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A big list of FDR’s corporate backers

The New Deal sucked and workers got played. https://www.marxists.org/subject/left-wing/icc/1934/12/new-deal.htm Roosevelt, after helping to win the war to “make the World Safe for Democracy”, returned to civilian life, resuming his law practice. At Alfred E. Smith's behest, he reentered politics, gaining the governorship of New York in 1928, and again in ’30. During this period, the Governor discovered he possessed a remarkable radio voice, for a politician. From such humble beginnings sprang that great American Institution: Intimate Fireside Chats With The President (through the courtesy of both broadcasting systems). His administration as governor, in spite of press-agency to the contrary, shows no benefits for labor. The legislation to which Roosevelt points with greatest pride as a boon to labor, the New York State Old Age Pension Act, doesn’t benefit labor at all. Not only must applicants be 70 years or over (surely no help to most workers who never reach 60,…


The New Deal sucked and workers got played.

https://www.marxists.org/subject/left-wing/icc/1934/12/new-deal.htm

Roosevelt, after helping to win the war to “make the World Safe for Democracy”, returned to civilian life, resuming his law practice. At Alfred E. Smith's behest, he reentered politics, gaining the governorship of New York in 1928, and again in ’30. During this period, the Governor discovered he possessed a remarkable radio voice, for a politician. From such humble beginnings sprang that great American Institution: Intimate Fireside Chats With The President (through the courtesy of both broadcasting systems).

His administration as governor, in spite of press-agency to the contrary, shows no benefits for labor. The legislation to which Roosevelt points with greatest pride as a boon to labor, the New York State Old Age Pension Act, doesn’t benefit labor at all. Not only must applicants be 70 years or over (surely no help to most workers who never reach 60, let alone 70, because of modern working conditions), but the procedure is so loaded with red-tape that really needy individuals without money for legal aid can hardly hope to secure its meagre benefits.

Roosevelt is not the only member of his family with extensive railroad holdings. His first cousin on his mother's side, Lyman Delano, is today Chairman of the board of directors of the Atlantic Coast Line R.R. Co., the Louisville & Nashville, and has an interest in many others. Other relatives are J.J. Pelley, recently resigned president of the New York, New Haven & Hartford R.R., and a shareholder in others; and Mr. Curry of the Union Pacific. Roosevelt's three most intimate friends are likewise industrialists with huge railroad holdings. The aforementioned Vincent Astor, besides extensive interests in industry and ocean transportation, is a director of the Great Northern Ry. Co., and the Illinois Central. Wm. A. Harriman, heir of the old railroad king, is a director of both the Illinois Central and the Union Pacific. Wm. K. Vanderbilt holds directorates in the New York Central, the Michigan Central, and other railroads. Besides these relatives and close friends, all who supported Roosevelt's presidential campaign with substantial financial contributions, almost every other railroad mogul in the country likewise backed him: Robert Goelet, Arthur C. James, Edward S. Harkness, C.S. McCain, David Bruce, Howard Bruce, Wm. T. Kemper, and F.H. Rawson. The railroad group behind Roosevelt numbered almost everyone but, significantly enough, the representatives of the roads controlled by the J.P. Morgan financial interests.

The railroads had indeed taken the worst beating of any capitalist group during the period of the crisis, and certainly needed help. For example, in 1932, 150 selected railroads showed a deficit of $150,634,000 compared to earnings of $896,807,000 in 1929. The railroad equipment industry led by Wm. Woodin also marshalled behind Roosevelt.

Another section of industry that rallied behind Franklin D. was the mining, particularly the precious metals – gold and silver – group. Most prominent here were the Guggenheim and Bernard M. Baruch interests, exerting a virtual monopoly on silver through control of the American Smelting & Refining Co., which either extracts or refines for others almost one-half of the world’s silver produced yearly. Included with these is also Wm. R. Hearst, newspaper publisher, large Mexican silver mine owner and shareholder in the Homestake Gold Mining Co. This group in advocating gold devaluation and greater use of silver for monetary purposes enlisted the large farmers' vote who demanded that farm product prices be raised through monetary legislation.

A political party that promised to raise farmer purchasing power (fallen in 1932 to almost one-half that of 1929) was bound to gain the support of industrial interests dependent on the farmers and so we find the McCormicks, owning the monopolistic International Harvester Co., and other farm implement and fertilizer manufacturers joining the Roosevelt band-wagon.

Minor industrial interests included the liquor concerns who wanted repeal of the Prohibition Amendment, and construction industry moguls such as C.R. Crane of Crane Co., Jesse H. Jones (R.F.C. head) and J.T. Jones of the Jones Lumber Co., etc.

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