"Railroads in their inception and throughout their consolidation give us an early object lesson in the uses of "fictitious capital."-sartesianAn entertaining take on this history, worthy of HBO's Deadwood are some recent biographies of Jay Gould and "The Commodore" Vanderbilt. Below is a review I wrote of a bio of Gould, "Dark Genius of Wall Street, the Misunderstood [!] Life of Jay Gould, King of the Robber Barons":
Helluva Guy [3 Stars]This entertaining volume reminds me of a book my mother bought decades ago by a descendant of Count Dracula that sought to rehabilitate his ancestor's reputation while cashing in on his notoriety. Thus in this work, Gould who was denounced in his day by even spokesmen of the conservative business community, to say nothing of labor activists, as an unscrupulous rogue, cutthroat, "financial vampire" and "pirate" is depicted as a misunderstood entreprenuer who did nothing that his rivals would not stoop to. While there may be more than a kernel of truth to that assertion, Gould's historical reputation as one of the most infamous incarnations of his day is backed by more than substantial evidence. Gould was a highly skilled financial operator who rose from humble roots in upstate New York, where after starting out as a surveyor's apprentice, he began his business career in the thuggish intrigues of the tanning industry. Thereafter, at the outset of the Civil War, he moved to the City where he quickly rose to take on some of the titans of business like Commodore Vanderbilt, who detested him. Unlike Vanderbilt, Carnegie, Rockefeller and even Morgan, however, Gould dealt almost exclusively in stock and financial manipulations to build his fortunes with little regard for building up industry and the means of production. Thus he would acquire properties, like the Erie Railroad, and run them into the ground and dump them after they had been milked dry as cash cows. Needless to say, the interests of the rank and file workers of these enterprises meant little to him, commenting once during a labor dispute he was embroiled in with them, that he could hire half the working class to kill off the other half. In his financial and stock dealings he was known as the most skilled and unscrupulous operator of his day, the top dog of Wall Street, that even those who considered themselves his closest colleagues needed to watch their backs around. In that regard he would have made the Transylvanian noble blush; and no, he was not, as widely believed, Jewish, although he made a point of not gainsaying his "Hebraic" roots as he felt this added to the aura of mystery and fear around him that he found useful to his purposes. Most notable of his escapades was his attempt to corner the gold market in 1869 which almost collapsed the entire U.S. economy. Jay Gould was a predatory speculative capitalist who rightly makes latter day embodiments of this type like Boesky, Millken and Skilling seem like bumbling amateurs. Like them, he did from time to time face legal troubles, but unlike these financial pirates of today, he was usually able to, sometimes quite brazenly, in a way that is fortunately no longer tolerated, bribe judges and politicians to escape any significant consequence, although on one occasion he was forced to temoporarily decamp to New Jersey with much of his wealth in carpet bags after Vanderbilt and his rivals had outmaneuvered him in this game of graft in the New York courts. _________________________________________________________________ Get back to school stuff for them and cashback for you. http://www.bing.com/cashback?form=MSHYCB&publ=WLHMTAG&crea=TEXT_MSHYCB_BackToSchool_Cashback_BTSCashback_1x1 ________________________________________________ YOU MUST clip all extraneous text when replying to a message. Send list submissions to: Marxism@lists.econ.utah.edu Set your options at: http://lists.econ.utah.edu/mailman/options/marxism/archive%40mail-archive.com
