History has its favorite themes. We know this because it replays them with such regularity.
Here is a nice audio/video mashup of FDR speaking during his 1936 re-election campaign.
The key passage is…
““We had to struggle with the old enemies of peace — business and financial monopoly, speculation, reckless banking, class antagonism, sectionalism, war profiteering. … Never before in all our history have these forces been so united against one candidate as they stand today. They are unanimous in their hate for me. And I welcome their hatred!”
Whenever the financial economy (which is based, ultimately, on paper) is able to dominate the real economy (which is based on goods and services) bad things happen. The Great Depression led to the regulation of the financial services industry because private financial interests were shown to be incapable of protecting the public good.
Over the past decade, a new generation of financial wunderkinds and wizards were allowed to run loose on Wall Street. Their wild and unsupervised risk-taking and speculation form the root cause of the distressed real economy that we are faced with today.
Not for the first time, the innocent many are suffering for the sins of the guilty few.