private sector fell until the middle of 1935. Because of the collapse in nominal income during the depression, the U.S. private sector was more indebted than ever in the Depression lows. Yet somehow it took off and sustained its takeoff with no growth in private credit whatsoever. The 14% average annual increase in nominal GDP from early 1932 to 1935 resulted in huge private deleveraging, largely as a consequence of aggressive fiscal stimulus.
economics  history  great-depression  recession  federal-reserve  interest-rates  debt 
august 2010 by tsuomela
The Aftermath Of The Global Housing Bubble Chokes The World Banking System
The strange case (Or is it the normal case?) is the residential mortgage market in the United States. Look immediately above. Values of the equity asset have fallen more than 30 percent, but the values of the debt asset (mortgages) used to buy the equity asset (homes) have fallen two percent. Both of these investments have a right to title to the same asset, but one has fallen FIFTEEN TIMES further than the other. Is this the real world or is it make believe?
housing  economics  recession  debt  mortgage 
august 2010 by tsuomela
Satyajit Das: Even More Crunch-Porn and Crash Lit « naked capitalism
Carmen M. Reinhart & Kenneth Rogoff (2009) This Time is Different: Eight Centuries of Financial Folly; Princeton University Press, London

Raghuram G. Rajan (2010) Fault Lines: How Hidden Fractures Still Threaten the World Economy Princeton University Press, London

Simon Johnson and James Kwak (2010) 13 Bankers: The Wall Street Takeover and the Next Financial Meltdown; Pantheon Books, New York

Nouriel Roubini and Stephen Mihm (2010) Crisis Economics: A Crash Course in the Future of Finance; Penguin

Joseph Stiglitz (2010) Freefall: Free Markets and the Sinking of the Global Economy; Allen Lane, London

Robert Pozen (2010) Too Big To Save: How to Fix the U.S. Financial System; John Wiley, New Jersey

Yves Smith (2010) ECONned: How Unenlightened Self Interest Undermined Democracy and Corrupted Capitalism; MacMillan
book  reviews  economics  recession 
july 2010 by tsuomela
Economic View - Promoting Recovery While Cutting the Deficit - NYTimes.com
Proposed solutions: restructure consumer debt from banks to government, carbon tax, infrastructure investment, consumption surtax.
economics  solutions  recession 
july 2010 by tsuomela
Our New York Times Op Ed on the Corporate Savings Glut « naked capitalism
Unbeknownst to most commentators, corporations in the US and many advanced economies have been underinvesting for some time.

The normal state of affairs is for households to save for large purchases, retirement and emergencies, and for businesses to tap those savings via borrowings or equity investments to help fund the expansion of their businesses...

The big culprit in America is that public companies are obsessed with quarterly earnings. Investing in future growth often reduces profits short term.
economics  business  investment  finance  recession  austerity  corporate 
july 2010 by tsuomela
Sorry People, the Government Can Run Out of Money, In Fact, It Already Has. | Corrente
What is money? Ask a dozen economists and you will get many shrugs and many more theories. The answer however is precise: money is the total amount of exchangeable goods and services in an economy. Governments don't print "money" for the most part, they print currency. Currency is the facilitator to exchanges, so people are able to exchange whatever they have, with someone, who thinks that they can use it, or find someone else who can. Money works the way mailing a letter does, or the TCP/IP protocol does, or networking in general does: each node sends a good on its way to someone who thinks they are closer to the final destination.
economics  money  recession  fiscal-policy 
july 2010 by tsuomela
FT.com / Comment / Opinion - Time to plan for post-Keynesian era
by Jeffrey Sachs
"We need, in sum, to reset our macroeconomic timetables. There are no short-term miracles, only the threat of more bubbles if we pursue economic illusions. To rebuild our economies, the watchword must be investment rather than stimulus."
economics  investment  recession  policy  austerity 
july 2010 by tsuomela
interfluidity » Rob Parenteau gets sectoral balances right
Reviewing equation [17], there are three ways a nation can improve the financial positions of its household sector. It may (i) run a current account surplus, usually by exporting more than it imports; (ii) have the government run a deficit, improving household financial position by having the government run a deficit, or (iii) increase the value of business nonfinancial assets.
economics  sectors  balance  balance-sheet  recession 
july 2010 by tsuomela
Op-Ed Columnist - Myths of Austerity - NYTimes.com
Just because I like bond-vigilantes and the confidence fairy.
austerity  economics  crisis  recession  confidence 
july 2010 by tsuomela
Book Review - Crisis Economics - By Nouriel Roubini and Stephen Mihm - NYTimes.com
CRISIS ECONOMICS
A Crash Course in the Future of Finance
By Nouriel Roubini and Stephen Mihm
book  review  economics  crisis  recession 
july 2010 by tsuomela
How the Great Recession Has Changed Life in America - Pew Social & Demographic Trends
Of the 13 recessions that the American public has endured since the Great Depression of 1929-33, none has presented a more punishing combination of length, breadth and depth than this one.
recession  economics  crisis 
july 2010 by tsuomela
n+1: On Your Marx
The motor of accumulation has been sputtering for nearly four decades, and its coughs can be heard again now that the roar of combusting paper wealth is dying down. This doesn’t mean capitalism or even growth is at an end. Economists of all kinds have pinned their hopes on the transformation of laboring and saving Chinese into hardy consumers. In any case, the US consumer—a ravening appetite in a paper house—appears to be finished as the world’s buyer of last resort. It would add a nice dialectical twist to the future history of our period if it could be said that, around the time the post-Maoist Chinese took up shopping, the post-bubble Americans turned to studying Marx.
economics  recession  marxism  marx  karl  ideas  history  left 
june 2010 by tsuomela
Economic Scene - The Caution of the Fed Comes With a Risk - NYTimes.com
The main historical lesson of financial crises is that governments are usually too passive. They respond in dribs and drabs, as Japan did in the 1990s and Europe did in 2008. Or they remove support too quickly, as Franklin Roosevelt did in 1937, and then the economy struggles to escape its funk.

Look around at the American economy today. Unemployment is 9.7 percent. Inflation in recent months has been zero. States are cutting their budgets. Congress is balking at spending the money to prevent state layoffs. The Fed is standing pat, too. Bond investors, fickle as they may be, show no signs of panicking.
economics  recession  federal-reserve  interest  monetary-policy 
june 2010 by tsuomela
FT.com / Comment / Opinion - On the brink of a new age of rage
by Simon Schama - "Historians will tell you there is often a time-lag between the onset of economic disaster and the accumulation of social fury. In act one, the shock of a crisis initially triggers fearful disorientation; the rush for political saviours; instinctive responses of self-protection, but not the organised mobilisation of outrage. Whether in 1789 or now, an incoming regime riding the storm gets a fleeting moment to try to contain calamity. If it is seen to be straining every muscle to put things right it can, for a while, generate provisional legitimacy."
economics  recession  crisis  business  banking  finance  justice  revolution  anger  emotion  politics  history 
june 2010 by tsuomela
Goldman: It's About What's Legal - Ezra Klein - Newsweek.com
The problem for Tourre—and for Wall Street more broadly—is that they're so intent on proving that what they did was legal that they can't see that what they did was wrong. These are men (and they usually are men) of the market, and they played by the market's rules. And the market's rules are these: you make as much money as you can without actually going to jail. This is a world in which people are applauded for "blowing up the customer"—that is to say, offloading a crap product on a dim investor.

But it's not the world the rest of us live in. And if Wall Street doesn't realize that quick, financial regulation might turn out very badly for them.
wall-street  economics  recession  crisis  regulation  financial-services  behavior  morality  ethics  lawsuit  money 
may 2010 by tsuomela
Gentrification Hangover | The American Prospect
How New York could create affordable housing from its empty glass condo buildings and failed takeover projects.
housing  economics  gentrification  recession  banking  real-estate  debt  class  city(NewYork)  city(SanFransisco) 
march 2010 by tsuomela
FT.com / Columnists / Martin Wolf - The world economy has no easy way out of the mire
Anybody who looks carefully at the world economy will recognise that a degree of monetary and fiscal stimulus unprecedented in peacetime is all that is prodding it along, not only in high-income countries, but also in big emerging ones. The conventional wisdom is that it will also be possible to manage a smooth exit. Nothing seems less likely.
economics  recession  crisis 
march 2010 by tsuomela
Is Okun’s Law Really Broken? - Freakonomics Blog - NYTimes.com
But perhaps the problem isn’t Okun’s Law. Perhaps the problem is how we measure output growth. In fact, there are two measures of output growth—the usual measure, which adds up total spending in the economy, and the alternative, which adds up total income. In theory, the two should be exactly the same. In practice, they have been very different during this recession.
economics  measurement  econometrics  gdp  recession  theory  unemployment  statistics 
march 2010 by tsuomela
Eyes on the Ties » a blog by LittleSis » Blog Archive » Scrutiny of Goldman’s Role in Greek Debt Crisis Intensifies in US
Goldman Sachs appears to be testing the limits of its special talent for avoiding all accountability following revelations of its role in exacerbating the Greek debt crisis.
business  finance  wall-street  country(Greece)  debt  crisis  recession  regulation  too-big-to-fail  regulatory-capture 
march 2010 by tsuomela
Fair Game - Who Will Rein In Those Credit Default Swaps? - NYTimes.com
Gretchen Morgenson on the lack of reform in the credit default swap market - including it's impact on the crisis in Greece.
recession  economics  cds  credit  debt  reform  country(Greece)  regulatory-capture  regulation 
march 2010 by tsuomela
Baffler - Journals of the Crisis Year
A review of books on the recent financial crisis.
book  review  economics  crisis  recession  finance  business 
february 2010 by tsuomela
How a New Jobless Era Will Transform America - The Atlantic (March 2010)
The Great Recession may be over, but this era of high joblessness is probably just beginning. Before it ends, it will likely change the life course and character of a generation of young adults. It will leave an indelible imprint on many blue-collar men. It could cripple marriage as an institution in many communities. It may already be plunging many inner cities into a despair not seen for decades. Ultimately, it is likely to warp our politics, our culture, and the character of our society for years to come.
economics  sociology  recession  effects  unemployment  income  money  jobs  generational-analysis  generation 
february 2010 by tsuomela
The GDP Mirage - BusinessWeek
By overlooking cuts in research and development, product design, and worker training, GDP is greatly overstating the economy's strength
gdp  measurement  research  business  growth  economics  crisis  technology  recession 
october 2009 by tsuomela
Capitalism After the Crisis
We thus stand at a crossroads for American capitalism. One path would channel popular rage into political support for some genuinely pro-market reforms, even if they do not serve the interests of large financial firms. By appealing to the best of the populist tradition, we can introduce limits to the power of the financial industry — or any business, for that matter — and restore those fundamental principles that give an ethical dimension to capitalism: freedom, meritocracy, a direct link between reward and effort, and a sense of responsibility that ensures that those who reap the gains also bear the losses. This would mean abandoning the notion that any firm is too big to fail, and putting rules in place that keep large financial firms from manipulating government connections to the detriment of markets. It would mean adopting a pro-market, rather than pro-business, approach to the economy.
capitalism  recession  ideology  business  markets  free-markets  finance  regulation  america  government  economics  politics  pro-market  pro-business 
october 2009 by tsuomela
The "Disaster Stage" of U.S. Financialization | TPMCafe
This could be a powerful framework. All of these critiques have merit, and ideally they might converge as earlier indictments of elite and governmental abuse did during the Progressive and New Deal eras. But I have to return to whether the public will ever be given full information on the fatal magnitude of financialization, who was responsible, and how it failed and crashed in 2007-2009. So far, political and media discussion has been so minimal that the early 21st century American electorate has much less readily available information on what took place than did the electorates of those earlier reform eras.
recession  information  media  journalism  economics  politics  finance  corruption  crisis  government  bailout  wall-street 
october 2009 by tsuomela
FT.com / Markets / Insight - Rally fuelled by cheap money brings a sense of foreboding
In the meantime, it is crystal clear that the longer that money remains ultra cheap, the more traders will have an incentive to gamble (particularly if they privately suspect that today’s boom will be short-lived and want to score big over the next year). Somehow all this feels horribly familiar; I just hope that my sense of foreboding turns out to be wrong.
economics  banking  recession  crisis  gloom-and-doom 
october 2009 by tsuomela
Big Is Bad Again - Economix Blog - NYTimes.com
In the 1912 presidential campaign, there were three main views on how to handle megatrusts: do nothing (President William Taft); build up federal power to counterbalance and regulate concentrated industrial power (former President Theodore Roosevelt, running as the Bull Moose Progressive independent candidate); and break up big companies to reduce their power (Woodrow Wilson, advised by Louis D. Brandeis).
history  government  regulation  monopoly  1910s  america  recession  banking  business 
october 2009 by tsuomela
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