The Titans That Built America: Franklin D. Roosevelt vs. the Titans of Wall Street | History

Summary

The video explores how President Franklin D. Roosevelt targeted powerful figures like J.P. Morgan and Pierre Dupont, who were seen as responsible for the economic depression and the war profiteering during World War I. Roosevelt’s strategic political moves, including public hearings and vilifying these elites, aimed to shift the blame for the economic collapse onto them. The video also reveals Morgan’s global financial dealings, which ultimately led to his regret over financing regimes like Nazi Germany. Roosevelt’s actions were aimed at restoring economic stability and appealing to the American public by dismantling concentrated wealth and power.

Takeaways

• 😀 FDR targeted J.P. Morgan and other elites to create an enemy for the public in order to push through necessary changes during the Great Depression.
• 😀 FDR's strategy involved vilifying powerful figures like J.P. Morgan to consolidate public support for his New Deal policies.
• 😀 The hearings conducted by Ferdinand Pecora, where J.P. Morgan was questioned, were a pivotal moment in turning public opinion against Wall Street elites.
• 😀 The stock market crash was framed as the result of greed and manipulation by powerful bankers like J.P. Morgan, which helped FDR's political agenda.
• 😀 The hearings painted J.P. Morgan as a symbol of Wall Street's corruption, making him a scapegoat for the broader economic collapse.
• 😀 FDR's political success was partly due to his ability to identify and attack key enemies, such as J.P. Morgan and Pierre DuPont, to rally American sentiment.
• 😀 Pierre DuPont faced criticism over his company's wartime profits, which were labeled as 'war profiteering' and linked to public outrage.
• 😀 The public inquiry into DuPont's profiteering during World War I further damaged the company's reputation, serving FDR's narrative of tackling corporate greed.
• 😀 FDR’s campaign against corporate elites like DuPont and J.P. Morgan was aimed at redistributing power from the wealthy to the broader American public.
• 😀 J.P. Morgan's banking empire faced significant consequences, including government-imposed regulations that broke up his monopoly and restricted his operations.

Q & A

How did J.P. Morgan Jr. initially help Franklin D. Roosevelt (FDR)?

J.P. Morgan Jr. played a significant role in helping Franklin D. Roosevelt into office, providing support during Roosevelt's election campaign.

Why did FDR target J.P. Morgan and other bankers after taking office?

FDR targeted J.P. Morgan and other bankers because he believed they were responsible for causing the stock market crash and the Great Depression. He wanted to shift blame and create an enemy to justify necessary economic reforms.

What strategy did FDR use to make J.P. Morgan the face of the stock market crash?

FDR orchestrated a public spectacle by having a tough New York lawyer, Ferdinand Pecora, call J.P. Morgan before Congress to testify, making Morgan the symbol of Wall Street elites and their role in the financial collapse.

What was the outcome of the Congressional hearings with J.P. Morgan?

The hearings were a public success for FDR, as millions of Americans began to view J.P. Morgan and Wall Street elites as responsible for the financial ruin, further cementing FDR's political agenda.

Why did FDR oppose the concentration of power in a few hands?

FDR believed that the concentration of power among the wealthy elite, like J.P. Morgan, was detrimental to the country, and he aimed to redistribute power to benefit the American people and ensure a fairer society.

How did FDR target Pierre Dupont and the DuPont company?

FDR targeted Pierre Dupont and his company by capitalizing on a book that accused them of profiting from World War I through war-related sales, specifically portraying them as 'merchants of death,' which led to a congressional inquiry into their actions.

What was the 'Merchants of Death' accusation about?

The 'Merchants of Death' accusation suggested that bankers and industrialists, like Pierre Dupont, had manipulated the U.S. into entering World War I to profit from the war, particularly through sales of munitions and supplies.

What was the impact of the congressional inquiry on Pierre Dupont?

The congressional inquiry into Dupont resulted in public outrage, with Dupont's company being branded as war profiteers, severely damaging his reputation and public image.

How did FDR use the 'Merchants of Death' label to his advantage?

FDR used the 'Merchants of Death' label as a political tool to rally American public support for his policies, presenting himself as an advocate for the common people against the greed of powerful elites.

How did J.P. Morgan attempt to resist FDR's economic reforms?

J.P. Morgan attempted to resist FDR’s reforms by shifting focus to international finance, loaning money to various countries, including Nazi Germany, which would later become a point of regret for him as Adolf Hitler rose to power.