Archive for June 29th, 2009

Regime Uncertainty in the 1930s: A New Deal Insider’s Account »

In the mid-1990s, when I was engaged in the research that would eventually be published early in 1997 in an article titled “Regime Uncertainty” (a modestly revised version of which appears as chapter 1 of my Depression, War, and Cold War), I had not read Raymond Moley’s book After Seven Years, published in 1939....
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Confiscation of Bondholder Assets Dooms GM »

Much has been made in recent weeks about the fact that the GM bankruptcy agreement moved the government’s claims to GM ahead of bondholders with secured debt. Had GM gone through typical bankruptcy proceedings the bondholders would likely have ended up owning more than half of GM, not the 10 percent they actually got....
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