Making sense of this crazy world

In this episode I’m going to make the worrying link between the Wall Street Crash of 1929 and the Financial Crisis or Subprime Crisis of 2008, between the Great Depression of the early 1930s and the Great Recession of 2009.

There were those who criticised Roosevelt for not doing more, but it is the criticisms from the capitalists who complained he was doing too much, interfering in the economy too much, that I want to focus on. We’ve touched on it from time to time in the last two episodes, but I want to shine a spotlight on it because their determination to undo what he had achieved would, eventually, lead to the financial crash of 2008.

Roosevelt's Second New Deal was different in character. Its emphasis was on reform: reforming the capitalist system that had failed Americans; indeed, had failed itself. And providing for a fairer society with protection for workers and better pay and work conditions, and welfare support for the wider population. 

Roosevelt's package of new laws and initiatives that together constituted his New Deal for America, offered three things: Relief, Recovery and Reform. It set out to save Americans from the Great Depression and to save capitalism from itself.

I think it’s important to focus on 1932 in the Great Depression because it shows the depth of the impact the depression had on people’s lives, it shows how choices are important in history as they are in life, and it shows how democracy can work to stabilise a state that’s in deep trouble.

I’m going to begin this week with a song. But don’t worry – I’m not going to sing it! The song depicts how men who had contributed to America’s economic well-being and who had fought for their country were now left begging for small change. Because this week, we’re looking at the impact of the Wall Street Crash and the Great Depression that followed in its wake.

A tragic tale of how badly things can go wrong when capitalism is unregulated.

If radicals and newer immigrants faced American intolerance, so too did a group of people who had been in America much longer, had not asked to be there but who, as a consequence, had already suffered in ways no human being should have had to endure: African Americans.

Last week we were looking at divisions in American society, well America was not only divided, it was a remarkably prejudiced, intolerant society. Examples are many but I will focus this week on immigrants and the ‘Red Scare’, and particularly on the trial of two Italian-born immigrants: Nicola Sacco and Bartolomeo Vanzetti.

We can see divisions in American society on a number of fronts: politically, racially, between the poor and the rich, but America was no more split than it was between the city and the countryside. Rural America was ill at ease with the apparent self-indulgence, materialism and the looser morals that they saw in city life. They were concerned that Christian values seemed to be breaking down, and with them, the traditional country values of clean living, hard work and thrift. I’m going to look at two cases that highlighted that split. Hopefully, this episode will give you an insight to the way America is split today.