General Discussion
In reply to the discussion: FDR: "I welcome their hatred" [View all]merrily
(45,251 posts)and the Russian military, who joined forces to overthrow the Tsar not very long before our Wall Street crash of 1929.
After the wolves of Wall Street defrauded the entire nation and the nation's savings went down the hopper with the economy, America's rich were terrified that Americans would do the same as the Russians had recently done, namely rise up, kill the oligarchs and take their stuff.
The very rich FDR and a very rich Wall Street wolf, Joe Kennedy, worked hard on reforms to try to avoid revolution. Some of the reforms were dismantled while FDR was still in office. Others went bit by bit. But, we still have Social Security.And, as you know, they've been after that for a long time.
On the 50th anniversary of the assassination of Joe Kennedy's son, MTP aired a clip from when JFL was running for President. One of the reporters questioned JFK about why JFK thought Democrats were good for the economy. Without a second of hesitation, Joe Kennedy's son replied, "Democrats saved American capitalism."
Also, a lot of what they did was to makes banks and Wall Street seem safer so that Americans would feel comfortable using them again. Those parts of the New Deal are still in place, except for Glass Steagall and the Bankruptcy Act of 1934.
The FDIC and the SEC (even though the SEC is a joke now) were put in place as much for the benefit of banks and Wall Street as for the benefit of the general public. However, at least they did benefit both the 99% and the 1%.