Paul Moreno: Obama's Re-Election Model Is FDRRoundup: Historians' Take
Mr. Moreno is a professor of history at Hillsdale College and the author of Black Americans and Organized Labor: A New History, (Louisiana State University Press, 2006).
President Obama is cozying up to the "Occupy Wall Street" movement, intending to make resentment of big business a central theme of his re-election campaign. Here he's following the lead of Franklin D. Roosevelt, who tried to convince the public that Wall Street was to blame for the double-dip recession that plagued his second administration.
In late 1937 the American economy, which had been recovering slowly since 1932, contracted even more sharply than it had after the stock market crash in late 1929. Industrial production fell by a third, stock prices fell by 50%, durable goods production by almost 80%. Payrolls fell 35%, and unemployment climbed back to 20%.
Roosevelt was initially nonplused, slow to appreciate the severity of the downturn. But once he saw the need for action, he called Congress into special session and undertook a massive new public-spending program...
comments powered by Disqus
- Rubio Surges Into Second In New Hampshire
- Branstad Says Cruz Ran ‘Unethical’ Campaign
- Christie Highlights Santorum’s Endorsement of Rubio
- Portman Comes Out Against Trade Deal
- Megyn Kelly Gets a Book Deal
- A Big List of the Bad Things Clinton Has Done
- An Unambiguous Sign Sanders Won Last Night’s Debate
- Still Friends at the End
- Quote of the Day
- Trump Still Leads as Clinton Slips
- Clinton Can’t Shake Image as Wall Street’s Friend
- Maddow Doesn’t See Sanders Winning
- Why Does the Media Still Shield Chelsea Clinton?
- Bush Jokes His Mother May Have Abused Him
- Rubio Closes the Gap in New Hampshire
- Transcribed Document: Soviet Politburo Discussed CIA Billion Dollar Spy Adolf Tolkachev
- Pentagon withholds Iraq War photos showing detainee abuse
- These Rebels Have Amassed A Library From Syria’s Ruins
- Was 1916 fire at Canadian Parliament set by German saboteur?
- United Nations Calls On U.S. To Pay African Americans Reparations For Slavery
- Juan Cole says America’s inclination to turn to the military started with Manifest Destiny
- History Jobs Drop
- Paul Krugman gives credence to Robert J. Gordon's pessimism about American economic growth
- Harvard President Drew Faust Condemns Free Tuition Proposal from Outsider Overseers Ticket
- Andrew Roberts says Trump is the Mussolini of America with double the vulgarity