Second Request
65 episodes - English - Latest episode: 14 days ago - ★★★★★ - 21 ratingsExploring Solutions to Monopoly Problems
Following forty years of laissez-faire antitrust enforcement and industry consolidation, the White House is considering a fundamental rethink of how to interpret, enforce, and rewrite antitrust law, and many questions remain unanswered for the antitrust community.
On the heels of federal and state litigation against Google and Facebook, is Amazon next? Will the new administration put big agriculture, big banks, and big pharma in its crosshairs? Will the courts stop antitrust enforcers in their tracks? Will the Biden administration get cold feet?
Second Request provides in-depth discussions with antitrust experts about the answers to these questions and about proposed solutions to the biggest monopoly problems of our time. Backed by the investigative resources and intellectual rigor of The Capitol Forum, Executive Editor and host Teddy Downey examines the effects of the current concentrations of market power across a vast array of industry verticals as he and his guests analyze the potential responses from the federal government. Offering thoughtful conversations with analysts and decision makers, Second Request provides everyone from C-Suite executives to policymakers, and all those in-between, strategic antitrust insights at the intersection of law, policy, and markets.
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Episodes
Capitol One/Discover: A Competition Policy and Regulatory Deep Dive
April 15, 2024 15:06 - 50 minutes - 46 MBHear senior policy analyst at Economic Liberties Shahid Naeem discuss his findings from a recent report on the proposed Capital One/Discover merger, which, if approved, would create the U.S.’s sixth-largest bank and No. 1 credit card issuer. Shahid evaluates the strength of Capital One’s “merge-to-compete” defense in an increasingly challenging enforcement environment.
Capital One/Discover: A Competition Policy and Regulatory Deep Dive
April 15, 2024 15:06 - 50 minutes - 46 MBHear senior policy analyst at Economic Liberties Shahid Naeem discuss his findings from a recent report on the proposed Capital One/Discover merger, which, if approved, would create the U.S.’s sixth-largest bank and No. 1 credit card issuer. Shahid evaluates the strength of Capital One’s “merge-to-compete” defense in an increasingly challenging enforcement environment.
Antitrust Enforcement - Past, Present, & Future with Bill Baer
April 15, 2024 15:06 - 58 minutes - 53.8 MBOn the latest episode of The Capitol Forum’s Second Request podcast, Executive Editor Teddy Downey speaks with one of the world’s best known and most respected antitrust/competition enforcers, Bill Baer. As the only person to have led antitrust enforcement at both U.S. antitrust agencies, Bill offers unique insight into how antitrust enforcement has changed over the years and what challenges and opportunities current enforcers face.
Exploring Shifts in the Global Antitrust Landscape with Cristina Caffarra
April 15, 2024 15:05 - 59 minutes - 54.5 MBOn this episode of Second Request, renowned antitrust expert Cristina Caffarra talks to Executive Editor of The Capitol Forum, Teddy Downey, about how the major shift underway in US antitrust is propagating across the globe. Listen to the podcast to learn what implications the shift has for antitrust, trade and industrial policy across the US, Europe and the Global South. They also cover developments that have come out of Cristina’s groundbreaking conference in Brussels: Antitrust, ...
John Newman on Antitrust, AI and Current FTC Cases
March 20, 2024 15:30 - 48 minutes - 44 MBOn this episode of Second Request, The Capitol Forum’s Teddy Downey speaks with former FTC deputy director and DOJ trial attorney, John Newman, about the current antitrust landscape in the US. Currently a Professor of Law at Miami University, John is an expert on antitrust and competition law, with a primary focus on the economics and regulation of digital markets. Listen to the podcast to hear them discuss the latest FTC cases and how AI is shaping antitrust law.
2024 Presidential Election Outlook with Michael Podhorzer
March 20, 2024 15:26 - 47 minutes - 43.9 MBExperienced election analyst Michael Podhorzer talks to Executive Editor of The Capitol Forum, Teddy Downey, about the 2024 presidential election. Listen to the podcast to learn more about what polling and historical voting patterns can and can’t tell us about prospective outcomes. They also discuss the roles and responsibilities of the press during election cycles.
How Hackers Dox Doctors to Order Mountains of Oxy and Adderall
March 20, 2024 15:23 - 28 minutes - 26.3 MB404 Media co-founder and journalist Joseph Cox discusses his latest investigation into how hackers and fraudsters are illegally accessing sensitive drug ordering tools and then advertising some of the most tightly controlled drugs in the country, including fentanyl. Communicating directly with the hackers and fraudsters themselves, Joseph was able to uncover how they are gaining access to legitimate drug ordering services. Listen to the podcast to learn about the methods they use an...
White House Competition Priorities: A Conversation with Bharat Ramamurti
January 23, 2024 21:02 - 36 minutes - 33.2 MBOn this episode of Second Request, Executive Editor of The Capitol Forum, Teddy Downey, speaks to former Deputy Director for the National Economic Council Bharat Ramamurti about the White House’s approach to improving competition across all sectors of the economy. During his time on the National Economic Council, Bharat played a key role in developing the President’s Executive Order on Competition, which set forth 72 provisions for steps federal agencies can take to promote competit...
A Discussion with Clean Virginia’s Brennan Gilmore
December 21, 2023 09:00 - 53 minutes - 49.1 MBOn this episode of Second Request, executive director of Clean Virginia, Brennan Gilmore, discusses the biggest successes and challenges Clean Virginia has experienced working to advance clean government and clean energy. Listen to the podcast to learn about the history of Virginia’s monopoly utility regulation and the influence Dominion Energy, Virginia’s largest utility, has had on how the state’s energy is structured. You'll hear why Clean Virginia blames a misaligned incentive s...
Unpacking the Litigation Against the National Association of Realtors with Real Estate Executive Jack Ryan and Antitrust Attorney Darren McCarty
November 29, 2023 15:29 - 1 hour - 58 MBJack Ryan, cofounder and CEO of the real estate brokerage REX, and Darren McCarty, lead lawyer in the current antitrust litigation for REX, discuss the recent litigation against the National Association of Realtors and what it means for the future of residential real estate.
A Deep Dive into the Google Trial and Tech Landscape with Seth Bloom
November 29, 2023 15:28 - 54 minutes - 50.1 MBLegal expert Seth Bloom delves into the Google antitrust trial, amidst the current legal landscape, tech trends, and evolving regulatory environment. Analyzing the trial's dynamics, he and host Teddy Downey explore the role of Judge Mehta, potential outcomes, and the broader implications for the tech industry. The conversation extends to AI, cloud computing, and algorithmic accountability, touching on issues surrounding YouTube and children's privacy.
Kevin Erickson on Live Nation Entertainment
November 29, 2023 15:10 - 58 minutes - 54 MBKevin Erickson, director of the Future of Music Coalition, discusses the DOJ and State AGs’ monopolization investigations into Live Nation and how anticompetitive conduct in the industry hurts musicians and fans. Kevin and host Teddy Downey lay out what regulators, enforcers, and policymakers can do to encourage competition, diversity of practice, and creative autonomy in the live music marketplace.
Untapped Government Policy Options for Getting Cheaper Generics to Market with Dr. Michael J. Birrer
November 29, 2023 15:06 - 43 minutes - 39.8 MBDr. Michael J. Birrer, an expert in oncology, discusses the complexities of generic oncology drug shortages, exploring the root causes and potential solutions to this recurring problem. Dr. Birrer shares his perspectives on the impact of reimbursement policies, the role of government intervention, and the need for a more streamlined FDA process. The discussion also touches on the influence of insurance companies, the quality of medical expertise in insurance decisions, and the broad...
Venture Predation: How Venture-Backed Startups Use Predatory Pricing to Suppress Competition
September 15, 2023 09:00 - 59 minutes - 54.4 MBOn the latest episode of Second Request, Associate Professor of Law Matthew Wansley and Professor of Law Samuel Weinstein of Cardozo School of Law discuss their recent article entitled “Venture Predation” published in the Journal of Corporation Law. Speaking with The Capitol Forum’s Teddy Downey, Matthew and Samuel explain the economics and history behind venture predation and why we currently see very little enforcement of the practice. Download the podcast to hear descriptions of ...
A Discussion with Shaoul Sussman on the DOJ and FTC’s New Merger Guidelines
August 03, 2023 09:00 - 34 minutes - 31.4 MBOn this episode of Second Request, Teddy Downey and the FTC’s Shaoul Sussman discuss the new draft merger guidelines from the FTC and DOJ. Shaoul describes some of the market dynamics, economic conditions and case law reflected in the new guidelines, and why the agencies thought it was time for an update: The agencies “have a mandate to make the guidelines more accessible and provide clear rules of the road, both for CEOs that contemplate a merger and also for the public to understa...
Diana Moss to Swifties: This is How to Break Up Ticketmaster/Livenation
July 27, 2023 09:00 - 41 minutes - 37.5 MBOn July 20, Capitol Forum Executive Editor Teddy Downey spoke with Diana Moss, President of the American Antitrust Institute (AAI), about what a LiveNation-Ticketmaster monopoly breakup could look like. The AAI recently published a deep dive on vertical integration of Live Nation and Ticketmaster as well as proposed remedies. On the podcast, Diana describes the legal climate around vertical mergers in 2010 when the two companies first merged: “We had this whole gestalt around verti...
The Rise of Textualism in Antitrust Enforcement: A Conversation with Bob Lande
July 13, 2023 09:00 - 55 minutes - 51.2 MBIn the latest episode of Second Request, Teddy interviews Bob Lande on the impact of textualism on merger analysis. Bob Lande is Venable Professor of Law Emeritus at the University of Baltimore School of Law and a board member for the American Antitrust Institute who has written about the use of textualism in antitrust enforcement and the way it affects statutory interpretation in a recent article for the Utah Law Review and a presentation to the FTC. Due to its emphasis on “precis...
California Attorney General Rob Bonta’s Antitrust Priorities
July 06, 2023 15:13 - 33 minutes - 30.6 MBOn April 23, 2021, Rob Bonta was sworn in as the 34th Attorney General of the State of California, the first person of Filipino descent and the second Asian-American to occupy the position. Attorney General Bonta's passion for justice and fairness was instilled in him by his parents, who served on the frontlines of some of America's most important social justice movements. Instilling in him the lessons they learned from the United Farm Workers and the civil rights movement, Attor...
The Real Reason Your Groceries Are Getting More Expensive with Stacy Mitchell
June 22, 2023 08:00 - 1 hour - 57.2 MBStacy Mitchell is Co-Executive Director of the Institute for Local Self-Reliance, a research and advocacy organization that challenges concentrated corporate power and works to build thriving, equitable communities. ILSR has been a pioneering leader in the growing anti-monopoly movement and has a long track record of working alongside grassroots groups to develop better alternatives, from community-owned broadband, to independent businesses, to distributed solar. Stacy recently wro...
FTC Commissioner Alvaro Bedoya Argues for Robinson-Patman Act Revitalization
June 15, 2023 14:30 - 35 minutes - 32.4 MBAlvaro Bedoya was sworn in May 16, 2022 as a Commissioner of the Federal Trade Commission. President Joe Biden named Bedoya to a term that expires on Sept. 25, 2026. Bedoya was the founding director of the Center on Privacy & Technology at Georgetown University Law Center, where he was also a visiting professor of law. He has been influential in research and policy at the intersection of privacy and civil rights, and co-authored a 2016 report on the use of facial recognition by law...
Alleged Anticompetitive Conduct by Drug Wholesalers with Luke Slindee
June 08, 2023 09:00 - 1 hour - 58.8 MBThis week on Second Request, our host Teddy Downey is joined by Luke Slindee, Senior Pharmacy consultant at Myers and Stauffer LC. In this role, Luke helps facilitate the data collection, data analysis, and public posting of pharmacy actual acquisition cost benchmarks, reducing NADAC and multiple State AACs. Luke is widely recognized for his expertise in pharmacy policy and competition rules.
Philip Mattera on Pay for Delay
June 01, 2023 09:00 - 28 minutes - 26.4 MBThis week on Second Request, the Hatch-Waxman Act of 1984 laid out a pathway for generic drugs to come to market as patent protections for brand name drugs expire. But brand-name producers have found a way to stave off competition: paying generic producers to delay market entry of their cheaper drugs.
Structural Presumption for Merger Review with Tommaso Valletti
May 25, 2023 09:00 - 47 minutes - 43.5 MBTommaso Valletti is Professor of Economics at Imperial College Business School and also the University of Rome "Tor Vergata" (on leave). He was formerly the Chief Competition Economist of the European Commission, In a recent paper, "Structuring a Structural Presumption for Merger Review," Tommaso and Filippo Lancieri discuss the key standards that should drive antitrust enforcement.
The Coming Antitrust Wars in the Alcohol Market, with Harry Schuhmacher
April 27, 2023 15:28 - 55 minutes - 50.4 MBWith the FTC already investigating the liquor distribution market as well as Big Soda as it tries to enter the beer market, and with the Department of Treasury's TTB undertaking a rulemaking to revamp alcohol competition law, the timing couldn't be better to hear from Harry Schuhmacher on his views on problematic conduct in the alcohol markets. Harry Schuhmacher is Editor & Publisher of Beer Business Daily, Craft Business Daily and Wine & Spirits Daily – all read on every continent...
Spotting Anticompetitive Conduct in Pharma Supply Chain, with Antonio Ciaccia
April 04, 2023 09:00 - 58 minutes - 53.7 MB46brooklyn is a group of pharmacy experts who set out to educate others about what they had learned about the frustrating complexity of the U.S. drug pricing system. As 46brooklyn dug into the pharmaceutical supply chain, Ohio began uncovering hundreds of millions of dollars in state overspending on prescription drugs through its Ohio Medicaid program. 46brooklyn's founders had begun doing data analytics and research to help uncover massive disconnects between pharmacy reimburseme...
United Healthcare's Culture and Coverage Denial Crisis, with David Armstrong and Patrick Rucker
February 24, 2023 10:00 - 43 minutes - 39.5 MBOn February 2nd, Propublica and The Capitol Forum co-published a blockbuster article: "UnitedHealthcare Tried to Deny Coverage to a Chronically Ill Patient. He Fought Back, Exposing the Insurer’s Inner Workings." It is a shocking story about a persistent effort by an insurer to choose profit over patient health, and we discuss the reporting for the story in-depth with two of the authors. We also explore what the reporters learned about UnitedHealth's culture and the gaps in oversig...
Analyzing the FTC's Ban on Noncompete Agreements with Sandeep Vaheesan
February 02, 2023 11:00 - 59 minutes - 54.3 MBThe FTC recently proposed to ban noncompete agreements, and one of the most persistent advocates for this rule is Sandeep Vaheesan, legal director at the Open Markets Institute. Vaheesan leads Open Markets’ legal advocacy and research work, including its amicus program. Vaheesan works on a range of anti-monopoly topics, including antitrust law’s role in structuring labor markets and promoting fair competition. From 2015 to 2018, he served as a regulations counsel at the Consumer Fi...
FTC’s Elizabeth Wilkins Discusses Proposed Ban on Non-Compete Agreements
January 20, 2023 10:00 - 22 minutes - 21 MBThe FTC recently issued a proposed rule to ban noncompete clauses, which the agency estimates could increase workers’ earnings by nearly $300 billion per year. Elizabeth Wilkins is the FTC’s Director of the Office of Policy Planning, and the lead on the proposed rule on noncompetes. The Office of Policy Planning assists the Commission to develop and implement long-range competition and consumer protection policy initiatives and advises staff on cases raising new or complex policy ...
Chokepoint Capitalism with Author Cory Doctorow
December 22, 2022 10:30 - 59 minutes - 54.7 MB“In Chokepoint Capitalism, scholar Rebecca Giblin and writer and activist Cory Doctorow argue we’re in a new era of “chokepoint capitalism,” with exploitative businesses creating insurmountable barriers to competition that enable them to capture value that should rightfully go to others. All workers are weakened by this, but the problem is especially well-illustrated by the plight of creative workers. From Amazon’s use of digital rights management and bundling to radically change th...
FTC Chair Lina Khan Discusses Unfair Methods of Competition
December 12, 2022 14:55 - 25 minutes - 23.6 MBLina M. Khan was sworn in as Chair of the Federal Trade Commission on June 15, 2021. Prior to becoming head of the FTC, Khan was an Associate Professor of Law at Columbia Law School. She also previously served as counsel to the U.S. House Judiciary Committee’s Subcommittee on Antitrust, Commercial, and Administrative Law, legal adviser to FTC Commissioner Rohit Chopra, and legal director at the Open Markets Institute.
Microsoft/Activision with Xbox CEO Phil Spencer
December 06, 2022 16:00 - 28 minutes - 26.1 MBXbox CEO Phil Spencer discusses competition in the video game market.
Fixing "Litigating the Fix" with Professor Steve Salop
November 29, 2022 09:30 - 33 minutes - 31.1 MBSteven Salop is a Professor of Economics and Law (Emeritus) at the Georgetown University Law Center in Washington, DC, where he teaches antitrust law and economics. His research and consulting focuses on antitrust, competition and regulation. He has written numerous articles in various areas of antitrust and competition which take a modern “Post-Chicago” approach. He recently co-wrote a paper with Jennifer E. Sturiale laying out a proposal for how antitrust enforcers and courts can...
The Hidden Monopoly Driving Up Rents
October 27, 2022 08:00 - 26 minutes - 24.4 MBHeather Vogell is a Propublica journalist currently investigating the rental housing market. Her recent article, “Rent Going Up? One Company’s Algorithm Could Be Why,” has resonated with citizens, antitrust enforcers, and policymakers across the country.
Taking on Monopoly Power in Search with Neeva CEO Sridhar Ramaswamy
October 20, 2022 08:00 - 28 minutes - 25.8 MBNeeva is an ads-free search engine that Sridhar co-founded after overseeing advertising at Google. We discuss big tech, competition policy, and how his views on data have shifted since creating Neeva.
A Hidden Monopoly in Appalachia Driving Up Energy Prices
September 23, 2022 08:30 - 33 minutes - 30.7 MBDaniel Sherwood, Energy Team Editor at the Capitol Forum, and his colleague Sharon Kelly discuss their investigation into the Natural Gas Liquids market, where they found indications that dominant producers in Appalachia are encouraging each other to keep prices high by producing less.
CVS and Signify: Value-Based Care or Risk Score Gaming?
September 16, 2022 00:12 - 51 minutes - 46.9 MBLisa Epstein and Vikas Kumar from the Capitol Forum’s corporate investigations team discuss their reporting on the aggressive marketing tactics and sales strategies of Signify Health on the eve of its proposed $8 Billion acquisition by CVS.
Dr. Cristina Caffarra on the State of Europe’s Antitrust Regulation and Enforcement
August 04, 2022 09:00 - 34 minutes - 31.6 MBDr. Caffarra is a world-renowned competition economist with over two decades of experience. She’s served as a top advisor and expert before the European Commission and has provided guidance to multiple companies and agencies on mergers, conduct cases and regulatory issues. In this episode of Second Request, Dr. Caffarra dives into the latest in European antitrust regulation and enforcement and voices concerns about the influence of economists on competition.
The Weak Argument Jeopardizing Tech Antitrust Legislation with Gilad Edelman
July 07, 2022 09:00 - 40 minutes - 37.4 MBGilad Edelman is a senior writer for WIRED, covering the intersection of tech, politics, and law. Before that, he was executive editor of the Washington Monthly. He has a degree from Yale Law School. His recent article, “The Weak Argument Jeopardizing Tech Antitrust Legislation” is having an outsized impact on the conversation happening on Capitol Hill.
Beat Inflation by Tackling Market Power and Supply Chain Crisis, Says Niko Lusiani
June 30, 2022 09:00 - 33 minutes - 31.1 MBNiko Lusiani is the co-author of the Roosevelt Institute’s recently published paper, “Prices, Profits, and Power: An Analysis of 2021 Firm-Level Markups. How to understand and respond to inflation has become one of the central debates of this economic recovery. In “Prices, Profits, and Power: An Analysis of 2021 Firm-Level Markups,” Roosevelt’s Director of Macroeconomic Analysis, Mike Konczal, and Director of Corporate Power Niko Lusiani, conduct original research to show that we n...
Bust Up Pharmaceutical Middlemen, Says Representative Buddy Carter
June 23, 2022 09:00 - 24 minutes - 22.3 MBU.S. Representative Buddy Carter is a pharmacist by trade and a lifelong resident of the First District of Georgia, which he represents. He recently wrote a letter to the FTC calling for an investigation into the ways Pharmacy Benefit Managers (PBMs) spike consumer drug prices and reduce access to life saving drugs. He discusses the monopoly problems that PBMs present and what the FTC and Congress can do to stop anticompetitive conduct in the industry and protect independent pharma...
The Baby Formula Monopoly with Moe Tkacik
June 16, 2022 09:00 - 36 minutes - 33.4 MBMoe Tkacik is a Senior Fellow at the American Economic Liberties Project. She’s a former journalist who has worked for the Wall Street Journal and Time, and she discusses the supply chain crisis behind the Baby Formula shortage and possible solutions to the problem.
Solving Data-opoly Problems with Maurice Stucke
May 19, 2022 09:00 - 42 minutes - 38.8 MBMaurice Stucke is the Douglas A. Blaze Distinguished Professor of Law at the University of Tennessee and recently wrote Breaking Away: How to Regain Control Over Our Data, Privacy, and Autonomy. Breaking Away sounds a warning call alerting readers that their privacy and autonomy concerns are indeed warranted, and the remedies deserve far greater attention than they have received from our leading policymakers and experts to date. Through the various prisms of economic theory, market...
Stop Bank Mergers to Help Rural America, Says Basel Musharbash
May 12, 2022 08:30 - 25 minutes - 23.3 MBHis recent report, “To Stem the Tide of Rural Decline, Stop the Bank Merger Wave” is making its own waves in the antitrust community as regulators look to revamp the banking merger guidelines. Basel shares with us how big the merger wave has been since the 1980s, why it happened, the effect it’s had on farmers, entrepreneurs, and rural communities, and his solution for fixing the problem.
Private Equity is Killing the American Economy, with Josh Kosman
April 28, 2022 09:00 - 33 minutes - 31.1 MBJosh Kosman has been covering the financial industry for twenty-five years. He is a reporter for the New York Post, a former editor at Mergermarket.com and a former senior writer for The Deal and Buyouts Newsletter. Josh also literally wrote the book on private equity – his The Buyout of America: How Private Equity is Destroying Jobs and Killing the American Economy, published in 2009, made a big political impact at the time, with Obama advisor David Axelrod reportedly using it as...
Antitrust Super Influencers with Baron Public Affairs
April 21, 2022 09:00 - 45 minutes - 41.7 MBBaron Public Affairs recently issued a report naming the top 10 antitrust super influencers, and they share their findings in this episode. Baron Public Affairs is a unique firm that “combines objective strategy development with groundbreaking research platforms” to help corporate clients “identify, understand and surmount” regulatory threats. They developed their list of antitrust super influencers by sifting through “approximately 27,000 references made by members of Congress, ex...
Block the Spirit/Frontier Airlines Merger Argues Shahid Naeem
March 31, 2022 09:00 - 45 minutes - 41.9 MBShahid Naeem is a policy analyst at the American Economic Liberties Project and the author of a memo calling for the Department of Justice and Department of Transportation to block the merger between Spirit and Frontier.
Fixing Pharma With Tahir Amin
March 17, 2022 13:56 - 46 minutes - 42.6 MBTahir Amin is an attorney with more than 25 years of experience in intellectual property law and the co-founder of I-Mak, which seeks to build a more just and equitable medicine system for all via patent reform.
Big Tech Litigation Outlook, with Jason Kint
March 10, 2022 10:00 - 40 minutes - 37.4 MBJason Kint is CEO of Digital Content Next, the only trade association to exclusively serve the unique and diverse needs of high-quality digital content companies that manage trusted, direct relationships with consumers and marketers. Jason guides DCN’s diverse and powerful group of members — established brands such as The New York Times, Conde Nast and ESPN, and digital natives, such as Vox, Politico and Insider — into the future, setting the agenda on a range of issues. Jason pr...
Amazon Vs. The U.S. Postal Service, a Ted Tatos Talk
March 03, 2022 10:00 - 48 minutes - 44 MBTed Tatos is Managing Director of EconOne and co-author of the recent report, “Protecting the U.S. Postal Service from Amazon’s Anticompetitive Assault.” In the conversation, we get into a lot of different aspects of Amazon’s ongoing effort to dominate the postal service. A quick note: Ted’s report was funded by a conservative group called The Family Business Coalition, which includes small family-owned businesses that ship parcels. For the report, Ted also interviewed a couple ...
Matthew Buck Explains How America’s Supply Chains Got Railroaded
February 17, 2022 10:00 - 37 minutes - 34.8 MBMatthew Jinoo Buck is a fellow at the American Economic Liberties Project and a first-year student at Yale Law School. His article in the American Prospect, “How America’s Supply Chains Got Railroaded” tells the history of how deregulation and consolidation gave us a railroad industry that is now a weak link in our supply chain. He also tells how the industry is more dangerous for workers and less reliable for customers even as it produces outsized profits for investors.