Aaron Freedman

@freedaaron.bsky.social

History PhD candidate at Columbia, dissertating on the political economy of Wall Street in the 1980s

My new masterpiece: vibe-coded chart showing the collapse of the New Deal financial order and rise of Wall Street, by flow of deposits from small to big banks. From 1990 to 2024 NYC banks more than double their deposit share. Small banks and thrifts go from more than half of deposits to <20%.

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Try to play "spot the neoliberalism" here and you see something interesting: 1. with the brief but notable exception of 2000-05, housing's share of wealth was on a secular decline from the Volcker Shock through the Great Recession 2. Retirement funds become more important instead

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What's happening in sports betting now is an even stupider version of what happened in banking and investing in the 80s/90s: regulatory arbitrage that in theory offers better consumer prices and choices but ultimately fuels social and economic instability. www.wsj.com/finance/kals...

Kalshi’s Competitiveness Still Limited Despite Parlay Debut

Analysts say the prediction market platform’s new product is bare bones and could bring legal scrutiny, giving traditional sportsbooks an edge.

wsj.com

I think my teaching in the age of AI position is basically "wax on, wax off": forcing students to arbitrarily work without AI (ie blue books) forces them to learn valuable, lifelong skills (ie critical reasoning) that they would/could not otherwise. It's about karate, not waxing.

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It’s very illuminating that the 2008 financial crisis was driven by the collapse in asset-backed securities, the most “safe” and “real” financial assets, backed by actual cash flows (ie mortgage payments) and even physical assets (homes). The opposite of crypto, or ‘00 dot-com 1/

Anyone interested in joining a roundtable on new directions in the history of US economic thought at the S-USIH conference in Detroit this November? Feel free to share with anyone interested, email alf2212@columbia.edu

Trump and Musk are unfortunately operating in the Goldilocks zone for right wing politics: cutting the administrative state as much as possible without spooking Wall Street (which depends on predictable expectations) and triggering economic chaos and a mass streets opposition