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Election of 1912
- There was 4 candidates for this party. TR ran because he heard that Robert LaFollette was going to run.
- Rep: Taft
- Dem: Woodrow Wilson
- Progressives"BullMooseParty": TR
- Socialist: Eugene V. Debs.
- The democrats love that TR has split the republican party in half, they now have a real shot at winning the presidency.
- Every nominee was a progressive.
- TR and Wilson are saying the same thing. The only difference was their attitude towards big business. TR said regulate, Wilson said abolish trusts. Women voting was another diff. TR for it, Wilson opposed. Wilson changes his mind later.
- TR is shot and still gives a speech for 45 minutes then is sent to the hospital where they determine that the bullet is better left in his chest.
- Wilson wins, TR second, Taft a distand third.
- He got only 42% of the popular vote.
- Resegragates Washington D.C.
- Has an inability to compromise.
Congressman from Bham. Was a contender in the presidency. Then he swung his support over to Wilson.
Col. Edward House, he was Wilson's alter ego. Eventually they had a fight and is gone.
1913, The first tariff reduction significantly since the civil war. This enacts a graduated income tax. The GIT is a fraud.
Allows the federal government to tax people's income. The highest rate was 6%. "The American Economy is no a zero-sum game."
Federal Reserve Act
Created the Federal Reserve System. Divides the country into 12 Federal Reserve districts; there is a federal reserve bank in each district. Governed by a Board which determines interst rates. This allows for elasticity of our money.
Federal Trade Commission
1914, regulates all forms of big business except common carriers and banks. They can penalize businesses for doing things they don't want them to do.
Clayton Anti-Trust Act 1914
This was a strengthening of the Sherman Act. Named for an Alabama Congressman. Samuel Gompers (Head of the AFL), said this was Lobor's Magna Carta.