In 2009, for the Foundation for Economic Education, historian Burton W. Folsom detailed how the New Deal and its National Recovery Administration (NRA) sided with cartelized businesses against small competitors (and against some independent-minded large ones, like the Ford Motor Company). In Jersey City, New Jersey, Jacob Maged, a tailor, was arrested for charging $0.35 to press a suit when regulators wanted him to charge $0.40. “Not only was Maged thrown in jail, he was also slapped with a $100 fine.” (That’s over $2,400 in modern money).
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