That was Theodore Roosevelt's description of the plutocrats of his era - bankers and railroad barons chiefly - and it suits the bankers and oil barons of our era just as aptly. What a bizarre moment it was, last night, watching the second presidential debate between John McCain and Barack Obama, to hear McCain declare that Theodore Roosevelt was his "hero"! Of course, only a few minutes earlier, he'd proclaimed Ronald reagan as his "hero," but he had a lot of bases to touch. One has to wonder if McCain knows anything about TR apart from the quote about carrying a big stick. One of the uses of that big stick was to flog those malefactors of great wealth, Senator McCain. Roosevelt was a regulator. There's no doubt which side he would have taken in the recent debate; he would firmly have urged Congress to enact a package of regulations that would make Obama's plans seem quite moderate.
To confirm my impressions of Thoedore Roosevelt as the direct progenitor of much of the New Deal and of Democratic platforms from Wilson's to Obama's, I turned directly to his Autobiography, published in 1913, after he left the White House and around the time when he abandoned the Republican Party to join the Progressives. Chapter XII - The Big Stick and the Square Deal - or chapter XIII - 'Social and Industrial Justice' - are both good places to start examining Roosevelt's thoughts about America's subjection to plutocracy, about the necessity of a strong labor movement, and about financial regulation in general. Here are some of his words:
"By the time I became President I had grown to feel...that government agencies must find their justification in the way in which they are used for the practical benefit of living and working conditions among the mass of the people.... For this reason I felt that all that the government could do in the interest of labor should be done."
"We passed a good law protecting the lives and health of miners... We provided for safeguarding factory employees... We passed a workman's compensation law...which did not go as far as I wished, but which was the best i could get, and which committed the Government to the right policy. We provided for an investigation of woman and child labor in the United States. Where we had the most difficulty was with the railway companies engaged in inter-State business."
"It is unjust that a law which has been declared public policy by the representatives of the people should be submitted to the possibility of nullification because the Government leaves the enforcement of it to the private initiative... It should be the business of Government to enforce laws of this kind [regulations! Think ahead to the second Roosevelt's issues with the Supreme Court!] Ever since the Civil War very many decisions of the courts...as regards the application of great governmental policies for social and industrial justice, had been nothing more than ingenious justifications of the theory that these policies were mere high-sounding abstractions... The tendency of the courts had been, in the majority of cases, jealously to exert their great power in protecting thsoe who least needed protection and hardly to use their power at all in the interest of those who most needed protection."
"It was an instance of the largely unconscious way in which the courts had been twisted into the exaltation of property rights over human rights, and the subordination of the welfare of the laborer when compared with the profit of the man for whom he labored."
If you have access to this book, I'd also suggest reading Appendix B, Roosevelt's essay "The Control of Corporations and 'The New Freedom'." For John McCain to identify Teddy Roosevelt as his "hero" demonstrates either utter ignorance of Roosevelt's thought or else utter political opportunism and sloganeering.
Roosevelt's Autobiography is spacious, a five-hundred page volume in the somewhat pontifical literary style of his era, but many readers have found it enjoyable and enlightening, myself included. Except for his benighted attitudes concerning race, reflecting the near-universal 'social Darwinist' racism of his era, Roosevelt was economically and environmentally a good deal closer to the positions of Barack Obama than to John McCain. If Roosevelt is to be someone's hero, I claim him for myself.
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