Ninety-nine years ago Louis Brandeis explained why letting investment bankers ru
in the country was a bad idea. Bankers were lousy managers; they ran companies with an eye to increasing the value of stock, rather than efficiently providing a service or product; they – contrary to stereotype – exhibited “financial recklessness.” By their very bigness alone they posed a threat to politics and the economy. Running his eye over and over the various problems with the money trust, he kept coming up with the name J.P. Morgan.
It is enough shame that we are facing the exact same problems the Progressives and the New Dealers laboriously fixed. But it adds an extra pain to the historically aware that we are dealing with zombie malefactors bearing the exact same names as their forebears.