Taming the Street: The Old Guard, the New Deal, and FDR's Fight to Regulate American Capitalism

"Taming the Street tells the epic story of the FDR's battle to regulate Wall Street for the very first time in the wake of the Crash of 1929 that ushered in the Great Depression. Deeply reported and vividly told, it provides a trip back to a time when the power of concentrated wealth in America arguably exceeded that of the federal government. Roosevelt's campaign to curb the excesses of the market, end reckless speculation, and mitigate the disastrous boom-and-bust cycle is one of the great untold dramas in American history, and as it unfolded, its outcome was far from clear. Henriques has written this book for two main reasons: First, because it's a vital history that needs to be preserved and properly told; and as importantly, because the battle linesthat were drawn in that time are the very same battle lines that define our politics today. Taming the Street is a book rooted in the drama of the 1930s, but as inequality in America has again reached Jazz Age levels, one of Henriques' many ambitions forthe book is to bring to life a time when the system worked in the public interest. An idealistic time when we knew what had to be done, and summoned the will to do it, against the power of an American oligarchy"--
An award-winning journalist recounts the dramatic story of FDR’s battle to regulate Wall Street in the wake of the 1929 Crash and the ensuing Great Depression, bringing to life a time when the system worked as ordinary Americans knew what had to be done and summoned the will and leadership to do it.
The epic story of FDR’s fight for the soul of American capitalism—from award-winning journalist Diana B. Henriques, author of The Wizard of Lies: Bernie Madoff and the Death of Trust“I thought I was well versed in the New Deal, but it turns out I knew next to nothing. Diana Henriques’s chronicle is meticulous, illuminating, and riveting.”—Kurt Andersen, New York Times bestselling author of Evil Geniuses and FantasylandTaming the Street describes how President Franklin D. Roosevelt battled to regulate Wall Street in the wake of the 1929 stock market crash and the ensuing Great Depression. With deep reporting and vivid storytelling, Diana B. Henriques takes readers back to a time when America’s financial landscape was a jungle ruled by the titans of vast wealth, largely unrestrained by government. Roosevelt ran for office in 1932 vowing to curb that ruthless capitalism and make the world of finance safer for ordinary savers and investors. His deeply personal campaign to tame the Street is one of the great untold dramas in American history. Success in this political struggle was far from certain for FDR and his New Deal allies, who included the political dynasty builder Joseph P. Kennedy and the future Supreme Court justice William O. Douglas. Wall Street’s old guard, led by New York Stock Exchange president Richard Whitney, fought every new rule to the “last legal ditch.” That clash—between two sharply different visions of financial power and federal responsibility—has shaped how “other people’s money” is managed in the United States to this day. As inequality once again reaches Jazz Age levels, Henriques brings to life a time when the system worked—an idealistic moment when ordinary Americans knew what had to be done and supported leaders who could do it. A vital history and a riveting true-life thriller, Taming the Street raises an urgent and troubling question: What does capitalism owe to the common good?