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 thank you for the encapsulation of the set up for the strangling of the railroads. like you it has been a long thirty years, but just a quick unresearched rememberance of the economy of the 1970's: nixon pulls usa off of the gold standard, imposes wage and price controls, fed chairman burns floods the system with fiat currency sparking an inflation which ran at 20% for some months, regulators were unable to do anything about the price of oil beyond putting traffic cops at the lines forming around gas stations. jimmy carter came into office with a little known exprofessor as a staffer , alfred kahn, who successfully undertook the deregulation of the airline industry beginning a course of action which has done a great deal to roll back the regulatory layering which covered much of the economy of the 1950's, 60's and 70's. next came paul, volcker, ronald regan, and overseas margaret thatcher. like yourself i am not a crowd psychology expert, but i believe that the deregulatory revolution in the usa and the world was caused by ideas brought forward during the disaster that was the 1970's. acedemics such as milton friedman, thomas sowell, whose free market ideas were able to replace the bankrupt fiscal theories of keynes and the futile micromanagement of galbraith's wage and price control board. basically, i believe that the economy was able to survive because men of sound acedemic underpinning were able to have policy makers experiment with their ideas because the market place had severely refuted the ideas of earlier theorists by undergoing a meltdown. once this deregulatory wave was underway the thinking behind stagger's act was able to find an audience in legislatures and boardrooms and a voice in the universities and press.
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