History Unplugged Podcast
Why Did Presidents Seem Incredibly Rich Yet Were Completely Broke Most of the Time?
Sep 17, 2024
Megan Gorman, author of "All the Presidents’ Money," guides us through the financial rollercoaster of U.S. presidents. Discover Harry Truman's midnight money worries and whether Calvin Coolidge was misled by a stockbroker during the Great Depression. Delve into George Washington's wealth gained through strategic marriage, contrasting the financial realities of leaders like Thomas Jefferson and Ulysses S. Grant. This enlightening discussion reveals that even the highest office in America doesn’t guarantee financial success.
48:35
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Quick takeaways
- Presidents often grappled with financial struggles despite their perceived wealth, revealing complex personal financial stories throughout American history.
- Personal trauma can profoundly impact financial decision-making, as seen in Joe Biden's erratic choices following significant life events.
Deep dives
Wealth and Financial Struggles of the Founding Fathers
The Founding Fathers were characterized by immense wealth and significant financial struggles, often living lives that seemed paradoxical. For instance, George Washington owned extensive land but faced financial ruin post-Revolutionary War due to the Collapsing Atlantic economy. Similarly, Thomas Jefferson struggled with debt despite inheriting a grand plantation, ultimately leading to its sale by his heirs to settle outstanding obligations. This juxtaposition of wealth and bankruptcy among early American leaders reflects a broader struggle with liquid assets and cash flow management relevant both in the past and today.
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