Saturday, February 7, 2009

Obama & OPM

photo and collage by marguerita(excerpts of unpublished book)

For Brandeis, regulation was not supposed to be a restraint on innovation or the entrepreneurial spirit, but rather a check on unbridled greed.He believed in a free market, but one in which the government enforced rules of fair competition so that the most talented could succeed.Louis D. Brandeis

SOME things never change. When President Obama spoke last week of “shameful” bonuses for bankers and the financial community’s “irresponsibility,” he echoed charges leveled nearly a century ago by Louis D. Brandeis. Brandeis, a commercial lawyer, leading reformer and future Supreme Court justice, described a dangerous combination of avarice, lack of accountability and poor oversight in “Other People’s Money, and How the Bankers Use It,” one of the best-known exposés of the Progressive era.Published in 1914, the book was based on the revelations of the House of Representatives’ Pujo Committee about the predatory practices of J. P. Morgan and other big bankers. “Other People’s Money” influenced both Woodrow Wilson’s New Freedom agenda and Franklin Roosevelt’s New Deal. It also offers valuable lessons for today.Op-Ed Contributor - The Value of 'Other People's Money' -

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