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Summer School 4: Banker vs president and the birth of the dollar

Planet Money

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Populism Prevails Over Elitism

Andrew Jackson's veto of a banking bill in 1832 is a pivotal moment illustrating the clash between populism and elitism. His message resonates with the common citizen, emphasizing the injustice faced by ordinary people when wealth and power are concentrated among the elite. While Jackson's adversary, Biddle, underestimates the veto's impact, believing it would cost Jackson the election, the public embraces Jackson's stance as a victory for the 'humble members of society.' As a result, Jackson wins reelection decisively, even though the later economic downturn challenges the initial euphoria surrounding his victory.

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