Paul Moreno: Obama's Re-Election Model Is FDR
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
- OAH issues a statement in support of the AP standards
- Daniel Pipes says in interview that the absence of anti-Israel protests in Muslim countries is highly significant
- A historian who studies China has discovered an overlooked angle in the debate about the Middle East. Could he have figured out a key reason for Iraq’s failure to defeat ISIS?
- American Historical Association backs revision of the AP course in history
- Middle East Scholars and Librarians Call for the Boycott of Israeli Academic Institutions