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Henry Wallace Statement About American Fascists

Their final objective toward which all their deceit is directed is to capture political power so that, using the power of the state and the power of the market simultaneously, they may keep the common man in eternal subjection. – Henry Agard Wallace

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What America Can Have | Henry A. Wallace February 7, 1944

Henry A. Wallace

crossposted from newdeal.feri.org

Delivered at San Francisco on Monday, February 7 1944
From Henry A. Wallace, Democracy Reborn (New York, 1944), edited by Russell Lord, p. 24.

At Los Angeles I sketched briefly what America wants. Here at San Francisco I propose to describe what we can get if we really want it badly enough to plan and work for it.
Let me first do what I can to kill the myth that the gigantic war debt will stand in our way. We can pay the interest an this debt and have a standard of living at least fifty percent higher than in the decade of the thirties. With seasonably full employment we can have a national yearly income of more than 130 billion dollars. We can produce 170 billion dollars of goods and services annually. This is no dream, for in 1943 we produced mare than 190 billion dollars of goods and services. With such an income we can carry the interest on our war debt and still have a whole lot more left over than we had at the top of the boom in 1929. The interest charge on all debts, private and government, in 1944 will represent only seven percent of our national income or no more than in the decade of the twenties. continue reading

Glass-Steagall Act of 1933

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The Glass-Steagall Act, also known as the Banking Act of 1933 (48 Stat. 162), created the regulatory framework for banking following the depression-era collapse of much of the banking system. It established the Federal Deposit Insurance Corporation (FDIC) and included other banking reforms, and placed legal restrictions on combined banking and financial service firms.
The 1999 Gramm-Leach-Bliley Act repealed much of the Glass-Steagall Act and is credited with being a contributor to the 2008 financial collapse.[1] continue reading

The Dangers Of American Fascism | Henry Agard Wallace

crossposted from newdeal.feri.org

Henry A. Wallace

An article in the New York Times, April 9, 1944.
From Henry A. Wallace, Democracy Reborn (New York, 1944), edited by Russell Lord, p. 259.

On returning from my trip to the West in February, I received a request from The New York Times to write a piece answering the following questions:
What is a fascist?
How many fascists have we?
How dangerous are they?
A fascist is one whose lust for money or power is combined with such an intensity of intolerance toward those of other races, parties, classes, religions, cultures, regions or nations as to make him ruthless in his use of deceit or violence to attain his ends. The supreme god of a fascist, to which his ends are directed, may be money or power; may be a race or a class; may be a military, clique or an economic group; or may be a culture, religion, or a political party.

What America Wants | Henry Agard Wallace 1944

Cross posted from newdeal.feri.org

Henry A. Wallace

Delivered at Los Angeles on Friday, February 4, 1944
From Henry A. Wallace, Democracy Reborn (New York, 1944), edited by Russell Lord, p. 17.

On this trip to the West Coast, I propose to talk about America Tomorrow. Today I shall speak about what America wants. Later on at San Francisco and Seattle I shall discuss what America can have and how America can get it. We want many different things and some of these are in conflict with others. But let me point out right at the start that the sum total of what we Americans can have is immense. Only a few years ago, when the President said we wanted fifty thousand warplanes a year, some people thought he was being visionary. Today we know that the production of a hundred thousand warplanes a year is a hard reality. So I tell you we can have twice as much far civilian living after the war as we ever had before the war, and you know that is no dream: There are limits, but they are much higher than most people even yet realize.
continue reading