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Fri Apr 22, 2016, 12:49 PM

Ironically, Hillary's approach to Wall St is more like FDR's than Sanders'

It's impossible to work with someone while you're growling at them. I remember a concept that was used a lot in the 90s about how we needed companies to be "corporate citizens". It's term that's outdated and unappealing now -thanks Mitt and CU- but the principle is valid. It's what got Sen Warren elected. They have to give back. People and people who run businesses have to be of mutual benefit, and they have to recognize the value of one another.

It surprised me to learn FDR sort of ended up doing it the same way-

Weinberg became a Goldman Sachs partner in 1927 and helped run the investment trusts, including Goldman Sachs Trading Corp. He co-ran the division with Waddill Catchings, who shriveled the market value of Goldman Sachs Trading Corp. from $500 million to less than $10 million. At this point, Weinberg took over the division, and became a senior partner in 1930. He became head of the firm in 1930, saving it from bankruptcy, and held that position until his death in 1969.
Weinberg befriended Franklin D. Roosevelt in 1932 while working as a member of the Democratic Party’s National Campaign Finance Committee, and successfully raised more funds than any other member. Since many on Wall Street had opposed Roosevelt in the 1932 presidential election, Weinberg stood out as a prime candidate for the new president’s liaison to Wall Street. Indeed, in 1933, Roosevelt assigned Weinberg the task of organizing a group of corporate executives- called the Business Advisory and Planning Council – to serve as a bridge between the government and the private sector during the economic upheaval of the New Deal. Weinberg handpicked executives with whom he wanted to develop business relationships, and deliberately invited no other investment bankers to join the Council, putting himself in the perfect position to network. Roosevelt admired Weinberg’s work greatly, nicknaming him “The Politician” and offering him numerous federal appointments, all of which Weinberg refused.

When the United States entered World War II in 1941, Weinberg played an active role in engaging America’s private sector to overcome the nation’s considerable financial, industrial, and organizational challenges. Weinberg repeatedly proclaimed, “government service is the highest form of citizenship,” and, “I’ll never take a job in government in peacetime, but I’ll take any job in time of war.” Following Weinberg’s success recruiting corporate talent for the Business Advisory and Planning Council, President Roosevelt entrusted Weinberg with an even more important mandate: forming the Industry Advisory Committee under the War Production Board’s Chairman, Donald M. Nelson.

Weinberg personally met with the CEOs of America’s top corporations and told them:

“Our nation is in grave danger. America needs an enormous number of talented executive leaders to organize a massive war production effort. The President has sent me here to get your help in identifying your very best young men. We need the smartest young stars you’ve got. And don’t even think of passing off older men or second-raters. I’m asking the same thing of every major company in the country, and I’ll be watching very closely how well your men do compared to the best young men from all the other corporation. God forbid the people you pick are less than the best because God, President Roosevelt, and I would never, ever forgive you.”


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Reply Ironically, Hillary's approach to Wall St is more like FDR's than Sanders' (Original post)
Rose Siding Apr 2016 OP
The_Casual_Observer Apr 2016 #1
DemonGoddess Apr 2016 #2
fleabiscuit Apr 2016 #3

Response to Rose Siding (Original post)

Fri Apr 22, 2016, 12:56 PM

1. The chances of doing some kind of massive reform of the finance system is zero.

Particularly from the outside and essentially nothing about it.

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Response to Rose Siding (Original post)

Fri Apr 22, 2016, 03:16 PM

2. Well

and this is totally off your great topic!

One of the things that makes me want to spew, is the constant comparisons to FDR, JFK, and MLK. He is like NONE of these men.

FDR came from wealth, born INTO wealth, and used his position for the betterment of most. I say most, because he didn't apply the same to POC. Having said that, it was a much more racist time then, than now.

JFK also came from wealth, and used his position for the betterment of society. Mind you, this is the SAME JFK who Mr. Sanders said made him want to vomit.

MLK worked for YEARS to get more equivalent rights for POC. I say more equivalent, because we're really not all the way there.

And yet, miracle man is supposed to do all this from day 1 by waving his magic wand.

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Response to Rose Siding (Original post)

Fri Apr 22, 2016, 03:25 PM

3. Trump has a much better chance of bringing back an FDR environment than Hillary or BS.

All he has to do is conscript all males to go fight and bomb most industrialized countries flat. That way we can rebuild all manufacturing we lost so we can get them men folk working again and the women folk back in the house having babies. We can then start polluting all be want again and build unsafe rattle trap cars that last a couple of years and give those flattened countries loans so they can buy our shit.

The good old days.

I've never had a 90 year old tell me it was all wine and roses.

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