Hillary homes in on antitrust enforcement

Hillary Clinton is putting antitrust enforcement front and center as a tool to fight income inequality, fingering industry consolidation as a major driver of said inequality. As I noted recently, antitrust enforcement was perhaps also the most important, if little-noticed, plank in the healthcare reform package Clinton put forward last month.

This is a big deal. Clinton is tying together high prices in key industries -- pharma and healthcare chief among them -- outsized compensation for the top 1%, including via stock buybacks, and the weakening of labor:

In defense of the boomers, who don't exist

Going away for the weekend, freaked out by recent polls, holding my breath until Tuesday night...and so reposting one that got a little lost in the sauce, below.
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In an article pinging across the internets just now, 34 year-old reporter Jim Tankersley calls his 63 year-old lawyer father to the bar to defend the boomer generation against a broad indictment:

This is the charge I’ve leveled against him on a summer day in our Pacific Northwest vision of paradise. I have asked my favorite attorney to represent a very troublesome client, the entire baby-boom generation, in what should be a slam-dunk trial—for me. On behalf of future generations, I am accusing him and all the other parasites his age of breaking the sacred bargain that every American generation will pass a better country on to its children than the one it inherited.

Dad makes some very good points in defense, but he accepts the general terms of the trial: that it makes sense to indict a so-called "generation" for the course of human events, national and global.  I reject that premise. Generalizations about generations always send me around the bend.  Being admittedly predisposed to dismiss the case on conceptual grounds, I believe that the particular charges don't stand up to scrutiny.

Tankersley's case against the boomers: summarily dismissed

In an article pinging across the internets just now, 34 year-old reporter Jim Tankersley calls his 63 year-old lawyer father to the bar to defend the boomer generation against a broad indictment:

This is the charge I’ve leveled against him on a summer day in our Pacific Northwest vision of paradise. I have asked my favorite attorney to represent a very troublesome client, the entire baby-boom generation, in what should be a slam-dunk trial—for me. On behalf of future generations, I am accusing him and all the other parasites his age of breaking the sacred bargain that every American generation will pass a better country on to its children than the one it inherited.

Dad makes some very good points in defense, but he accepts the general terms of the trial: that it makes sense to indict a so-called "generation" for the course of human events, national and global.  I reject that premise. Generalizations about generations always send me around the bend.  Being admittedly predisposed to dismiss the case on conceptual grounds, I believe that the particular charges don't stand up to scrutiny.

FDR was Hoover, too

We've all heard by now that FDR cut spending in 1937, sending the economy into a sharp recession that reversed much of the rapid economic growth his New Deal policies had helped spur in his first term. 

What's less well known, I think (at least to me), is that when he reversed course after this disastrous bout of balanced budget fever, he did so only fitfully, with ambivalent half measures, and the economy sputtered on with weak growth and unemployment near 20% until 1941, when wartime spending kicked in. Moreover, his assault on big business, via populist denunciations and new corporate taxes -- driven mainly by a need in 1935-36 to cover his left flank and stave off a feared populist third-party challenge -- left a widespread perception that he'd driven away the confidence fairy. David M. Kennedy summarizes in Freedom from Fear: The American People in Depression and War, 1929-1945:

Yet so far as the economy was concerned in 19838, Roosevelt's actions looked for the moment to be something considerably less than revolutionary. The president may have planted the seeds of the "Keynesian Revolution" in American fiscal policy, but it would be some time before they would fully flower. In the meantime, Roosevelt seemed to have wrought the worst of all worlds: insufficient government spending to effect recovery, but sufficient government sword-rattling to keep private capital cowed. "The President won't spend any money," an exasperated Jerome Frank exclaimed. "Nobody on the outside will believe the trouble we have with him. Yet they call him a big spender. It makes me laugh." As for private businessmen, they still hesitated to make new investments. Why, the president mused on night at dinner, did they lack confidence in the economy? Eleanor replied tellingly, "They are afraid of you."  Deprived of adequate public or private means of revival, the economy sputtered on, not reaching the output levels of 1937 until the fateful year of 1941, when the threat of war, not enlightened New Deal policies, compelled government expenditures at levels previously unimaginable.