Faculty Spotlight—Patrick Newman

The Misesian: First, what was it like seeing a book that you edited, Murray Rothbard’s The Progressive Era, referenced in one of Clarence Thomas’s Supreme Court opinions this cycle?

Patrick Newman: That was definitely a surprise. I was certainly thrilled. It’s great that Rothbard is getting this type of exposure for his history, being appreciated not just by Austrian economists but by a Supreme Court justice.

Alex Pollock in the ‘Wall Street Journal’

From the Friday, August 21, 2026 print edition:

The Fed and the others became not market makers of last resort, but leveraged buy-and-hold investors of last resort, a completely different thing. A market maker is constantly buying and selling. The Fed was only buying, not selling, in order to push up the price of the securities and to drive down their yields. A market maker is in it to make money on the bid-asked spread; the Fed created giant leveraged naked long positions that might, and then did, lose vast amounts of money.