President Trump has a portrait of Andrew Jackson on the wall of the Oval Office.
This is what The Christian Science Monitor posted today:
Trump’s aides and associates have long pushed the notion that he’s a modern-day incarnation of Andrew Jackson, the first US president who was not a Virginia planter or a Massachusetts native named Adams. This is not just because of Jackson’s association with the rise of the (largely white) working class, his temper, and his rough charisma. It’s also due to the fact that Jackson was a transformational president who wrested the nation onto a new path of partisan parties and a passionate electorate.
There is something missing here: The Bank War.
In 1832 President Andrew Jackson vetoed the rechartering of the Second Bank of the United States, a Hamiltonian central bank chartered by President James Madison in 1816.
“Unless the corrupting monster should be shraven with its ill gotten power, my veto will meet it frankly & fearlessly,” he wrote to John Coffee on February 19, 1832.
Jackson’s veto was sustained. He won re-election for a second term using an anti-bank political platform. The American people were mistrustful of a federal bank controlled by private bankers and wary of the issuance of paper money.
Opposition to the banks was an important part of Jackson’s legacy, but this is omitted from The Christian Science Monitor article.
And for good reason. It’s highly unlikely Trump will follow in Jackson’s footsteps in regard to banks.
The Trump administration is weighed down with members of the financial elite.
White House Chief Strategist Steve Bannon, Treasury Secretary nominee Steve Mnuchin, National Economic Council Chairman-appointee Gary Cohn and Securities and Exchange Commission Chairman nominee Jay Clayton all worked for Goldman Sachs. Goldman Sachs alumna Anthony Scaramucci will serve as a senior White House advisor and Dina Habib Powell will be Senior Counselor to the President for Economic Initiatives. She is the head of Goldman Sachs’ Impact Investing business.
Andrew Jackson is probably rolling over in his grave.
Trump might as well hang a portrait of Marcus Goldman on the Oval Office wall.