In one of the book's most devastating chapters ("The Junket") Mrs. Shlaes gives a brief intellectual history of those men and their ideas. Let us know what’s wrong with this preview of We’d love your help. Following the 1929 stock market crash the Great Depression spanned much of the 1930’s decade. William Kristol writes in a blurb on the back cover of this book " revisionist history at its best".
"The routine of targeting class enemies in the name of reform would become Roosevelt's hallmark" (p. 133).For the unfortunate souls caught up in the machine, guilt or innocence was beside the point, as when Henry Morgenthau, Jr. (FDR's secretary of the Treasury) stated, "I consider that Mr. Mellon is not on trial but democracy and the privileged rich [are] and I want to see who wins" (p. 196).FDR's assault on the well-to-do struck the nerve of envy. I doubt however it would be that different.An examination of the Great Depression by a fiscal conservative. You can get this book from Amazon.com.Whenever George Will calls any book a must read, I know exactly what to expect. This sounds like the kind of book that would only be of interest to a history nerd, but with the current situation it's an absolutely imperative read for all voters. Treasury Secretary Andrew Mellon personified "thrift that emphasized the accumulation of capital" (p. 25). Nothing I ever read lessened me by reading it; on the contrary, it added to the totality of who I am.
In 1930, President Herbert Hoover signed into law the Smoot–Hawley Tariff Act, disregarding the petition of 1,028 economists to veto it, which ruined the foreign trade of the United States. "If anyone from the 1930s is the "forgotten man," it is undoubtedly FDR. He was a consummate politician lucky to be "a great radio speaker born into the era of radio" (p. 129).
The government also passed several pieces of legislation and created several institutions that ensured a larger role of the government in the lives of the Americans than ever before: the Social Security Act provided pensions for the elderly and the disabled; the Federal Deposit Insurance Corporation insured banks against failure; the Securities and Exchange Commission worked to prevent stock market bubbles like the one that triggered the Depression.
I felt Amity Shlaes did a monumental and extremely thorough job of researching the economic history of this era. scheme is impracticable at every point ; the delusion of the debtors; the crime of 1873; a concurrent circulation of gold and silver [1878] the influence of commercial crises on opinions about economic doctrines [1879] the philosophy …
Sumner wrote about C: "He works, he votes, generally he prays - but he always pays - yes, above all, he pays." In The Forgotten Men, criminologist Margaret E. Leigey provides an insightful account of a group of aging inmates imprisoned for at least twenty years, with virtually no chance of release. The late 1920s saw the stock market, devoid of modern regulation, inflate in a bubble.
The Forgotten Man is a very interesting book. There's no better way to start recounting a national tragedy. I felt Amity Shlaes did a monumental and extremely thorough job of researching the economic history of this era.
The critiques of liberalism are noteworthy and worth pondering; but the underlying argument - which casts a pall on intellectualism (ironically using a high academic tone that does a poor job of trying to sound unbiased) and relies on the same old Randian stereotypes of poverty, the poor, and thWhenever George Will calls any book a must read, I know exactly what to expect.
The unease got worse when the future members of Roosevelt's cabinet were collectively referred to as "the intellectuals", deA fascinating, deeply flawed account of the Great Depression. She read histories and biographies mostly, but would read whatever was on hand if she had nothing else, such as nursing manuals, agricultural reports, travel books--anything non-fiction (she stopped reading fiction in her sixties unless it was really exceptional), and she exhausted the libraries of every town she ever lived in. In a Kafkaesque trial where the judge clearly sided with the federal prosecutor, "both Rice and the judge had sought to use the Schechter's social class against them" (p. 223).But despite all the money and power that FDR and his blue-blooded, country-club friends arrayed against the working-class Schechters, the "little guy" fought back all the way to the Supreme Court. The book begins with a hanging, a 13-year-old boy driven to suicidal despair by all he saw around him. No public hanging has ever gone wanting for a crowd, and as "there was a new national feeling … that the time had come to target some of the wealthy" (p. 124), FDR eagerly played to the mob's wishes.FDR comes across as a man infected with an endless drive for power. “[W]hen wages moved ahead, profits narrowed and shareholders lost.” (Shlaes 337) Essentially if capitalism is to fulfill itself, and ‘succeed’, wages must be suppressed. The late 1920s saw the stock market, devoid of modern regulation, inflate in a bubble.
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