Guy G. Rutherfurd, former managing partner of one of New York City’s oldest law firms whose lineage included a colonial governor of New York, a U.S. vice president and the mistress of President Franklin Delano Roosevelt, has died. He was 96.
Ben S. Bernanke argued for 15 years that the Federal Reserve should announce a numerical inflation target. When he finally got his way in January, the victory allowed the central bank to elevate its other mandate: full employment.
On March 4, 1933, Franklin D. Roosevelt became president for the first time, promising an “adequate but sound” currency. The next day, a Sunday, he closed the nation’s banks. “We are now off the gold standard,” he privately declared to a group of advisers. Goldbugs in the president’s circle immediately began prophesying doom. One of his aides, Lewis Douglas, proclaimed “the end of Western civilization.”
Amanda Thomas wanted to share with Mitt Romney her long list of worries: a health-care law that will hurt her husband’s business, the debt that will burden her 2-year-old daughter’s generation, and the financial anxieties of her parents in their golden years.