Roger Lowenstein

Roger Lowenstein is the author, most recently, of Origins of the Crash: The Great Bubble and Its Undoing, and a frequent contributor to The New York Times Magazine and SmartMoney.

Recent Articles

The Sometime Liberal

An intellectual in public service, Pat Moynihan defied categorization.  

AP Photo/Adam Nadel
AP Photo/Adam Nadel Senator Daniel Patrick Moynihan, right, listens during the induction proceedings for Judge Sonia Sotomayor in New York on Friday, Nov. 6, 1998. This article appears in the Summer 2015 issue of The American Prospect magazine. Subscribe here . American Burke: The Uncommon Liberalism of Daniel Patrick Moynihan By Greg Weiner 208 pp. University Press of Kansas $27.95 T welve years after his death, Daniel Patrick Moynihan is not remembered as an avid liberal. He renounced the prescriptions of the Great Society, scorned the New Left, blamed the condition of African Americans on family disintegration and, at the United Nations, belittled Third World demands for power and pride. He was an intellectual colleague of many of the founding neoconservatives and when he wrote that government cannot “mandate goodness,” or that “liberals must divest themselves of the notion that the nation … can be run from agencies in Washington,” he sounded more like an editorialist in The Wall...

The Next Wall Street Scandal

It would be hard to find a worse resume for chairman of the Securities and Exchange Commission than that of Christopher Cox, who was confirmed in the job by the Senate last summer after hearings that The New York Times aptly described as a “love fest.” As a congressman from Orange County, California, since 1988, Cox closely allied himself with the most aggressive lobbies for weaker securities regulation -- accountants, the high-tech industry, and the U.S. Chamber of Commerce. For nearly 17 years, he was their loyal servant, weakening the SEC and faithfully burying pro-investor reforms that might have prevented faked balance sheets and overstated earnings from inflating a stock market bubble. Lest we forget, from 2000 to 2002 the Standard & Poor's 500 Index fell 50 percent -- equal to the drop during the Great Crash of 1929. The smaller-stock NASDAQ fell a gut-wrenching 78 percent. Today's market is stuck at 1998's level, meaning it has delivered a cumulative zero to investors for...