FDR warned about “Economic Royalists” — What was he Talking About?

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Economic Royalists:

President Franklin D. Roosevelt, in his speech accepting the Democratic nomination for a second term, delivered at Philadelphia on 27 June 1936, said, “The economic royalists complain that we seek to overthrow the institutions of America. What they really complain of is that we seek to take away their power. Our allegiance to American institutions requires the overthrow of this kind of power.”

(emphasis added)


Huh, Royalists? we have no “Royalty” in America, unless you count Celebrities and Sports Stars. What is FDR talking about? Who are the Kings and Queens of our Economy?

Franklin D. Roosevelt Speeches

Democratic National Convention (June 27, 1936)

link to Audio

For out of this modern civilization economic royalists carved new dynasties. New kingdoms were built upon concentration of control over material things. Through new uses of corporations, banks and securities, new machinery of industry and agriculture, of labor and capital–all undreamed of by the fathers–the whole structure of modern life was impressed into this royal service.

There was no place among this royalty for our many thousands of small business men and merchants who sought to make a worthy use of the American system of initiative and profit. They were no more free than the worker or the farmer. Even honest and progressive-minded men of wealth, aware of their obligation to their generation, could never know just where they fitted into this dynastic scheme of things.

It was natural and perhaps human that the privileged princes of these new economic dynasties, thirsting for power, reached out for control over Government itself. They created a new despotism and wrapped it in the robes of legal sanction.


For too many of us the political equality we once had won was meaningless in the face of economic inequality. A small group had concentrated into their own hands an almost complete control over other people’s property, other people’s money, other people’s labor–other people’s lives. For too many of us life was no longer free; liberty no longer real; men could no longer follow the pursuit of happiness.

Against economic tyranny such as this, the American citizen could appeal only to the organized power of Government. The collapse of 1929 showed up the despotism for what it was. The election of 1932 was the people’s mandate to end it. Under that mandate it is being ended.


Today we stand committed to the proposition that freedom is no half-and-half affair. If the average citizen is guaranteed equal opportunity in the polling place, he must have equal opportunity in the market place.

These economic royalists complain that we seek to overthrow the institutions of America. What they really complain of is that we seek to take away their power. Our allegiance to American institutions requires the overthrow of this kind of power. In vain they seek to hide behind the Flag and the Constitution. In their blindness they forget what the Flag and the Constitution stand for. Now, as always, they stand for democracy, not tyranny; for freedom, not subjection; and against a dictatorship by mob rule and the over-privileged alike.

(emphasis added)


So what do Economic Royalists look like? Do they where capes and masks? Or is it, the suit of Respectability and Credibility that they are more likely to don.

“Shocked” (with Rick Scott)


Who is Rick Scott?

By Jessica Kutch – May 4, 2009

Recently, Mr. Scott bought ads for his group “Conservatives for Patients’ Rights” on CNN and FOX News networks. The ads were created by the same firm behind the now discredited “Swift Boat Veterans for Truth” ads from the 2004 presidential campaign.

Rick Scott’s anti-health care reform ad is chock-full of misinformation. SEIU has requested that the ads be pulled

(emphasis added)


So Here we go again! Those Economist Royalist are spending Big Bucks to get their way. Whether or Not, the Truth is the Victim, in their Charades of mis-direction. Why should the Health Insurance Industry bother to let Facts get in the way, when they can hire smooth talking spokemen, to muddy the waters?

U.S. health care lies about Canada

Greed, U.S. Politics, dysfunction

May 12, 2009, 8:40 AM by Diane Francis

Just who is this jerk, Rick Scott of propaganda-mongering Conservatives for Patients’ Rights? He and his group are fabricating negatives about Canada’s health care system and I resent this. I am an American who has lived in Canada for more than 35 years. I can vouch that the system is more than adequate and is not run by civil servants but by doctors who are able to treat everyone, rich or poor.


4.    Canada’s health care system enhances economic productivity. Workers diagnosed with illnesses can still change employers and be employable because they are not rejected by employers with health benefits due to pre-conditions.


6.    Outcomes with major illnesses, such as cancer and heart disease, are better than in the United States.


10.    No one in Canada goes broke because of medical bills whereas ARP estimates half of personal bankruptcies are due to unpaid, high medical bills.

(emphasis added)


Economic Royalists care about one thing, keeping their Power, and keeping their Profits (oops, that’s 2 things).

So much so, that the Royalists in the Health Denial business, have sparked a war of sorts, with the Doctors and Nurses just trying to care for their Patients:

Denial Management Industry Grows Amid Debate Between Health Insurers, Physicians Over Claims

16 Feb 2007 – Health Insurance / Medical Insurance News

[T]ension” between insurers and physicians over claims payments “has spawned a booming industry of intermediaries” known as denial management, the Wall Street Journal reports. Some doctors, clinics and hospitals are investing in software systems that help navigate insurers’ payment systems and prevent denials

[…] medical group Paluxy Valley Physicians, which four years ago was trying to recover more than $500,000 in denied or unpaid claims from insurers […] Shari Reynolds, the administrator at Paluxy Valley, said, “The insurers outcode us, they outsmart us and they have more manpower. Now, at least we have a fighting chance.”

(emphasis added)


The high stakes of the “Business of No”

from Physicians for a National Health Program (PNHP)

When Profits matter more than People — perhaps the Royalists (aka Elites) have too much Power and too much control. (Monopolies and Oligopolies, tend to do that.)

When our lives are frittered away in an insane system of endless Payments, that steals our Freedom, and steals our Health, and in some ways our Economic Security — well those “excising” those endless Payments, could indeed have TOO MUCH Power.

So what does an Economic Royalist look like? Do they wear capes and masks? Or is it, the Cloak of Impartiality, when conducting the People’s business. Sadly it seems that all Voices, are indeed NOT welcome in some chambers — be they the Voices of Doctors or Nurses, or not — No Seat for you!

Protesters Disrupt Senate Hearing on Health Care


Sooner or later the People must Demand the Representation, that is pledged through our Votes. Those Seats should NOT be for sale to the highest Bidder! (aka Lobbyists, those “Well-paid Grunts of Royalty”.)

Sooner or later a truly Progressive-People’s party must stand up and be heard.

The People are literally dying for such Representation. The real Power, resides there, as FDR well knew.

[ Note: this was originally posted on dKos, 5-12-2009,

FDR warned about Economic Royalists — Guess What, They’re Back! ]


Skip to comment form

    • jamess on May 23, 2009 at 19:03

    willing to pick up FDR’s mantras

    and run with them.

  1. Great essay.  Thank you, jamess.  

  2. If Robert Rubin and Larry Summers conslolidate more of their power we might find out.

  3. you need look no farther than our Congress.

    I don’t believe lifetime politicians, career politicians is what our founding fathers had in mind for public servants.

    Term Limits Now. And NO!, I dont buy the mantra of “thats what elections are for.” Clearly that doesn’t work, or we wouldn’t have the likes of Tom Delay, Ted Stevens, Robert Byrd, Arlen Specter, John Kerry, Ted Kennedy …..etc. etc. etc.

    jamess – great job. But….

    Let me put that speech in another light if you will. FDR was from money. Lots of money. Also he made that speech in 1936 … on the campaign trail. Whipping up the voting public into a populist frenzy to garner votes. Politicians never change.  

  4. on many of the problems.

    I would definetly endorse public financing. And their are a few good politicians out there now. Boxer being one of them, Feinstein needs to go.

    However … to think that experience trumps all when it comes to representing constituents is wrong. This is suppose to be a representative government and quite frankly I’m not seeing a lot of representation. Im seeing a lot of self interested career politicos caused by those that have learned how to game the system because they have been there so long.

    We are drifting away from any real demcracy by the idea of these super majorities. Either Dem or Rethug … that is no choice at all. If this were to be a true democracy we would have a ten different party system. To think that Harry Reid needs a super majority in the Senate to get anything done is just plain absurd. I want there to be a debate of ideas, it should not be that easy fo them to ram shit thru because they have a super majority.

    I dont see anything resembling the level of integrity and education of our founding fathers. We are not attracting the best of the best anymore but rather the best that money can buy. Look at the US Senate…. millionaires. Is it any wonder Norm Coleman is kicking and scratching like he is … its the lure of money and power.

    How about this idea. Term Limits, with public financing of elections, lobbyist restriction?

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