TOXIC ASSETS: THE AMERICAN WAY OF FINANCE BETWEEN TWO GILDED AGES.
I. A VIEW FROM THE TRAIN AGES1. Nationalization—Standard Time Zones 2. “Modern” management (but save management/labor conflict for Barrett)3. Transforming and contracting worlds4. Finance (banking/insider overlap) & politics(corruption, reminder on subsidization and government role in economic growth, anti-monopoly)
FROM THE “GREAT COMPRESSION” TO A NEW GILDED AGE
B. WHY INEQUALITY MATTERS:
Vanishing middle class
Prisons Health Malls Education Politics
B. TOXIC ASSETS: DEREGULATION, DEFICITS, DERIVATIVES AND TAXPAYING CITIZENSHIP IN PLANET FINANCE CASE STUDY ON SHARED WAR SACRIFICE AND TAXATION: POST-9/11’s UNPRECEDENTED TEA PARTY MINDSET New Republic, 1916: “When our common safety is involved, certain principles should be axiomatic….equality of financial sacrifice.”House Speaker Sam Rayburn: 10/1951 “Let us measure up to our responsibility….I think the boys in Korea would appreciate it more if we in this country were to pay our own way instead of leaving it for them to pay when they get back.”House Majority Leader Tom DeLay, March 2003: “Nothing is more important in the face of a war than cutting taxes.”Explanations for shift: seeming attitude shift on deficits/inflation prospectspolitical polarization, Reagan “government is the problem” theme, & business roleno conscription context