This echoes a previous Populist Moment (the title of Lawrence Goodwyn's book about post-Civil War America). Then, debt peonage was widespread, and the Farmers' Alliance and the People's Party formed to address the incredibly abusive commercial environment for the bulk of this population. We got lots of legislation out of this, too, including the Federal Reserve (reviving the central bank), regulations about transportation abuse (farmers were extorted to take less for their crops or they couldn't use rail transport before this), farm coops, and even the Bank of North Dakota. Nevertheless, the presidential candidate representing this populist movement--William Jennings Bryan--subtlely betrayed his constituents, and even though he was an inspiring speaker--his "Cross of Gold" address still is famous--lost every time he ran.
Who says history doesn't repeat, or at least rhyme?
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