MB: <<< We have had about 15 panics/depressions in our history without much of a shift.
The depression of the 30's caused huge changes in the social welfare and banking systems of the country, as well as the stock market. Actually, it caused public social programs to come into being, for the most part.
There were so many card carrying communists in the U.S. at the time, that the gov had to implement some changes ro risk losing the republic. Remember, there were a great many instances of violence (Black Thursday, or was it Friday?, in S.F.), taxi cab wars, newspaper wars (fighting over which corner they might sell their papers), as well as the unionization af large groups of people...some unions were also of a distinctly socialist bias (the IWW, or Wobblies, the ILU, etc) and those union efforts were opposed by violent reactions on behalf of the employers.
The country is a vastly different place than it was prior to the 30's...which is why the rich of the time considered FDR a traitor to his class. But, IMHO, if he hadn't taken the actions he did, the rich, elite class in the U.S. might not have survived. |
