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Hardcover: 507 pages
Publisher: Alfred A. Knopf; 1st edition (January 1, 1951)
This book is written to challenge accepted norms of the time. Eccles points out that 'the siphoning effect' of a few may benefit them but ultimately harms the economy for all. It is a great read and is relevant in our economy today as the ideas he inspired have been attacked for decades by supply side economists who can't explain or understand the deficits and debt they have created while allowing 'siphoning of capital' and wealth redistribution to move upward. If you want to understand the underlying causes of inequality and economic malaise of today, read this book.
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I went in search of the man who created the American Dream. That man was Marriner Eccles. He was able to sell his ideas to FDR and the greatness of our country was born. President Truman fired him. America ran on what is currently the German style model until outsourcing began. This is one of the most valuable books I have read and owned in my life. That is why it is so expensive. I bought a copy 1 year ago. His vision after the stock market crash in 1929 was that every American should be rich, it would just be a matter of degree. Your gardener, maid, etc. would be rich. They would still work at their same job but they would be paid a great deal of money. They would be able to send their children to college. This would create an economy of scale for great new inventions (dishwasher, home air conditioning, washer and dryer, etc. and every American would be able to own one. It was an extension of Henry Ford's realization that he could easily create an automobile for every American, they just needed to be able to afford them so he raised their pay. The needs and wants of the many create the marketplace for the genius ideas of the few. And America became the richest, most inventive nation of earth. We have lost he vision but we can get it back.
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Mariner Eccles wrote a book in which he seeks to self justify the New Deal agenda he provided to a desperate FDR. FDR was seeking a way out of his campaign pledge of a balanced budget and was casting about. Luckily for his being able to back out, there was Mariner Eccles stoking his own ego on the lecture circuit. Mariner takes too much credit for rescuing a few western banks but nonetheless uses that as his entry into the ego big-league he was experiencing on the lecture circuit then to the Oval Office where he plays into the hands of a needy FDR. Credit should be given to what propelled Mariner into his ill-gotten prestige. Contrary to the case he makes, it was actually the very conservative, largely Mormon depositors and investors who provided the stability for his accomplishments. Rather than giving demographics any credit, Mariner seeks to take it all for himself yet spares few words denigrating the religious and philosophical belief system of those who provided his platform through their sacrifice and self discipline. This book and the usurper who provided the means to lead this nation into bankruptcy needs to be studied for the lies it tells.