As Joe Biden looks ahead to the presidency, he should look back as well.
When he first entered the White House, as’s vice president, Democrats faced a crisis nearly as large as the combined health and economic panics confronting them now. But back then, Obama’s team had little interest in holding accountable the individuals and institutions that created those problems. Whether it was Wall Street bankers or CIA torturers, Obamahe wanted to “turn the page” and “look forward as opposed to looking backwards.
Taking power three years into the Great Depression, the Roosevelt administration famously wrought fundamental changes to American political, economic, and social life. Yet that only happened because Roosevelt and others first convinced the country that fundamental changes were desperately needed. As historianhas recently reminded us, FDR spent the 1932 campaign making the case for a drastic new direction. But Roosevelt wasn’t alone.
Pecora was hired to wind down the committee’s work, but after reviewing their records, he decided the work wasn’t finished. He urged the senators to extend their investigation. He soon got results. Public interest in the infamous “House of Morgan” was so pronounced, the committee had to relocate to the large caucus room in the Senate Office Building. Pecora appropriately put on a show, revealing that neither Morgan nor any of his 19 partners had paid a single cent in federal income taxes in either 1931 or 1932. Pecora also proved that Morgan kept a secret “preferred list” of elite clients who had been allowed to purchase stocks at special below-market prices.
The committee’s leaders were livid. Fletcher warned photographers they’d be banned from future sessions if they ran their photos. Notably, that afternoon, they were all gone.
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