David A Fitzwilliam – Bullyboy (TR) and the Birth of Progressivism
In 1913 the 16th Amendment to the US Constitution (Income Tax) was passed and the Federal Reserve was created. Both happened with great assistance from President Theodore Roosevelt (TR). Before 1913 the US had small government (funded mostly by tariffs on foreign goods) and vigorous free market capitalism. After 1913 the US evolved into big government with more and more control of business and the economy by government elites and bigger and bigger bureaucracy. Dave talked about the economic boom from 1865 to 1915 (50 years); the Yellow Journalist (muckraking) attracts on the “Robber Barons” ( Guild, J.P.Morgan, John D Rockefeller, and Andrew Carnegie): and TR’s trust busting and attracts on the “Industrial Overlords”, the “Tyranny of mere Wealth” (who demand immunity from Governmental control) for the “common good”.