Unchecked Capitalism Quotes
He had just retired after 24 years in Congress.
Grandfather of President John F. Kennedy. Standard Oil had a monopoly on kerosene, a major fuel at the time. The company announced an extra $17 million dividend to shareholders and then raised the price of kerosene throughout the country to pay for it. Some, like Fitzgerald, saw this as a de facto regressive tax levied by a private corporation on the poor and middle class.
15 years later the lesson hit hard with the Meltdown of 2008 and the Great Recession where many developed counties became servants to capitalism again and struggled to regain control.