Work in progress — cycles are added one at a time. Every quote is machine-verified against an archived source; follow the links to read it.
1932 › Franklin D. Roosevelt (Democratic) › Overall role and scale of the federal government
Government as a check on concentrated economic power — "individualism" redefined as equality of opportunity
pledge_forwarddirectional_stancecandidate_directevidence A Economy & Fiscal PolicyExecutive PowerIndustry, Business & Regulation⚡ The Great Depression similar solutions · similar reasoning
Solution
Government, "without becoming a prying bureaucracy," to act as a check or counterbalance to the financial oligarchy so as to secure "the chance to work and the safety of savings"; oppose regimentation whether by private economic government or by the state; "equality of opportunity for all, the right of exploitation for none."
Rationale
Two-thirds of industry is concentrated in a few hundred corporations managed by a handful of men; fewer than three dozen banking houses direct the flow of capital — "the precise opposite of the individualism of which the President speaks."
Statements (2)
I believe that the Government, without becoming a prying bureaucracy, can act as a check or counterbalance to this oligarchy so as to secure the chance to work and the safety of savings to men and women, rather than safety of exploitation to the exploiter
we must make American individualism what it was intended to be -- equality of opportunity for all, the right of exploitation for none.
Follow-through
kept
The SEC, Glass-Steagall, PUHCA and the Wagner Act made the federal government a standing check on financial concentration; the shift of financial authority from Wall Street to Washington is a standard summary of the First New Deal.
Mechanisms
| Date | Type | Name | Effect | Consistent? | Source |
|---|---|---|---|---|---|
| 1935-08-26 | statute | Securities Act, Securities Exchange Act, Banking Act, PUHCA | Cumulative regulatory structure. | yes | Message to Congress Recommending a Securities Exchange Commission. |
Assessments
Financial power shifted from lower Manhattan to Washington.
Roosevelt in 1933 took America off the gold standard, and the Banking Act of 1935 gave the country a central banking mechanism for the first time.
Other positions on this issue
- War on any candidate who makes 'demagogic appeals to the masses' setting class against class — Alfred E. Smith, 1932 directional_stance
- An "economic declaration of rights" — the right to make a living and the right to safe savings — Franklin D. Roosevelt, 1932 directional_stance
- Remove government from private enterprise except public works and natural resources — Franklin D. Roosevelt, 1932 directional_stance
- "A new deal for the American people" — work and security through liberal, planned government action — Franklin D. Roosevelt, 1932 vague_gesture
- Preserve 'ordered freedom' and equality of opportunity; reject a state-controlled or state-directed economy as 'tyranny' — Herbert Hoover, 1932 directional_stance
- Restore confidence by 'unshackling initiative': steady, open, non-partisan administration that stops 'fumbling with recovery' — Alf Landon, 1936 vague_gesture
- Fair, honest, economical and efficient government; preserve free enterprise against 'amateur economic planners' — Frank Knox, 1936 vague_gesture
1932-fdr-government-counterbalance-to-oligarchy · created by claude-fable-5-1 · review: unreviewed