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The tribune above indulges in no nostalgia. It simply points out that Roosevelt had the courage to regulate finance and to transform the tax system in a progressive sense, and that the American economy didn't shrivel up and die as a result. That deregulation over the past thirty or so years has resulted in a considerable increase in the wealth of the richer as compared to the poorer parts of the population (whether one validates the "wage share in value added" metric or not is beside the point, over a time series it can serve). And that Europe, in current circumstances, would be well advised to follow Roosevelt's example.
There's nothing more to it than that.
See, I had thought that the social changes of the Roosevelt period resulted from the combination of a number of factors including the labor insurrection of the early 1930s. I had, I guess foolishly, thought that such things as the West Coast general strike and the rise of the mine workers union and so on had forced capital to adapt. But now I am enlightened and see it was only due to the courage of Mr. Roosevelt.
Look at Roosevelt's electoral map in 1932 http://en.wikipedia.org/wiki/United_States_presidential_election,_1932
The French do not deserve to be saved, for they are sinners.
I guess we'll just have to dissolve the people and elect a new one. It is rightly acknowledged that people of faith have no monopoly of virtue - Queen Elizabeth II
The founding signatories of the 15 policy points in the manifesto are not fake lefties waiting for their chance to get on TV, as you suggest elsewhere. People like Stéphane Hessel who wrote the essay Indignez vous!, or Susan George of ATTAC, or the sociologist Edgar Morin, are not unaware of the need for a major social movement, it's much more on that side that they have always expended their energy than in party politics.
The split electorate problem bedevils us, but it's to a considerable extent due to the death of the perspectives people might feel the left held out in the pre-Soviet decline 20th century. Large movements of opinion that could change that split need to know that history has not ended leaving only the free-market economy standing.
Either you have completely (deliberately?) misunderstood what this manifesto is about, or you are opposed to the idea of economic and social change through representative democracy. I guess the latter. It is rightly acknowledged that people of faith have no monopoly of virtue - Queen Elizabeth II
Ramsay MacDonald - Wikipedia, the free encyclopedia
Labour returned to power - this time as the largest party - in 1929 but was soon overwhelmed by the crisis of the Great Depression, in which the Labour government was split by demands for public spending cuts to preserve the Gold Standard. In 1931, he formed a National Government in which only two of his Labour colleagues agreed to serve and the majority of whose MPs were from the Conservatives. As a result, MacDonald was expelled from the Labour Party, which accused him of "betrayal". The Gold Standard soon had to be abandoned after the Invergordon Mutiny and MacDonald's National Government won a huge "doctor's mandate" at the 1931 General Election, at which the Labour Party was reduced to a rump of around 50 seats in the House of Commons.
Better than Roosevelt, evidently.
- Jake If you only spend 20 minutes of the rest of your life on economics, go spend them here.
Oh, I see, history comes down to the courage or lack of courage of Presidents and Kings...
There is no doubt that the challenges facing Hollande or any other leader wishing to reform the financial system are significantly more challenging today for lack of such forces pressuring a reformer to do what they would themselves like to do, but the point afew made about the necessity for engendering hope and offering vision remain. Yours seems a counsel of despair and that is unhelpful. Perhaps this situation is like the one Lenin described as "The worse the better." One thing we should know and others need to know is that, failing a successful push-back, millions of people will be ground to dust and then the system will implode anyway. As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."
He also said that the problem with FDR was that he agreed with whoever spoke to him last.
Where organized labor was strong, Roosevelt moved to make some concessions to working people. But: "Where organized labor was weak, Roosevelt was unprepared to withstand the pressures of industrial spokesmen to control the . . . NRA codes." Barton Bernstein (Towards a New Past) confirms this: "Despite the annoyance of some big businessmen with Section 7a, the NRA reaffirmed and consolidated their power. . . ." Bellush sums up his view of the NRA:
The White House permitted the National Association of Manufacturers, the Chamber of Commerce, and allied business and trade associations to assume overriding authority... . Indeed, private administration became public administration, and private government became public government, insuring the marriage of capitalism with statism.
I think that was a Roosevelt too, albeit a different one.
The regulator "did not sufficiently assess the susceptibility of highly illiquid, complex instruments," to ratings downgrades, Scott Polakoff told the banking committee in prepared testimony today. "In hindsight, OTS should have directed the company to stop originating credit-default swap products before December 2005."
Are you seriously going to argue in a sober voice that the Commodities Futures Modernization Act did not matter to AIG's failure?
Would you also have argued that if it had passed in 2001 instead of 2000?
Keep on dreaming.
Are you claiming the OTS would have had better luck under a Gore presidency than the CFTC had under the Clinton presidency? If so, on what grounds?
Even Clinton says derivatives dereg was a mistake. http://abcnews.go.com/blogs/politics/2010/04/clinton-rubin-and-summers-gave-me-wrong-advice-on-deriv atives-and-i-was-wrong-to-take-it/
Even Rubin admits he was wrong although in his typically self-serving way http://www.thedailybeast.com/newsweek/2009/12/28/getting-the-economy-back-on-track.html
While some people saw one or more of these factors, virtually no one involved in the financial system--whether institutions, investors, regulators, analysts, or commentators--recognized the breadth of forces at work or the possibility of a megacrisis, and this included the most experienced among us. More personally, I regret that I, too, didn't see the potential for such extreme conditions despite my many years involved in financial matters and my concern for market excesses.
first is that there wasn't really much middle class back then as there became later, peaking in the 60's.
the very rich had hornswoggled the economy, then as now, and something had to give, roosevelt saw the gap mass state-supported employment could fill, and filled it.
the second is that finance, although relatively opaque even then, has become orders of magnitude opaquer, so the common man is clueless as to the myriad layers of obfuscation hiding the naked facts, to understand their complex causes as the wrecking ball of austerity smashes into his house equity (illusionary, yes, but he counted on it), savings, bond and stock yields, and pension funds.
another difference i believe significant is public federal pension schemes didn't exist back then, the welfare state was still a dream, so the huge social security funds weren't swelling the brokers' accounts to the degree they do today. The power of knowledge is in mortal combat with the knowledge of power. It really is that simple... That's the Edenic apple we are all munching on.
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