In 1972, some employees made a leveraged buyout of the Chicago and North Western Railway and re-branded it as “Employee-Owned.” The reality was much more complicated and reveals a lot about railroading and American capitalism generally in the 1970s and 1980s. (Bill and Rachel)
The Federal Reserve today announced it would start dialing back its “quantitative easing” stimulus measure next month. Despite Wall Street’s complaints that the policy was encouraging too much stocks speculation (because it discouraged investments in U.S. treasury bonds), outgoing Chairman Ben Bernanke had previously pledged to keep it going until certain indicators of economic recovery were met. Apparently he now feels the jobs market outlook — not the actual numbers — is positive enough to satisfy his terms. The Democratic nominee to replace him, Janet Yellen, is going along with it for the moment, although she tends to be more strongly in favor of emphasizing employment goals over inflation goals.