The Complicated Legacy of Andrew Jackson’s Bank War \ stacker news ~econ

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The Complicated Legacy of Andrew Jackson’s Bank War mises.org/mises-wire/complicated-legacy-andrew-jacksons-bank-war

255 sats \ 7 comments \ @Undisciplined 2 Oct econ

By Tyler Turman & Mae Webster

Was Jackson’s victory over the Second Bank of the United States a triumph for liberty, or did it merely expand federal authority under the guise of constraining it? His legacy is complicated, but there is much we can learn from it.

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42 sats \ 6 replies \ @jbschirtzinger 2 Oct

I think the legacy is not, after all, that complicated. The Federal Reserve is a mess and operates beyond the Constitution.

10 sats \ 5 replies \ @Undisciplined OP 2 Oct

Jackson attempted to usurp Congressional power of the purse in September 1833 by removing the Second Bank’s treasury deposits and giving them to state-run pet banks run by his partisan supporters that lacked any statutory authority and were often of dubious quality.

I think that's the most controversial part.

Otherwise, I wish president's vetoed way more stuff and that seems to be the bulk of the criticism against him.

42 sats \ 4 replies \ @jbschirtzinger 2 Oct

I don't see that he had much of an option. He was battling the BellSouth of the era, and that ordeal was resolved by busting into smaller bells that are now trying to re-join together. If a body wanted to stop that, they'd have to use some manner of uni-lateral executive power.

30 sats \ 3 replies \ @Undisciplined OP 2 Oct

Isn't that sort of ends-means reasoning what leads to executive overreach?

42 sats \ 2 replies \ @jbschirtzinger 2 Oct

The truth of the office of the president is that it has no executive overreach if something looks to be the cause of jeopardizing the Union. The Civil War made that clear if nothing else was made evident.