Patrick’s son, Joseph P Kennedy (1888-1969), had joined the prominent Hayden stock brokerage firm in 1919 as an expert dealing in the unregulated stock market then. Joseph demanded to be paid, not only in salary and expenses, but in stock options. After succeeding as a stock trader, Joseph Kennedy became the youngest US bank president at 25!
His fortune increased. While other major investors pumped money into the stock market, Kennedy knew that stocks were overvalued. He sold off most stock holdings pre-1929 Crash, and started shorting stocks, betting prices would go down. When many lost their homes on Black Tuesday, Kennedy walked away richer. Dodgy yes, but very clever.
When he left for Hollywood in the late 1920s, Joseph Kennedy bought a failing Hollywood movie studio and started pumping out cheap films. In 1928 Joseph Kennedy sold two of his small film studios, creating RKO Pictures. It was best known for allowing 24-year-old genius Orson Welles to make Citizen Kane, the film following treacherous American magnate Charles Foster Kane.
Joe and Rose Kennedy, center, with their 8 children at Hyannis Port, Mass
Ted Kennedy was born a year later in 1932
John F. Kennedy Presidential Library and Museum)
In 1932, multi millionaire Kennedy supported Franklin D Roosevelt in his bid for the Presidency. This was Joseph’s first major involvement in a national political campaign, to which he donated and raised large moneys.
Kennedy began his short public service career in 1934 as the head of the Securities and Exchange Commission under Pres Roosevelt. The ambitious Kennedy wanted something bigger eg Secretary of the Treasury. But Roosevelt knew the stubborn, foul-mouthed Kennedy probably wouldn’t follow orders, so he said no. When Kennedy later suggested an ambassadorship, Roosevelt reluctantly gave him the nod
Irish priest Father Charles Coughlin was the most influential Catholic spokesman on political and financial issues on radio. Originally a strong supporter of Roosevelt, in 1934 Coughlin broke with the president when Roosevelt bitterly opposed Coughlin's weekly anti-communist, anti-Semitic, far-right, anti–Federal Reserve, isolationist radio talks.
Roosevelt sent Kennedy and other prominent Irish Catholics to tone down Father Coughlin. But I cannot tell if A] Joe Kennedy secretly approved of Father Coughlin or B] Kennedy had any impact on Father Coughlin in any case. Only one report said that Joe Kennedy was given the position of Ambassador to Britain by President Roosevelt explicitly as a reward for silencing the inflammatory Catholic priest.
In 1938, war was looming in Europe. Hitler took Austria, and wanted Czechoslovakia. British PM Neville Chamberlain sought appeasement, as did Kennedy. Kennedy insisted that US involvement would lead to another Great Depression, or even utter devastation.
In May and June 1938, Kennedy had extensive discussions with the new German Ambassador to Britain, Herbert von Dirksen. In the midst of these unapproved discussions, Kennedy advised von Dirksen that the President was “the victim of Jewish influence and was poorly informed re Germany’s philosophy, ambitions and ideals”. Dirksen reported to the State Secretary of the German Foreign Ministry that Kennedy was Germany's best friend in London.
In Nov, the persecution of German and Austrian Jews continued into Kristallnacht. Kennedy continued to loudly advocate for appeasement, in London and at home, arguing that Britain would be destroyed otherwise. He tried to set up a personal meeting with Hitler, but it never materialised.
Embassy aide Harvey Klemmer presented Kennedy’s summary of his anti-Jewish sentiment: “Individual Jews are alright, but as a race they stink. They spoil everything they touch. Look what the kikes did to the movies”. Even in May 1940, when Winston Churchill replaced Chamberlain, Kennedy’s disgraceful victim-blaming continued.
Back in the USA in late 1940, a paranoid Kennedy blamed Jewish Hollywood and its anti-German propaganda for pushing America towards war. He also blamed the problematic Jew-Media in New York and LA for trying to set a match to the fuse of the world”. Shortly after vaguely endorsing Roosevelt’s third term on radio, Kennedy resigned.
Now we have to explain how Joseph Kennedy’s public behaviour could have been so appalling. Read David Nasaw’s 2012 book, The Patriarch: The Remarkable Life and Turbulent Times of Joseph P Kennedy. Nasaw took each criticism of Kennedy one at a time. Perhaps Joseph’s tactics did border on insider trading and market manipulation in the 1920s, but the unregulated market meant that Joseph wasn’t trading illegally. Kennedy became a multi-millionaire during the 1920s bull market and even wealthier by taking short positions in 1929. Secondly Nasaw said there was no evidence whatsoever about Kennedy trading in illicit liquor. Thirdly Nasaw didn’t think that Kennedy was very anti-Semitic; rather he was raised to believe cultural myths about Jews, Catholics and Protestants alike. Joe Kennedy did accept the idea that there was “something in the genetic makeup, in the blood of Jews that makes them sinister, evil and destructive of Christian morality.” But, said Nasaw, Kennedy bought into ancient anti-Semitic myths and scapegoating; he did not cross the line into actual racism. [The difference escapes me].
However in 1944 Kennedy would still not say or write anything about the fate of European Jews. “The Jews themselves should pay less attention to advertising their racial problem, and more attention to solving it. It’s chiefly their fault now.” The victory over the Nazis in 1945 was celebrated by most people as the triumph of good over evil. But even then, Kennedy believed that victory over Hitler had cost too much and accomplished too little.
Felled by a debilitating stroke in 1961, Joe Kennedy body lived on for 8 years. He died in 1969.
Irish priest Father Charles Coughlin was the most influential Catholic spokesman on political and financial issues on radio. Originally a strong supporter of Roosevelt, in 1934 Coughlin broke with the president when Roosevelt bitterly opposed Coughlin's weekly anti-communist, anti-Semitic, far-right, anti–Federal Reserve, isolationist radio talks.
Roosevelt sent Kennedy and other prominent Irish Catholics to tone down Father Coughlin. But I cannot tell if A] Joe Kennedy secretly approved of Father Coughlin or B] Kennedy had any impact on Father Coughlin in any case. Only one report said that Joe Kennedy was given the position of Ambassador to Britain by President Roosevelt explicitly as a reward for silencing the inflammatory Catholic priest.
In 1938, war was looming in Europe. Hitler took Austria, and wanted Czechoslovakia. British PM Neville Chamberlain sought appeasement, as did Kennedy. Kennedy insisted that US involvement would lead to another Great Depression, or even utter devastation.
In May and June 1938, Kennedy had extensive discussions with the new German Ambassador to Britain, Herbert von Dirksen. In the midst of these unapproved discussions, Kennedy advised von Dirksen that the President was “the victim of Jewish influence and was poorly informed re Germany’s philosophy, ambitions and ideals”. Dirksen reported to the State Secretary of the German Foreign Ministry that Kennedy was Germany's best friend in London.
In Nov, the persecution of German and Austrian Jews continued into Kristallnacht. Kennedy continued to loudly advocate for appeasement, in London and at home, arguing that Britain would be destroyed otherwise. He tried to set up a personal meeting with Hitler, but it never materialised.
Joseph Kennedy, U.S ambassador to Britain, flanked by sons Joseph Jr (L) and John (R),
aboard an ocean liner,1938
Washington Post
Embassy aide Harvey Klemmer presented Kennedy’s summary of his anti-Jewish sentiment: “Individual Jews are alright, but as a race they stink. They spoil everything they touch. Look what the kikes did to the movies”. Even in May 1940, when Winston Churchill replaced Chamberlain, Kennedy’s disgraceful victim-blaming continued.
Back in the USA in late 1940, a paranoid Kennedy blamed Jewish Hollywood and its anti-German propaganda for pushing America towards war. He also blamed the problematic Jew-Media in New York and LA for trying to set a match to the fuse of the world”. Shortly after vaguely endorsing Roosevelt’s third term on radio, Kennedy resigned.
Now we have to explain how Joseph Kennedy’s public behaviour could have been so appalling. Read David Nasaw’s 2012 book, The Patriarch: The Remarkable Life and Turbulent Times of Joseph P Kennedy. Nasaw took each criticism of Kennedy one at a time. Perhaps Joseph’s tactics did border on insider trading and market manipulation in the 1920s, but the unregulated market meant that Joseph wasn’t trading illegally. Kennedy became a multi-millionaire during the 1920s bull market and even wealthier by taking short positions in 1929. Secondly Nasaw said there was no evidence whatsoever about Kennedy trading in illicit liquor. Thirdly Nasaw didn’t think that Kennedy was very anti-Semitic; rather he was raised to believe cultural myths about Jews, Catholics and Protestants alike. Joe Kennedy did accept the idea that there was “something in the genetic makeup, in the blood of Jews that makes them sinister, evil and destructive of Christian morality.” But, said Nasaw, Kennedy bought into ancient anti-Semitic myths and scapegoating; he did not cross the line into actual racism. [The difference escapes me].
Pres Roosevelt congratulates Joseph P. Kennedy as the new ambassador to UK Jan 1938.
Ass Justice Stanley Reed administered Kennedy’s oath.
Warfare History
Felled by a debilitating stroke in 1961, Joe Kennedy body lived on for 8 years. He died in 1969.
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11 comments:
Joseph Kennedy's actions, particularly during the stock market crash, might be seen as morally ambiguous, but they undeniably showcase his financial acumen.
Herbert von Dirksen, who had a job to do for Germany, seemed to find a close ally in American Ambassador to Britain, Joseph Kennedy. Who knew.
Joe Kennedy was interested primarily in increasing his own wealth and importance. He was a nasty piece of work.
roentare
There is no doubt that his financial skills, legal and illegal, were hugely successful in the world of alcohol and stock. But that doesn't explain why he was invited into politics and embassies. Surely people knew his nasty views
by the middle 30s.
Joe
I'm 1938 Germany put its best ambassadors into the main European nations, including von Dirksen in London. This was the worst time in Czechoslovakia, Sudetenland etc. Kennedy saw this as a wonderful opportunity to share his views with von Dirksen and to change the US President's thinking.
So Kennedy was indeed seen as a close ally of Germany.
jabblog
Lots of people wanted to increase their own wealth and importance, and as long as they don't damage other people, I suppose that is acceptable +ish. But vicious racism ALWAYS damaged other people, in his own country as well as elsewhere. How did the President and others tolerate Kennedy for so long?
The Ambassador: Joseph P. Kennedy at the Court of St. James 1938–1940,
written by Susan Ronald (St Martin’s Press, 2021).
When Joseph P. Kennedy arrived in England in early 1938, he quickly found a home among the ruling elite who believed that “fascism was the cure for communism.” Notwithstanding FDR’s unprecedented provocation of sending an Irishman with no diplomatic skills to Great Britain, Kennedy immediately sided with Prime Minister Chamberlain and the appeasers, believing that any deal with Hitler—no matter how humiliating and lethal to the lives of millions—was preferable to war. Kennedy never stopped believing that Hitler could be bought off, that businessmen could do business with fascists.
A successful businessman he was, very interesting family.
Russell Kirk
many thanks for the referral. The book review in publishersweekly is more supportive of Joseph Kennedy and less critical than other books I've read.
"Casting Kennedy as an anti-Semite and a dangerously inept diplomat, Susan Ronald details his burning political ambitions, his role in wrangling the Catholic vote and turning the tide of public opinion in favor of Roosevelt in the 1936 election, and his push to become ambassador. Once in London, Kennedy enraged his Washington DC overseers by repeatedly passing off personal opinions as official State Department stances, and angered his hosts by predicting a decisive defeat if Britain went to war with Germany. His resignation in 1940, after a disastrous visit to the U.S, ended his public career, but Kennedy would eventually see his sons reach the political heights he had not.
Margaret
A very interesting family, albeit tragic as well!! In fact the Kennedy family was one of the most publicly successful families in US history.
An interesting post about KJoe Kennedy. I had no idea that he was a nasty piece of work.
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