Just a small correction. You mentioned that Glenn Ellison and Gary Gensler were both faculty members of the MIT Economics department. Like many universities, MIT has a main economics department in their liberal arts school that Ellison is the chair of and an applied economics department in their business school that Gensler was a faculty member of. Since their research interests don’t overlap much, and since they have never coauthored a paper together, they could legitimately not have interacted with each other much, if at all, while both were at MIT. This in no way changes your thesis, but it is worth noting. <br><br>Fun/troubling fact: Gary Gensler’s academic areas of interest include blockfi and cryptocurrency.