Complete FDR New Deal
Notes from “The Wall Street Trilogy A History” Anthony C. Sutton.
Pg. 209. Volume 2. Wall Street and FDR. Part 1. FDR on Wall Street. Chapt. 1. Roosevelts and Delanos. “The real truth of the matter is, as you and I know, that a financial element in the large centers has owned the government since the days of Andrew Jackson--and I am not wholly excepting the administration of Woodrow Wilson. The country is going through a repetition of Jackson's fight with the Bank of America, only on a far bigger and broader basis.” FDR to Col. House, Nov. 21, 1933. Pg. 214. In the 1928 election, Hoover, the Republican, was a J.P. Morga puppet. Smith, his opponent, was in the pocket of the DuPonts, for whom J.P. Mogan was the banker....WS withdrew its support for Hoover in 1932 and supported FDR. Why? Hoover would not accept the Swope plan, created by Gerald Swope, long time President of General Electric. By contrast, FDR accepted the plan, and it became the National Industrial Recovery Act. Pg. 216. FDR's biographers pass over his business career with little attention simply because FDR was a creation of WS, an integral part of the NY banking fraternity, and had the pecuniary interests of the financial establishment very much at heart. (A long paragraph of FDR's business leadership positions follows, 11 corporate directorships, two law partnerships, and the President of a large trade association.