I don't know what happened, but this will be my second attempt to address the STOCK MARKET mess. This SE book is the best to deal with the historical aspects of the Republican screw job and its legalization through corporate charters at the state level, all whcih led to the Military-Industrial (now including Correctional ) syndrome.
It all started in England. I do not think the book deals with the way things were handled B4 THE QUEEN - Victoria but basically if it was good for her it was good for England and she issued a charter. America emulted by giving the states the right to issue charters whch generated income for the individual states via fees and taxes.
This right without zealous overview became abused through OVERCAPITALIZATION (OC)which basically means the selling of securities after many years of business costs have been capitalized. This put more money into the pockets of the fat-cats ( and caused a draining of the overall capital pool from further R and D of potentially more products ) without a regard for the graft potential created via lobbying and sellouts at legislative bodies. Monopolies could be created with the only way for dividends to be paid, would be by overcharging for the good or service. The greater degree of OC the greater potential for monopoly and the greater potential for the goods or service cost to go up. This coupled with the lack of regulation caused Benjamin Tillman of North Carolina to lash out at the intelligence of allowing "fictitious valuation". Teddy Roosevelt in 1910 had the ____ to initiate Acts of Congress (MANN-ELKINS ACT) to the consternation of sold out legislatures