Monday, March 16, 2009

Dionne on Leuchtenburg

E.J. Dionne writes for The American Prospect about how he came to be a liberal. He cites the book Franklin D. Roosevelt and The New Deal: 1932-1940 by Leuchtenburg as influential in his thinking. In the piece, he notes similarities between the Depression and the current economic situation, and quotes Leuchtenburg:
You wonder if our Congress will launch a probe along the lines of the 1930s Senate investigation of Wall Street led by Ferdinand Pecora. "Pecora revealed that the most respected men on Wall Street had rigged pools, had profited by pegging bond prices artificially high, and had lined their pockets with fantastic bonuses," Leuchtenburg writes. "The bankers seemed bereft of a sense of obligation even to their own institutions."

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