Owsinski’s steps for setting a compressor, summarized:

1. Start with slow attack and fast release (i.e., slow to act, quick to leave it alone).
2. Lower the threshold until you see the compressor turning on and off.
3. Make attack faster until note attacks sound dull (then back up a bit).
4. Make the release longer to pump in tempo (ie.., release by the next note).
5. Adjust ratio as needed.
6. Check against the original (bypass).
7. Check against the full mix.

Loudness war overview:

Loudness war example from Radiohead:

Green Day in 2004, remastered for greater dynamics in 2012, and both versions after automatic volume control, e.g., by YouTube:

https://www.youtube.com/watch?v=m9pzks7pC8U

Explanation of how the loudness war results in poor EQ:

An excellent 20-minute explanation of the driving forces of the loudness war by great engineer Bob Katz:

Bob Katz’s Honor Roll for Dynamics in Albums, with insightful commentary: http://www.digido.com/media/honor-roll.html

A YouTube playlist of some recordings from Katz’s Honor Roll:

Several producers talking about the motivations, techniques, and side effects of the loudness wars