Chapter 478: Quarrel in the White House
Three large companies began to shirk responsibility one after another, especially Sheffield's words "maybe this is life", which was the finishing touch. It defined the outbreak of this crisis as the federal government's gross interference in the economy. As for their own responsibility, there was none, not even a little bit.
For the first time, Roosevelt saw the true faces of the three major corporate bosses. Usually these people were well-dressed, hid themselves deeply in front of the public, and rarely expressed any opinions. Even when they had to speak, they maintained a humble attitude. Who could have imagined that they were now in the White House, with their shameless faces.
"This is not the image of an entrepreneur that is widely loved by the public." Roosevelt reminded, suppressing his anger.
"Stop pretending and show your cards. What image do we have? We are nothing more than monopoly capitalists who are extremely evil and use opaque rules to engage in unfair competition. Is there any other image?" Sheffield asked in a mocking tone, "Isn't this image created by the constant slander of the White House and the federal government in the past three years? Oh, if things go well, we are the widely loved entrepreneurs in the country. If things go well, we are the source of national unrest and monopoly capitalists who should be eradicated."
"William is right. Don't fool us with some false things. We are not voters who listen to your nonsense. For us businessmen, no beautiful words are as useful as direct benefits." Morgan Jr. blew a whistle frivolously and said a set of data. He stated the facts and reminded Roosevelt, "Half of the 22,000 banks in the country have closed down. I am willing to introduce some financial knowledge to Mr. President."
“Business cycles are associated with cycles of credit expansion and contraction, which significantly amplify market changes and economic growth fluctuations. The boom phase of the credit cycle weakens the shock absorber, which can cushion the sudden decline in the financial system. During the evolution of the economic boom, some banks unwisely expand their loan scale in order to obtain more profits, and the credit rating of customers is getting lower and lower. Then, when some external shock occurs, bank directors clearly realize that their capital adequacy ratio is obviously insufficient relative to the level of credit risk they bear. Therefore, banks reduce or stop lending to customers, which triggers a liquidity crisis, leading to a stock market crash and savers’ panic.”
"In the past two years, major companies have been hit the hardest. There is no doubt that the root cause is the White House." Rockefeller Jr. continued directly following what Morgan Jr. said, "The Department of Justice and the Antitrust Act are used to deal with us evil tycoons. The White House has become the biggest enemy of business. With the White House's guidance, state governments followed closely, first the railways, then insurance, oil, and tobacco. Our president is like an opera singer. Within three days, he must condemn a large company, either this industry or that industry."
Rockefeller Jr. probably never dreamed that he and Morgan Jr. would complement each other well without prior communication. Finally, it was Sheffield's turn. The slave owner saw Alice Roosevelt hiding behind the corridor and spoke a little unnaturally. "This is not a problem of the banking industry or the trust company. The reverse court rulings, strengthened government regulations and bizarre presidential speeches have greatly dampened business confidence."
"In the broader context, there were the earthquake and fire in San Francisco and the Bank of England's restrictions on funding bills. These unforeseen events hit the economy and the financial system, causing a reversal in the overall outlook of investors and savers on the economy."
Although Alice Roosevelt did not leave and restrained herself, the solidarity among the capitalists was unquestionable. If they tolerated Roosevelt for a while, the final result would only be a step back and more anger. In the past three years, Roosevelt had given the three of them a hard time. Today was the day for him to turn the tables and become the master.
The three of them reminded Roosevelt not to limit themselves to the White House and the federal government. The world is so small now, and our influence is so strong.
"Do you still think you did the right thing?" President Roosevelt said with a smile on his face. "If your behavior in the White House gets out, it will prove how reasonable I was."
"How do we pass it?" Little Morgan leaned back tactically, crossed his legs, and had a look of cynicism on his face.
"Who would believe it if it gets out?" Rockefeller Jr. raised his eyebrows and asked meaningfully.
"Whoever believes it, we will put him in an environment of social death." Sheffield concluded, "Mr. President, this is not an attitude to solve the problem. We have plenty of time. If we continue, banks will fail, the stock market will collapse, and the economy will go into recession. You can just say we are standing idly by. Anyway, you, the White House, and the entire federal government have been saying this for three years, repeating the lie over and over again."
Alice Roosevelt, hiding behind the porch, listened to the tit-for-tat arguments inside and was a little worried about her father. The three people on the other side were the bosses of the most powerful business groups in the country, and each of them could bring in billions of cash flow.
As has been said, the relationship between the federal government and big business has reached a freezing point in recent years, with each side thinking that the world would be a better place if the other did not exist.
Now that the conversation had just begun, both sides had made their positions clear, leaving no room for negotiation, and were only trying to get the other side to accept their own proposals instead of cooperating. This was not an easy thing for his combative father.
"What a joke, the carrot and stick policy is being used on us?" Sheffield slapped the table with his hand. The sound was not loud, but it was clearly heard in the corridor. The argument between the two sides has entered the next stage. "I don't know that you are a strong president and you believe in strength, but open your eyes and see clearly who you are facing."
"You're really going too far!" Alice Roosevelt came out and angrily accused Sheffield.
Morgan Jr. and Rockefeller Jr. looked at each other, then said, "Miss Alice, we are talking about business."
Alice Roosevelt, who rushed out, felt regretful after calming down, but it was not right to leave or stay. Sheffield was the first to speak, "It's only natural to protect your father. It's no big deal."
Although Alice Roosevelt was given a way out, the problem still existed. With Alice Roosevelt present and being looked at like this by a woman, and a very beautiful woman at that, everyone was much more restrained in their words.
Until noon, the negotiations had no results. Sheffield and the other two hurriedly left the White House. Each of them had a stern look on their faces, and their eyes showed that they had nothing to say. This made the reporters waiting outside the White House feel disappointed. No results?
Alice Roosevelt sneaked out of the White House. She was still feeling uneasy because of the accusations during the day. She found Sheffield and wanted to explain the misunderstanding, but she didn't think she was wrong. "How could you talk to my father like that? He is my father."
Seeing Alice Roosevelt's aggrieved look, Sheffield sighed secretly. The weakness of male animals is really too difficult to overcome. He said helplessly, "I will pay attention to it in the future, but this problem is not caused by me alone. At this time, you won't expect me to be a traitor, right? Well, although you look beautiful when you shed tears, it's best not to be sad."
"My father is that kind of person. I can't help it. You two should stop arguing." Alice Roosevelt snuggled in Sheffield's arms, resting her head on the slave owner's shoulder and said aggrievedly, "I hope this will be over soon. I don't want to see you two quarreling. I just feel aggrieved."
"Well, you finally know what kind of person your father is. This is very rational." Sheffield stroked Alice Roosevelt's hair and assured softly, "Don't worry, I will try my best to be calm and reasonable, present facts and reason, and no longer regard him as an enemy of big business. But on the other hand, your father should not think that we are his voters. The so-called speeches to shift the blame are useless to us."
Sheffield knew who President Roosevelt was. Roosevelt was a strong nationalist. He was keen on expansion. He actively participated in the Spanish-American War and advocated colonial expansion. Of course, he was also an active supporter of expanding armaments. During his rule, he organized the Great White Fleet to sail around the world.
He was also a racist, and often mocked and ridiculed those backward nations. For example, he had a very low opinion of the yellow race. After the economic disputes with the Far East, he always advocated a tough stance. Domestically, Roosevelt hated those large companies and actively promoted anti-monopoly laws.
To be honest, both Roosevelt Sr. and the later President Roosevelt were unconventional presidents and should not have appeared in the United States of America at all. If they had appeared in a country like the Soviet Union, it would not have been out of place at all.
Just when Sheffield was about to take advantage of the situation, Alice Roosevelt was about to leave. She rejected Sheffield's excessive request and said before leaving, "Stay here for now, and we'll talk about it after we resolve the matter."
The slave owner looked at the baton below with a look of melancholy. He almost asked a bodyguard to ask whether the prostitution industry near Washington was prosperous or not. Otherwise, he could conduct a deeper investigation at the grassroots level.
"As long as we stand firm, Roosevelt can't do anything to us even if he is the president." After coming back, Morgan Jr. was obviously very satisfied with today's tit-for-tat. After the investigation by Northern Securities Company, this idea had been lingering in his mind for a long time. He felt very happy.
(End of this chapter)
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