Itís 1936 all over again for the Republicans.
By the last year of President Franklin Rooseveltís first term, the party of business had seen the shape of the New Deal, and it was terrified. Tough new banking regulations were in force. Taxes on employers would help fund the new government-run retirement system for all workers, and some people would even get money when they couldnít work. The government was paying a vast army of the unemployed to build roads and bridges, which was bad enough, but artists and actors and writers were also getting paychecks to do whatever it was they did, and all on borrowed money. Collective bargaining and wage-and-hour laws meant labor was a rising force. Factories couldnít even hire children any more.
The Supreme Court had done the best it could, striking down incursions into central planning. It might yet strike down the Social Security Act. But the New Deal government was set on reshaping and improving life for the majority, and the people in the board rooms didnít like it. The taps of wealth opened to deny FDR a second term.
The rich manís anti-New Deal coalition called itself the Liberty League. It formed in 1934 with du Pont gunpowder and the Morgan banking money behind it. The league foreshadowed Sheldon Adelson, the Koch brothers and Karl Rove ďSuper PACS.Ē (more…)