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From 1889 to 2014, Political Parallels Abound
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Seib draws parallels between the situation in 1889 with the large immigration, growing inequality, impact of science and technology, and progressive parts of the two main political parties. Teddy Roosevelt and Woodrow Wilson pulled together progressives in the Republican and Democratic parties in the next two decades, and FDR-Truman continued progressive policies in the nineteen thirties and forties to tackle the Depression and promote economic recovery. Financial crises are not mentioned by Seib. The recurring financial crises since that period led to the creation of the central bank, the U.S. Federal Reserve and financial regulations for banks. The financial crises with asset bubbles in 2000 for tech and bubble in real estate in 2009, resulted from the lifting of financial regulation and lack of close supervision of financial markets.
The U.S. in 1889 and in 2014- influence of large immigration, growing inequality, impact of science and technology and progressive wing in both main political parties
07/08/2014
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From 1889 to 2014, Political Parallels Abound
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