Louise,
Do you remember Mr. Gatto saying that the 3 oligarchs began planning the school take-over in 1891?
The entire timeline looks approaximately like this.
-1870, Classical liberalism seemed to be in the saddle with no possibility of being unseated.
-1891, enter the 3 oligarchs in the publice school scene. Note the oligarchs must have had some kind of contact between 1870 & 1891 but for now we have no record.
-1901, Teddy Roosevelt, the first progressive preesident takes office.
-1903, The US becomes the #1 economic power in the world.
-1913, The Federal Reserve Bank is established.
-1913, The IRS is established.

Politically the progressives whether Republican or Democrat have been in power excepting the Reagan years.
I think JS was referencing the fact that the establishment of the Federal Reserve Bank signaled the corrupt financial-political take-over of the US Government. The events begining under Jimmy Carter were only a specific manifestation of progressivism and its corrupt origins.
You can claim the financial sector was corrupt and you would be right. However the politicians were organizing the corruption. Haven't you been noticing the many news articles about the Financial sectors huge donations to the Democrat Party? Didn't you tumble to the fact that Barney Franks boyfriend was a high official in either Freddy Mac or Fanny Mae? Didn't you notice how he took a powder as soon as the corruption became public?
Ron