Carter Dougherty

“We must embrace the antimonopoly spirit that has animated American debates about finance for more than 250 years.” This article lays out how Dodd-Frank failed, and why antimonopoly thinking can animate a response the next time Wall Street crashes the economy. 1/17

Yes, Dodd-Frank will leave some good things behind. A key one is the Consumer Financial Protection Bureau, whose employees, former and current, “count among the most talented and tenacious in government.” 16/17

“We must embrace the antimonopoly spirit that has animated American debates about finance for more than 250 years.” This article lays out how Dodd-Frank failed, and why antimonopoly thinking can animate a response the next time Wall Street crashes the economy. 1/17

We’re going to need new ideas for how to de-monopolize the payment system. Happily, there are smart thinkers and lawmakers already on the case. I’ve got a list, here’s a selection: 14/17

“We must embrace the antimonopoly spirit that has animated American debates about finance for more than 250 years.” This article lays out how Dodd-Frank failed, and why antimonopoly thinking can animate a response the next time Wall Street crashes the economy. 1/17

Today, monopolization is a problem across finance: payments, bank size, the rise of the non-bank sector, asset managers, municipal bonds, investment banking services, credit scoring and so on. 12/17

“We must embrace the antimonopoly spirit that has animated American debates about finance for more than 250 years.” This article lays out how Dodd-Frank failed, and why antimonopoly thinking can animate a response the next time Wall Street crashes the economy. 1/17

New Dealers ❤️ antimonopoly: “They saw that the financial collapse that had led to the Great Depression did not stem from the actions of a few bad apples but rather from systemically perverse incentives. Regulating a failed apparatus could hardly lead to better outcomes.” 10/17

“We must embrace the antimonopoly spirit that has animated American debates about finance for more than 250 years.” This article lays out how Dodd-Frank failed, and why antimonopoly thinking can animate a response the next time Wall Street crashes the economy. 1/17

Sen. Ted Kaufman warned us: “Chastened regulators may try in the coming years to be harder on the megabanks. But even if they do, history has shown us that the tango will reach the end of the dance floor, and the big banks will execute the turn and lead again.” 8/17

“We must embrace the antimonopoly spirit that has animated American debates about finance for more than 250 years.” This article lays out how Dodd-Frank failed, and why antimonopoly thinking can animate a response the next time Wall Street crashes the economy. 1/17

Antimonopoly politics are promising: “If you fancy yourself a realist and scoff at the successes of the antimonopoly movement so far, try facing reality: It might not be bearing a ton of fruit right now, but this tree is growing and nurturing future champions.” 6/17

“We must embrace the antimonopoly spirit that has animated American debates about finance for more than 250 years.” This article lays out how Dodd-Frank failed, and why antimonopoly thinking can animate a response the next time Wall Street crashes the economy. 1/17

Recall that the New Deal of the 1930s, coming after a similar financial crisis, succeeded where Dodd-Frank failed. “The New Dealers, by contrast, adopted a strategy that stood the test of time precisely because it embraced the antimonopoly spirit.” 4/17

“We must embrace the antimonopoly spirit that has animated American debates about finance for more than 250 years.” This article lays out how Dodd-Frank failed, and why antimonopoly thinking can animate a response the next time Wall Street crashes the economy. 1/17

Thanks to @DemJournal for publishing this article I wrote. You can read the whole thing, or check out this thread, or both 2/17 democracyjournal.org/magazine/82/...