Are we reading the same book? Thus far, I have seen little new or original in Black’s account that was not first said many years ago by Arthur Schlesinger, Jr. For example, Black, like Schlesinger subscribes to the thesis that Roosevelt “saved” capitalism from itself and thus preserved it and American democracy from the extremes of fascism and communism. This always seemed to me to be a dubious claim. American voters were mad as hell in 1932 but I have not seen any persuasive evidence that they were ripe for a fascist or communist revolution.

Did they want a"third way" in the form of a statist New Deal? It is hard to say but FDR certainly did not present it to them that year. He talked out of both sides of his mouth promising to maintain the gold standard, cut the budget by 25 percent, while, at the same time, making vague pledges to"do something" for the unemployed. Hence, he could win the enthusiastic support of such diverse figures as H.L. Mencken, Stuart Chase, Henry Wallace, and Harry Byrd.