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Chris, great article. The only things that I would add to further strengthen your argument would be the outcome of the rampant spending and anti-business rhetoric of the Roosevelt administration. That administration, similar to the current one crowded out the power industry and potential entrepreneurship with the Tennessee Valley Authority. This seems similar to the Obama administration's campaign against business and ultimately the new "health-care reformation." The move of the government from regulator and overseer -to- a monopolistic industry player is and has been troubling. Finally, the rampant spending led to extremely volatile equity markets that did not take out the previous highs until a little under 30 years later... after WWII and capitalism regained its footing.