“In the late 1930s, the Federal Reserve Board refused to admit it was a government institution. So Patman convinced the District of Columbia’s government to threaten foreclosure of all Federal Reserve Board property; the Board quickly produced evidence that it was indeed part of the federal governmen…”— Matt Stoller, theatlantic.comTagged: Banking, Congress, Populism, The Democratic Party, Wright Patman
“At the same time that the nation has achieved perhaps the most tolerant culture in U.S. history, the destruction of the anti-monopoly and anti-bank tradition in the Democratic Party has also cleared the way for the greatest concentration of economic power in a century.”— Matt Stoller, theatlantic.comTagged: Banking, Congress, Populism, The Democratic Party
“In 1974, young liberals did not perceive financial power as a threat, having grown up in a world where banks and big business were largely kept under control. It was the government—through Vietnam, Nixon, and executive power—that organized the political spectrum. By 1975, liberalism meant, as Carr p…”— Matt Stoller, theatlantic.comTagged: Banking, Congress, Populism, The Democratic Party