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
- Black Delegates at GOP Convention at Lowest Level in History
- Richard Moe calls on Obama to make Utah's Bears Ears a national monument. Bears Ears?
- What History Says About Donald Trump’s Convention Speech
- Rep. Steve King doubles down on white supremacy claim
- Does Melania Trump know what plagiarism is?
- Daniel Pipes: “Why I Just Quit the Republican Party"
- Jill Lepore attended the GOP convention
- Ramsay Cook died in Toronto on July 14, after a brief battle with pancreatic cancer
- Adam Hochschild says he met the ghosts of his own work at a recent visit to the multiplex
- Colleges are implored to teach their own history