Tag: Teddy Roosevelt

Bigfoot Us No More.


“[O]ur government, national and State, must be freed from the sinister influence or control of special interests. Exactly as the special interests of cotton and slavery threatened our political integrity before the Civil War, so now the great special business interests too often control and corrupt the men and methods of government for their own profit. We must drive the special interests out of politics. That is one of our tasks to-day…There can be no effective control of corporations while their political activity remains. To put an end to it will be neither a short nor an easy task, but it can be done.“

Megg at Quiddity uncovers a keen historical reproduction of the time Theodore Roosevelt fought Bigfoot. (Actually, kids, this is really just a metaphorical representation of TR’s 1910 Oswatomie speech quoted above — unlike the time Abe and Iorek Byrnison brought forth the Emancipation Proclamation. That actually happened.)

Obama’s Progressive Solution.

“Officials said the proposal would seek a broad new role for the Federal Reserve to oversee large companies, including major hedge funds, whose problems could pose risks to the entire financial system.” With the AIG bonuses setting the table, the Obama administration prepares to unveil an overhaul of the nation’s financial regulatory apparatus. “It will propose that many kinds of derivatives and other exotic financial instruments that contributed to the crisis be traded on exchanges or through clearinghouses so they are more transparent and can be more tightly regulated. And to protect consumers, it will call for federal standards for mortgage lenders beyond what the Federal Reserve adopted last year, as well as more aggressive enforcement of the mortgage rules.”

Whatever malarkey you hear from the GOP about “creeping socialism” over the next few weeks, keep in mind that no less a Republican than Teddy Roosevelt deemed this sort of solution — accountability, transparency, tighter oversight of the financial sector by the federal government — the “New Nationalism” a century ago. In this arena, at least so far, President Obama seems to be living up to his Progressive promise.

Update: “‘Our system failed in basic fundamental ways,’ Geithner told the committee. ‘Compensation practices rewarded short-term profits over long-term returns. Pervasive failures in consumer protection left many Americans with obligations they did not understand and could not sustain. The huge apparent returns to financial activity attracted fraud on a dramatic scale..,To address this will require comprehensive reform. Not modest repairs at the margin, but new rules of the game. And the new rules must be simpler and more effectively enforced.‘” Secretary of the Treasury Tim Geithner unveils the new regulatory package. [Highlights.] “He said financial products and institutions should be regulated according to their economic function and the risks they pose, not their legal form. ‘We can’t allow institutions to cherry-pick among competing regulators and shift risk to where it faces the lowest standards and weakest constraints,’ he told the committee.”

McCain the (Bull) Moose-Hunter?

“When T.R. spoke of ‘swollen fortunes’ and ‘malefactors of great wealth,’ socialism was a genuine force in American politics, perceived by many to pose a serious threat to the social order. When T.R. first called for a ‘graduated income tax’ in his 1907 State of the Union, he was proposing a measure that the Supreme Court had ruled unconstitutional. Indeed, the federal income tax struck down by the Court wasn’t even ‘graduated,’ or progressive; it was a flat-rate tax.” One from a few days ago that Ted at The Late Adopter just reminded me of: As Slate‘s Tim Noah aptly points out, John McCain can either continue to decry Obama’s purported “socialist” tendencies, or he can continue to claim Teddy Roosevelt is his hero, but he cannot plausibly continue to do both.

At the very least, it would seem McCain, what with his coterie of lobbyist attendants, has either never read — or is flagrantly ignoring — TR’s “New Nationalism” speech: “There can be no effective control of corporations while their political activity remains. To put an end to it will be neither a short nor an easy task, but it can be done” (See also one of my favorites: “The prime problem of our nation is to get the right type of good citizenship, and, to get it, we must have progress, and our public men must be genuinely progressive.)”

The Atlantic Sesquicentennial.

“In The Atlantic’s very first issue, in 1857, the magazine’s founders — an illustrious group that included Ralph Waldo Emerson, Oliver Wendell Holmes, Henry Wadsworth Longfellow, and James Russell Lowell — declared that they would dedicate their new publication to monitoring the development, and advancing the cause, of what they called ‘the American idea.’ And for the last century and a half, the magazine has been preoccupied with the fundamental subjects of the American experience: war and peace, science and religion, the conundrum of race, the role of women, the plight of the cities, the struggle to preserve the environment, the strengths and failings of our politics, and especially, America’s proper place in the world.” To commemorate the magazine’s 150th anniversary, The Atlantic Monthly publishes The American Idea, an anthology of articles which includes republished writings by TR, W.E.B. DuBois, Albert Einstein, John Muir, Helen Keller, and Vannevar Bush. (Alas, only ten of the included articles are online.)

Swearingen to Progressivism in Two.

“Seth Bullock

Deadwood, S.D.
August 25, 1920 [Almost a year after Bullock’s death]

Dear Sir:

After careful consideration I have come to the conclusion that it is my duty as a believer in the progressive principles it was my privilege to fight for under the leadership of Theodore Roosevelt, as well as my duty as a citizen, to support the democratic national ticket in this campaign. I have prepared a statement giving some of my reasons for reaching this decision, a copy of which statement I enclose. If you are sufficiently interested to read this and write me, how you, personally, react in the present situation I will be obliged to you.

Sincerely yours,
Harold Ickes“

Ah, the archives are great fun.

Leo Rex.

Looks like Spielberg and Neeson’s Lincoln may have started a welcome trend. Trading in the aviator glasses for pince-nez, Leonardo di Caprio will apparently star as TR in Martin Scorsese’s The Rise of Theodore Roosevelt, based on the Edmund Morris biography. Hmm…I can see that, provided the film doesn’t carry too far into the presidential years. Bully for him.