Margin Call’s tacit tribute to the New Deal.

July 10, 2012, 9:28 pm

I loved Jeremy Irons’s performance in Margin Call, and not only because of John Tuld’s final monologue – which is in turn brilliant not only because it contains a tacit arithmetic tribute to the New Deal that undermines the thrust of what he’s saying.

In the list of dates, following 1797, the longest stretch without one of these crises is from 1937 to 1974 – the period of the New Deal’s sway over banking, finance, monetary and fiscal policy.1 Which undermines Tuld’s subsequent suggestion that there’s nothing we can do about it.

1He also misses 1873 and 1893, I think.

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