The same point was made in Michael Lewis', "The Big Short" subsequently made into a movie - a comedy, no less. https://en.wikipedia.org/wiki/The_Big_Short_(film)
]]>However one element of Progressive "good government" & "reform" was to block immigrants, those nasty Irish and Italians, from gaining political power over their "betters". For the immigrants "reform" wasn't necessarily a good thing.
I know you're trying to avoid Depressing Politics, but this actually connects to the whole US argument over the function and size of government that's playing out among Trump, Sanders, Clinton, et al. Does govt work for me? Who is it for? That connects to Pikkety etc
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