Re: [Pen-l] Only a hint of FDR

[Jim Devine <jdevine03@xxxxxxxxx>]

> NY Times, June 18, 2009
> Talking Business
> Only a Hint of Roosevelt in Financial Overhaul
> By JOE NOCERA
>
> Three quarters of a century ago, President Franklin Roosevelt earned the
undying enmity of Wall Street when he used his enormous popularity to
push through a series of radical regulatory reforms that completely
changed the norms of the financial industry.

> Wall Street hated the reforms, of course, but Roosevelt didn’t care. ...<

This is a great article, but I'd bet if we looked at FDR's financial
reforms they wouldn't live up to this praise. After all Joseph Kennedy
(his big fund raiser) was put in charge of the new SEC. Also, a lot of
the impetus came from people like Carter Glass. Most importantly,
however, the impetus came from an extremely easy-to-understand
stock-market crash and from mass discontent, such as the Bonus March
of 1932.
-- 
Jim Devine / "Segui il tuo corso, e lascia dir le genti." (Go your own
way and let people talk.) -- Karl, paraphrasing Dante.
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