what was that econ study about FDR's programs that allowed for market oligarchy or monopoly in exchange for more pay, that at least in theory hurt recovery? I was sold in part. But the irony is that FDR only managed full employment AFTER he virtually nationalized the entire economy to mobilize for war. Of course, Hitler accomplished the same. FDR did so unwillingly, and Truman's claim to greatness stems largely from his transitioning back to private markets.
".... he virtually nationalized the entire economy to mobilize for war."
OMG!!!
Your knowledge of FDR is abysmal!!
No wonder you have no difficulty in worshiping him.
The exact opposite of what you state is the case!
FDR, faced with a war, backed down and went crawling to factory owners....
1. John Maynard Keynes, in a letter published in the NYTimes,
December 31, 1933, warned “ even wise and necessary Reform may, in some respects, impede and complicate Recovery. For it will upset the confidence of the business world and weaken their existing motives to action.” Even Keynes saw the danger in treating the nation’s capitalists as an enemy, as
“the unscrupulous money changers,” as FDR called them in his first Inaugural.
Again?
"...the nation’s capitalists ... “the unscrupulous money changers,” as FDR called them in his first Inaugural."
2. This was the position he put the nation in:
FDR did very little for the Army either with its size or weapons and during the 1930s, his defense budgets were cut to the bone. To quote George Marshall's words to FDR in May 1940: "If you don't do something...and do it right away, I don't know what is going to happen to this country".
a. Due to cuts in military spending through the 30Â’s as a percentage of the federal budget, the United States was woefully unprepared for war.
The US was 17th in the world in military strength, and this ultimately let us into a two-ocean war.
Folsom and Folsom, "FDR Goes To War"
3 .Careful students of the Roosevelt presidency knew that war must be near because
FDR had decided to change the tone of the political debate in Washington. For almost eight years, Wall Street bankers and corporate leaders had been his favorite scapegoats for explaining why the Great Depression was persisting. The premise of his New Deal, after all was that businessmen had failed and that government should regulate, plan and direct much of the American economy to break the hold of the Great Depression.”
4. On
May 16, 1940, Roosevelt had addressed Congress and asked for more than a billion dollars for defense, with a commitment for fifty thousand military aircraft.
He knew, also, that he needed the good will of business to win the war: no longer would he call them “privileged princes…thirsting for power.”
4. On
May 26, 1940 his Fireside Chat signaled
a new relationship with business: he would insure their profits, and assuage their fears that he would nationalize their factories.
a. “…we are calling upon the resources,
the efficiency and the ingenuity of the American manufacturers of war material of all kinds -- airplanes and tanks and guns and ships, and all the hundreds of products that go into this material. The Government of the United States itself manufactures few of the implements of war.
Private industry will continue to be the source of most of this material, and private industry will have to be speeded up to produce it at the rate and efficiency called for by the needs of the timesÂ….
Private industry will have the responsibility of providing the best, speediest and most efficient mass production of which it is capable.”
On National Defense - May 26, 1940
Can you imagine how deeply you'd embarrass yourself if I weren't here to teach you????
Your gratitude is modestly accepted.
(Curtsy)