Tag Archives: Franklin Delano Roosevelt

FDR Was Right

fdr

“In 1776 we sought freedom from the tyranny of a political autocracy – from the eighteenth-century royalists who held special privileges from the crown. … Since that struggle, however, man’s inventive genius released new forces in our land which reordered the lives of our people. … Out of this modern civilization economic royalists carved new dynasties. … Through new uses of corporations, banks and securities, new machinery of industry and agriculture, of labor and capital – all undreamed of by the Fathers – the whole structure of modern life was impressed into this royal service…. It was natural and perhaps human that the privileged princes of these new economic dynasties, thirsting for power, reached out for control over government itself. They created a new despotism and wrapped it in the robes of legal sanction. In its service new mercenaries sought to regiment the people, their labor, and their property. And as a result … the hours men and women worked, the wages they received, the conditions of their labor – these had passed beyond the control of the people, and were imposed by this new industrial dictatorship. The savings of the average family, the capital of the small-businessmen, the investments set aside for old age – other people’s money – these were tools which the new economic royalty used to dig itself in.”

— Franklin D. Roosevelt, 1936

(h/t to Robert Reich for the quote)