In this podcast series we dive into the long and shadowy history of America’s ruling elite through the works of authors who were either silenced, suppressed, or forgotten, to discover the origins of the 1% and from where their power and wealth was, and still is, extracted.
Each recording will be approx. 1 hour in length to allow for easy consumption of the material. The narrator will only interrupt the reading to provide insight, spell names, read informative footnotes, or provide definitions for archaic words.
In this episode – Continued reading of History of Great American Fortunes by Gustavus Myers. Includes Part III, Chapter III: The Beginnings of the Vanderbilt Fortune. Vanderbilt’s Monumental Fortune of $105,000,000. Most of His Wealth Amassed in His Last 15 Years. Wealth as Power. The Dynasty’s Holdings at the Turn of the 20th Century: $600M in Stocks & $700M in Bonds. Their Interests in Banks, Railroad, and Corporations. The American Industrialists as Monarchs. Kings Had No Proof of Divine Right, But Industrial Monarchs Have Stocks and Bonds. Armed Garrisons Not Required to Secure the Possessions in Their Vast Empires. Government As the Armed Forces of Big Business. The Vanderbilt Patriarch: Commodore Cornelius Vanderbilt. His Humble Beginnings in the Sailing Trade. He enter the Steamboat Business in 1829. Cutting Rates to Bankrupt Competitors. Public Applauds His Rate Cuts As Great Benefit. Rates Hiked Once Monopoly Is Obtained. His Methods in Driving Out Competitors: Bribing the New York Common Council.
PART III, CHAPTER III – FOOTNOTES.