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Uchitelle in writing about one of the nation’s economic recessions thought that it should be an interesting slant to do an article about Harvard alumni who had been laid off to show that education and training were not sufficient to have job security. Lelyveld, one of the greatest newspaper editors in the history of American journalism had also been a Harvard graduate.
At the time, the economy was virtually controlled by the banks and others in the finance, as opposed to businesses that produced things or provided non-financial services to consumers and business which was that had prevailed ever since the Great Depression, when New Deal legislation controlled the banks, stock markets, and other facets of the financial industry.