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Read it at New Economics Perspectives and weep for your country: Jumping the Abyss: Marriner S. Eccles and the New Deal, 1933-1940
Marriner Eccles was the most important Progressive this country ever produced. He was a Mormon, a banker, a Capitalist, a Conservative, and a Republican, but even he understood the Paradox of Thrift. He brought Keynes to America. He brought law and order to Wall Street. He brought organization to the government. In short, he was the most important New Dealer and there's a reason his name is on the building that Bernanke reports to every morning. FDR and Eccles built an economy that won WWII and built the foundation of an economic boom for two generations.
He was a Progressive of the highest order. A champion of values lost to the crippling madness of our modern era. We need a Marriner Eccles Party - a People's Champion Party to take on the toxic myths and frauds that dominate American politics.
Marriner S. Eccles: memo to FDR, December 1935
"This is the crowd that wants power rather than recovery- the crowd that for 12 years was in power, that tried the very policies which ended in the greatest smash in our economic history; the crowd that willed this administration a debt of 20 billions and a demoralized, prostrate country; yet they have the sublime audacity to propose that we go back to the very policies which wrecked the country. They have been proved false profits on their own record."
NIN-"Head like a Hole"