Transaction Man: The Rise of the Deal and the Decline of the American Dream QUOTES

1 " Among the leading intellectual proponents of Roosevelt’s form of liberalism were the three brilliant young founders of The New Republic, Herbert Croly, Walter Lippmann, and Walter Weyl—all slightly older friends of Adolf Berle’s. In 1909 Croly published a Progressive Era manifesto called The Promise of American Life. “The net result of the industrial expansion of the United States since the Civil War,” Croly wrote, “has been the establishment in the heart of the American economic and social system of certain glaring inequalities of condition and power … The rich men and big corporations have become too wealthy and powerful for their official standing in American life.” He asserted that the way to solve the problem was to reorient the country from the tradition of Thomas Jefferson (rural, decentralized) to the tradition of Alexander Hamilton (urban, financially adept). Weyl, in The New Democracy (1913), wrote that the country had been taken over by a “plutocracy” that had rendered the traditional forms of American democracy impotent; government had to restore the balance and “enormously increase the extent of regulation.” To "

― Nicholas Lemann , Transaction Man: The Rise of the Deal and the Decline of the American Dream

2 " Among the leading intellectual proponents of Roosevelt’s form of liberalism were the three brilliant young founders of The New Republic, Herbert Croly, Walter Lippmann, and Walter Weyl—all slightly older friends of Adolf Berle’s. In 1909 Croly published a Progressive Era manifesto called The Promise of American Life. “The net result of the industrial expansion of the United States since the Civil War,” Croly wrote, “has been the establishment in the heart of the American economic and social system of certain glaring inequalities of condition and power … The rich men and big corporations have become too wealthy and powerful for their official standing in American life.” He asserted that the way to solve the problem was to reorient the country from the tradition of Thomas Jefferson (rural, decentralized) to the tradition of Alexander Hamilton (urban, financially adept). Weyl, in The New Democracy (1913), wrote that the country had been taken over by a “plutocracy” that had rendered the traditional forms of American democracy impotent; government had to restore the balance and “enormously increase the extent of regulation.” To liberals of this kind, these were problems of nation-threatening severity, requiring radical modernization that would eliminate the trace elements of rural nineteenth-century America. Lippmann, in Drift and Mastery (1914), argued that William Jennings Bryan (“the true Don Quixote of our politics”) and his followers were fruitlessly at war with “the economic conditions which had upset the old life of the prairies, made new demands on democracy, introduced specialization and science, had destroyed village loyalties, frustrated private ambitions, and created the impersonal relationships of the modern world.” A larger, more powerful, more technical central government, staffed by a new class of trained experts, was the only plausible way to fight the dominance of big business. The leading Clash of the Titans liberals were from New York City, but even William Allen White, the celebrated (in part for being anti-Bryan) small-town Kansas editor who was a leading Progressive and one of their allies, wrote, in 1909, that “the day of the rule of the captain of industry is rapidly passing in America.” Now the country needed “captains of two opposing groups—capitalism and democracy” to reset the "

― Nicholas Lemann , Transaction Man: The Rise of the Deal and the Decline of the American Dream

3 " In May 1919 Berle, assuming the stagy veneer of cynicism of a disappointed crusader, wrote his father, “I have come to the conclusion that no statement of ideals by anybody will ever get any reaction from me again. If I can trust myself I shall be happy; if I trust anyone else I shall be a fool. "

― Nicholas Lemann , Transaction Man: The Rise of the Deal and the Decline of the American Dream

4 " Educated middle-class people such as the young Adolf Berle had been raised on the idea that American civilization was at heart one of small-town merchants and independent farmers. Now, "

― Nicholas Lemann , Transaction Man: The Rise of the Deal and the Decline of the American Dream