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.
The American public that elected Franklin Roosevelt president was ready for strong measures. On Inauguration Day 1933, a quarter of the work force was unemployed. According to a contemporary report in the New York Times, “Nobody is much disturbed by the idea of dictatorship.”
“Hyde Park on Hudson,” starring Bill Murray as Franklin Roosevelt, chronicles a visit the king and queen of England (Samuel West and Olivia Colman) made to FDR’s Hudson Valley, New York estate in 1939 to enlist support in the coming war with Germany.
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.
President Barack Obama’s proposal to wean the Tennessee Valley Authority from the U.S. government faces the same obstacles that have frustrated privatization advocates since President Dwight Eisenhower termed the state- controlled power company “creeping socialism” in the 1950s.
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.”