President Scapegoat Can’t Stop Picking on Big Oil
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April 5 (Bloomberg) -- Barack Obama isn’t the first U.S.president to conjure up scapegoats to serve his political ends.The Roosevelts, both Teddy and Franklin, were masters at thegame. TR decided the trusts were an enemy of the people andbusted the likes of Standard Oil and Northern Securities, whichcontrolled the railroads in the northwest. FDR demonized justabout anyone who had money.
Harry Truman seized the steel companies to avert anationwide strike, noting that “the steel industry has neverbeen so profitable as it is today.” When U.S. Steel and otherlarge steel producers raised prices, John F. Kennedy chided themfor pursuing “private power and profit” at the expense of 185million Americans.