(This is a series of excerpts from The Progressive magazine in the 1930s that are especially relevant today. You can find other delectable items in the current issue of The Progressive, which commemorates the magazine’s 100th anniversary.)

Roosevelt Is No Socialist, Norman Thomas Assures Al Smith
February 15, 1936

Attempts of Al Smith, in his Liberty League banquet speech, to read Roosevelt and the New Deal into the Socialist fold were emphatically rejected by Norman Thomas, Socialist leader, in a broadcast over the Columbia network.

Thomas said Roosevelt has not “carried out most of the demands of the Socialist platform—unless he carried them out on a stretcher.”

“There is nothing Socialist about trying to regulate or reform Wall Street,” Thomas said. “Socialism wants to abolish the system of which Wall Street is an appropriate expression.”

“There is nothing Socialist about trying to break up great holding companies. We Socialists would prefer to acquire holding companies in order to socialize the utilities now subject to them.

“There is no Socialism at all about taking over all the banks which fell in Uncle Sam’s lap, putting them on their feet again, and turning them back to the bankers to see if they can bring them once more to ruin.”

Back to the 1930s, Part V

Back to the 1930s, Part IV

Back to the 1930s, Part III

Back to the 1930s, Part II

Back to the 1930s, Part I