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These are the user uploaded subtitles that are being translated: 1 00:00:01,877 --> 00:00:05,547 ‐ [Narrator] Previously on the Titans That Built America, 2 00:00:05,631 --> 00:00:08,967 as World War I comes to a close, a new generation 3 00:00:09,092 --> 00:00:11,053 of titans are on the rise. 4 00:00:11,178 --> 00:00:13,972 ‐ [Man] We're in the age of the machine. 5 00:00:14,014 --> 00:00:17,226 ‐ [Narrator] Three car makers fight for dominance. 6 00:00:17,351 --> 00:00:19,186 ‐ This is my father Henry Ford. 7 00:00:20,687 --> 00:00:22,481 ‐ [Man] To Pierre du Pont. 8 00:00:22,523 --> 00:00:24,858 (crowd cheers) 9 00:00:24,983 --> 00:00:25,734 ‐ The Chrysler 70. 10 00:00:25,859 --> 00:00:28,529 (crowd talks over each other) 11 00:00:28,654 --> 00:00:31,490 ‐ [Narrator] As a battle rages to take down Ford, 12 00:00:31,573 --> 00:00:34,493 he and his son Edsel have their sights set on 13 00:00:34,576 --> 00:00:36,078 a new industry. 14 00:00:36,203 --> 00:00:37,829 ‐ We should get into this. 15 00:00:37,913 --> 00:00:39,456 ‐ [Narrator] They go head to head 16 00:00:39,540 --> 00:00:41,667 with a young upstart who wants to make his name 17 00:00:41,750 --> 00:00:43,710 in aviation, William Boeing. 18 00:00:43,835 --> 00:00:46,755 ‐ Very excited to tell you about Boeing's new plane. 19 00:00:46,838 --> 00:00:48,465 (camera pops) 20 00:00:48,590 --> 00:00:49,633 ‐ Pull. 21 00:00:49,758 --> 00:00:51,510 (gunshots fire) 22 00:00:51,635 --> 00:00:53,595 Hahaha, nothing like it. 23 00:00:55,347 --> 00:00:57,492 ‐ [Narrator] With the warring twenties and full swing, 24 00:00:57,516 --> 00:01:00,644 a skyscraper war begins as Chrysler 25 00:01:00,727 --> 00:01:02,145 looks to own the skyline. 26 00:01:02,271 --> 00:01:04,648 ‐ So why you building the tallest building in the world? 27 00:01:04,731 --> 00:01:06,733 ‐ So I can look down on GM. 28 00:01:10,028 --> 00:01:11,446 Ha ha. 29 00:01:11,530 --> 00:01:14,199 ‐ [Narrator] But du Pont won't be out done and plans 30 00:01:14,283 --> 00:01:15,659 a building of his own. 31 00:01:15,742 --> 00:01:18,495 ‐ Same height as Chrysler's, a bit taller than. 32 00:01:19,788 --> 00:01:22,583 ‐ The Empire State building. 33 00:01:22,708 --> 00:01:25,752 (driving beat begins) 34 00:02:13,592 --> 00:02:16,178 (seagulls caw) 35 00:02:19,389 --> 00:02:20,265 ‐ [Reporter] Mr. Morgan? 36 00:02:20,349 --> 00:02:22,559 (reporters chatter) 37 00:02:22,684 --> 00:02:23,477 (flashbulbs pop) 38 00:02:23,602 --> 00:02:25,354 Mr. Morgan, what are the best investments 39 00:02:25,479 --> 00:02:27,606 and what is your opinion on US steel? 40 00:02:29,566 --> 00:02:33,153 I'll say this, General Motors stock is very undervalued. 41 00:02:33,862 --> 00:02:34,780 ‐ [Reporter] Mr. Morgan, one more question. 42 00:02:34,863 --> 00:02:35,989 ‐ [Morgan] Thank you. 43 00:02:36,114 --> 00:02:38,176 ‐ Mr. Morgan, one more please one more question, please. 44 00:02:38,200 --> 00:02:39,493 ‐ Thank you gentlemen. 45 00:02:40,786 --> 00:02:43,497 ‐ [Narrator] By 1929, Wall Street has become 46 00:02:43,622 --> 00:02:45,874 the most famous street in America. 47 00:02:47,834 --> 00:02:50,462 And JP Morgan Jr. is its King. 48 00:02:51,380 --> 00:02:53,882 ‐ There's a saying about JP Morgan Jr. 49 00:02:54,007 --> 00:02:57,427 And his partners in the late 1920s, they're called 50 00:02:57,511 --> 00:02:59,846 Jesus Christ and his 12 apostles 51 00:02:59,930 --> 00:03:02,766 and so that gives you some sense of the stature 52 00:03:02,849 --> 00:03:05,394 of JP Morgan Jr. on Wall Street. 53 00:03:06,603 --> 00:03:10,857 He says in effect, I think GM's future looks bright 54 00:03:10,982 --> 00:03:12,651 and GM stock surges in price 55 00:03:12,776 --> 00:03:14,820 and then the stock market follows. 56 00:03:15,987 --> 00:03:18,490 ‐ [Narrator] Thanks to Morgan and his fellow bankers, 57 00:03:18,573 --> 00:03:23,203 the stock market has climbed nearly 40% in just one year. 58 00:03:24,496 --> 00:03:27,499 To investors and even ordinary Americans, 59 00:03:27,624 --> 00:03:29,835 there's a sense that you can't lose. 60 00:03:31,878 --> 00:03:34,256 ‐ The thing about the roaring twenties, it was the go go. 61 00:03:34,339 --> 00:03:35,632 Everybody was optimistic, 62 00:03:35,674 --> 00:03:38,051 markets were soaring, when it's so easy 63 00:03:38,135 --> 00:03:41,304 for anybody to go get out a loan and then go speculate. 64 00:03:42,514 --> 00:03:45,392 ‐ And not just speculation from professional investors. 65 00:03:45,475 --> 00:03:47,269 But this was the first time that 66 00:03:47,352 --> 00:03:50,105 Joe on the street saw the stock market going up 67 00:03:50,188 --> 00:03:55,318 and decided I'm going to go get myself a loan to buy stock. 68 00:03:55,402 --> 00:03:57,446 And by the way, I'm going to make 69 00:03:57,529 --> 00:03:58,609 a handsome profit doing it. 70 00:03:59,531 --> 00:04:02,576 ‐ It was like a boom like we've never had. 71 00:04:03,952 --> 00:04:06,955 There was a belief that we were in the Emerald City. 72 00:04:07,038 --> 00:04:09,416 ‐ [Radio Announcer] Day by day we were nearer to the final 73 00:04:09,541 --> 00:04:13,128 triumph over poverty ever before in the history of any land. 74 00:04:14,171 --> 00:04:17,132 ‐ [Narrator] One industry in particular reaps the rewards 75 00:04:17,215 --> 00:04:21,470 from the soaring economy, automobiles. 76 00:04:23,013 --> 00:04:28,351 In 1929, American spend a half billion dollars on new cars. 77 00:04:33,106 --> 00:04:35,484 ‐ The American automobile industry had a larger economy 78 00:04:35,567 --> 00:04:37,944 than every country on earth, with the exception 79 00:04:38,028 --> 00:04:41,573 of Germany, France, Britain, maybe the Soviet Union. 80 00:04:42,783 --> 00:04:46,077 ‐ [Narrator] 80% of the entire us car market is controlled 81 00:04:46,203 --> 00:04:48,497 by just three companies. 82 00:04:51,291 --> 00:04:54,461 Du Pont's General Motors has the top spot. 83 00:04:56,505 --> 00:04:58,507 While Ford is second. 84 00:05:01,134 --> 00:05:02,928 And then there's Chrysler. 85 00:05:07,516 --> 00:05:09,893 ‐ Okay, fellas, let's take a look. 86 00:05:11,436 --> 00:05:13,939 ‐ [Narrator] In the eight years since he left GM, 87 00:05:14,022 --> 00:05:16,608 he's grown his company into the number three 88 00:05:16,691 --> 00:05:21,530 automaker in America but he's determined to be number one. 89 00:05:23,114 --> 00:05:24,241 ‐ Let me show you this. 90 00:05:24,324 --> 00:05:25,760 ‐ [Narrator] And in order to do that, 91 00:05:25,784 --> 00:05:28,078 he's going to take things to another level 92 00:05:29,371 --> 00:05:32,749 by raising the competition to new heights. 93 00:05:32,874 --> 00:05:37,629 ‐ You see here, this stretches up to the third floor. 94 00:05:37,712 --> 00:05:39,552 I want it to feel like you're stepping through 95 00:05:39,631 --> 00:05:41,925 the doorway into a city. 96 00:05:43,093 --> 00:05:45,929 ‐ [Narrator] He's recently started construction on a tower, 97 00:05:47,305 --> 00:05:50,058 that he plans to make the tallest in the world. 98 00:05:51,184 --> 00:05:53,436 He calls it the Chrysler building. 99 00:05:54,813 --> 00:05:57,440 ‐ Business entrepreneurs at the top of game. 100 00:05:58,608 --> 00:06:00,527 It's about personal dynamics and relationships 101 00:06:00,652 --> 00:06:03,530 that they have with their colleagues and their peers 102 00:06:03,655 --> 00:06:07,868 and their rivals and they want to beat them. 103 00:06:07,993 --> 00:06:11,413 And whether it's a business or whether it's my house 104 00:06:11,496 --> 00:06:16,418 is bigger or my building is bigger, that's the game. 105 00:06:17,252 --> 00:06:19,588 And that's how it's all scored. 106 00:06:21,756 --> 00:06:23,401 ‐ [Narrator] The skyscraper's construction 107 00:06:23,425 --> 00:06:27,971 is a monumental feat, 30,000 tons of steel 108 00:06:28,054 --> 00:06:31,099 and more than 3 million bricks will be needed. 109 00:06:34,019 --> 00:06:37,898 In a building this size, every single detail matters. 110 00:06:39,190 --> 00:06:40,483 ‐ One of the key innovations 111 00:06:40,609 --> 00:06:43,820 in the Chrysler building was the world's fastest elevators. 112 00:06:43,904 --> 00:06:46,573 And the building had the longest continuous elevator shaft 113 00:06:46,698 --> 00:06:48,533 in the world at the time. 114 00:06:51,870 --> 00:06:53,806 ‐ [Narrator] But Chrysler doesn't just want his tower 115 00:06:53,830 --> 00:06:57,918 to be the tallest, it also must be the most beautiful. 116 00:06:58,793 --> 00:07:00,795 ‐ Every entrepreneur knows what their, 117 00:07:00,879 --> 00:07:04,466 their special sauce is, what their, their greatest skill is. 118 00:07:05,467 --> 00:07:08,511 With Chrysler, his was beauty and precision. 119 00:07:09,596 --> 00:07:12,057 This is Nirosta stainless steel, it's German. 120 00:07:13,558 --> 00:07:15,352 ‐ Walter Chrysler, whatever he did, 121 00:07:15,477 --> 00:07:17,187 he was going to be the best at it. 122 00:07:17,312 --> 00:07:18,647 ‐ All right. 123 00:07:18,688 --> 00:07:20,416 ‐ He was going to build the most beautiful skyscraper. 124 00:07:20,440 --> 00:07:21,900 It was going to be the tallest. 125 00:07:21,983 --> 00:07:24,069 It was going to be the talk of the world. 126 00:07:25,195 --> 00:07:27,781 (dramatic orchestral music swells) 127 00:07:27,864 --> 00:07:29,383 ‐ [Newsreel Announcer] High above street level, 128 00:07:29,407 --> 00:07:31,493 about 1,000 feet high in the air 129 00:07:31,576 --> 00:07:35,455 on the Chrysler building looking over Lexington Avenue. 130 00:07:36,998 --> 00:07:38,267 ‐ [Narrator] As it nears completion 131 00:07:38,291 --> 00:07:41,127 in the summer of 1929, 132 00:07:41,211 --> 00:07:44,172 Chrysler wants to make sure the world takes notice. 133 00:07:50,512 --> 00:07:51,805 ‐ Mr. Chrysler. 134 00:07:51,930 --> 00:07:54,683 ‐ [Narrator] So he hires one of America's top photographers 135 00:07:54,808 --> 00:07:56,393 to document the building. 136 00:07:56,476 --> 00:07:58,353 ‐ Let me show you what I have going on. 137 00:07:58,478 --> 00:08:00,438 ‐ Yeah, let's see it. 138 00:08:01,940 --> 00:08:04,442 ‐ Margaret Bourke‐White is an amazing photographer 139 00:08:04,526 --> 00:08:06,611 who is known for her photos of factories 140 00:08:06,695 --> 00:08:08,863 and city life and architecture. 141 00:08:09,864 --> 00:08:11,425 And one of the reasons that she stands out 142 00:08:11,449 --> 00:08:12,809 is that she's willing to go places 143 00:08:12,867 --> 00:08:15,996 that no one else will just for that perfect shot. 144 00:08:25,672 --> 00:08:28,341 ‐ [Narrator] Dangling high above Manhattan, 145 00:08:28,466 --> 00:08:30,552 Bourke‐White captures the spectacle 146 00:08:30,635 --> 00:08:32,262 of Chrysler's building. 147 00:08:32,345 --> 00:08:37,559 (dramatic music) 148 00:08:40,937 --> 00:08:43,148 Her death defying photos help make Chrysler 149 00:08:43,231 --> 00:08:45,984 and his building the biggest news of the year. 150 00:08:50,363 --> 00:08:52,615 But Chrysler has competition. 151 00:08:58,204 --> 00:08:59,914 Less than 10 blocks away, 152 00:09:01,166 --> 00:09:04,544 du Pont has grand plans for a skyscraper of his own. 153 00:09:08,173 --> 00:09:09,758 The Empire State Building. 154 00:09:11,051 --> 00:09:14,012 They've demolished the old Waldorf Astoria hotel 155 00:09:15,680 --> 00:09:18,391 and have raised over $40 million for the construction 156 00:09:18,516 --> 00:09:23,271 of the building, over a half billion in today's dollars. 157 00:09:24,397 --> 00:09:28,693 But now with Chrysler so far ahead, some are questioning 158 00:09:28,818 --> 00:09:31,571 whether the project is worth the investment. 159 00:09:33,364 --> 00:09:35,784 ‐ What do you think we should do? 160 00:09:37,494 --> 00:09:38,828 ‐ We're going to build. 161 00:09:39,621 --> 00:09:43,166 (energetic strings begin) 162 00:09:44,876 --> 00:09:48,922 ‐ [Narrator] du Pont has no interest in standing down. 163 00:09:49,005 --> 00:09:51,800 He's going to continue until he beats Chrysler. 164 00:09:53,009 --> 00:09:54,844 So he keeps pushing the architects 165 00:09:54,969 --> 00:09:56,679 to make the building taller. 166 00:09:57,764 --> 00:09:59,116 ‐ They'll be coming from a factory 167 00:09:59,140 --> 00:10:01,810 in Pittsburgh and they'll be ordering 250,000 tons. 168 00:10:03,895 --> 00:10:05,873 ‐ There was sort of a personal rivalry among architects. 169 00:10:05,897 --> 00:10:08,983 So you have developers who have these big egos, 170 00:10:09,109 --> 00:10:10,294 who are trying to outdo each other. 171 00:10:10,318 --> 00:10:12,362 You have the architects who are also sort 172 00:10:12,487 --> 00:10:13,947 of part of this game. 173 00:10:15,031 --> 00:10:16,550 ‐ [Narrator] The newspapers begin referring to it 174 00:10:16,574 --> 00:10:19,119 as the skyscraper race. 175 00:10:23,081 --> 00:10:25,333 ‐ It's often impossible to keep your plans 176 00:10:25,416 --> 00:10:28,795 to add height secret because you have to file these plans 177 00:10:28,878 --> 00:10:30,713 with the buildings department. 178 00:10:31,840 --> 00:10:34,342 ‐ [Narrator] But now with competition heating up 179 00:10:34,467 --> 00:10:36,803 and construction nearly complete, 180 00:10:36,886 --> 00:10:38,972 Chrysler is starting to worry. 181 00:10:40,932 --> 00:10:43,643 He wants to make sure when all is said and done, 182 00:10:43,726 --> 00:10:46,813 there's no question whose building is tallest. 183 00:10:46,938 --> 00:10:48,690 ‐ So he went to his architect and he says 184 00:10:48,773 --> 00:10:50,942 you will go back to the drawing board 185 00:10:51,025 --> 00:10:53,778 and you add extra height, you figure out some way 186 00:10:53,862 --> 00:10:56,281 that we can make our building even taller. 187 00:11:00,535 --> 00:11:02,871 (car honks) 188 00:11:09,002 --> 00:11:11,671 ‐ [Narrator] For months, Chrysler's team has been working 189 00:11:11,754 --> 00:11:14,090 on a secret project. 190 00:11:14,174 --> 00:11:17,427 Tomorrow he plans to unveil it to the world. 191 00:11:17,510 --> 00:11:19,179 ‐ Let's go, let's go. 192 00:11:19,304 --> 00:11:22,140 Let's go. 193 00:11:22,223 --> 00:11:23,224 Hold on, hold on. 194 00:11:23,308 --> 00:11:25,148 ‐ [Narrator] Within the crown of the building, 195 00:11:25,185 --> 00:11:29,314 hidden from view, Chrysler's team has constructed 196 00:11:29,355 --> 00:11:31,274 a massive steel spike. 197 00:11:41,951 --> 00:11:46,331 ‐ We need the beams over there, all the points stack left. 198 00:11:46,414 --> 00:11:47,540 ‐ Hold on, hold on, hold on, 199 00:11:47,665 --> 00:11:48,541 ‐ Okay, we're going up, we're going up! 200 00:11:48,666 --> 00:11:50,460 Steady, steady, steady! 201 00:11:50,543 --> 00:11:55,048 (triumphant music) 202 00:11:55,173 --> 00:11:56,424 Hold on, hold on. 203 00:11:58,801 --> 00:12:01,137 ‐ [Narrator] Now, in the dark of night, 204 00:12:01,221 --> 00:12:03,431 the team raises the metal structure 205 00:12:03,514 --> 00:12:04,807 through the top of the building. 206 00:12:05,600 --> 00:12:07,477 (sweeping music) 207 00:12:07,560 --> 00:12:09,312 (workers talk indistinctly) 208 00:12:10,313 --> 00:12:13,191 (phone rings) 209 00:12:15,652 --> 00:12:16,652 ‐ Hello? 210 00:12:19,989 --> 00:12:22,367 ‐ [Narrator] With the first rays of the dawn, 211 00:12:22,492 --> 00:12:26,746 Chrysler's steel spire can be seen piercing the sky. 212 00:12:29,749 --> 00:12:33,419 Overnight, Chrysler has added nearly 200 feet 213 00:12:33,503 --> 00:12:37,966 to his building, surpassing even the Eiffel Tower. 214 00:12:39,259 --> 00:12:41,886 The Chrysler Building is indisputably 215 00:12:41,970 --> 00:12:45,807 the tallest structure that humans have ever created. 216 00:12:49,143 --> 00:12:52,063 (crowd cheers) 217 00:12:52,146 --> 00:12:54,565 ‐ Great job boys, great job. 218 00:12:55,108 --> 00:12:57,402 ‐ Chrysler was more than willing to spend 219 00:12:57,527 --> 00:13:00,196 a significant amount of money to have his building 220 00:13:00,280 --> 00:13:03,992 express his sort of modern architectural view of the world 221 00:13:04,075 --> 00:13:07,495 and to reflect his power and his success. 222 00:13:10,123 --> 00:13:12,542 ‐ [Narrator] It's a huge moment for the titan. 223 00:13:14,043 --> 00:13:17,463 ‐ It's the flapper buildings, it's jazz as an edifice. 224 00:13:17,588 --> 00:13:22,385 It is all the audacity all the bombast of the 1920s 225 00:13:22,510 --> 00:13:25,013 captured in concrete and steel. 226 00:13:25,138 --> 00:13:27,307 ‐ Look at it, that's history right there. 227 00:13:32,061 --> 00:13:34,981 ‐ It was so sexy and so new looking and so fresh 228 00:13:35,064 --> 00:13:38,067 and so striking that if my building looks like this, well 229 00:13:38,192 --> 00:13:41,571 certainly the cars have gotta be something pretty special. 230 00:13:41,696 --> 00:13:43,698 So it was the biggest billboard 231 00:13:43,781 --> 00:13:45,825 for a brand that was ever built. 232 00:13:51,956 --> 00:13:53,392 ‐ [Radio Announcer] The Chrysler building at 42nd street 233 00:13:53,416 --> 00:13:56,836 and Lexington is the tallest structure in the world. 234 00:13:56,919 --> 00:13:59,130 It's gigantic tower dominates the city 235 00:13:59,255 --> 00:14:01,215 and it can be seen from nearly everywhere. 236 00:14:01,341 --> 00:14:04,010 From it the views of Manhattan's are sublime, 237 00:14:04,093 --> 00:14:07,055 it's silver spire flashing in the sun, 238 00:14:07,180 --> 00:14:10,099 a monument of wealth and social prestige. 239 00:14:11,851 --> 00:14:14,687 But New York is not only steel and stone. 240 00:14:14,812 --> 00:14:18,066 It is people too, millions of beating hearts, 241 00:14:18,191 --> 00:14:22,320 lights and shadows, tears and laughter, work and play, 242 00:14:22,362 --> 00:14:27,533 night and day and so it moves from the memories of yesterday 243 00:14:28,242 --> 00:14:30,036 into the promise of tomorrow. 244 00:14:42,632 --> 00:14:44,300 ‐ [Narrator] Less than 24 hours 245 00:14:44,384 --> 00:14:47,428 after Walter Chrysler tops out his building, 246 00:14:47,512 --> 00:14:51,182 the U. S. Stock Market is taking a nose dive. 247 00:14:52,350 --> 00:14:54,977 ‐ In the year before the Stock Market crash in 1929, 248 00:14:55,061 --> 00:14:57,230 fortunes are being made all over the place. 249 00:14:57,355 --> 00:14:59,941 And there's this belief, this optimism that the bull 250 00:15:00,024 --> 00:15:01,943 market will never end. 251 00:15:02,026 --> 00:15:03,736 No one could have foreseen 252 00:15:03,861 --> 00:15:06,322 what was coming in October of 1920. 253 00:15:07,532 --> 00:15:10,993 ‐ [Narrator] In an instant, the roaring twenties are over. 254 00:15:12,745 --> 00:15:15,456 And the fortunes of the Titans 255 00:15:16,541 --> 00:15:19,127 and the entire country 256 00:15:19,627 --> 00:15:21,003 will never be the same. 257 00:15:30,763 --> 00:15:33,724 (dark forboding music) 258 00:15:33,850 --> 00:15:34,850 (bells ringing) 259 00:15:34,892 --> 00:15:36,161 ‐ What's the position on standard oil? 260 00:15:36,185 --> 00:15:38,521 ‐ Standard oil is down by 14% and dropping. 261 00:15:38,646 --> 00:15:39,814 U.S. steel down by 200. 262 00:15:39,939 --> 00:15:41,139 ‐ Sell down all the stock yet? 263 00:15:41,190 --> 00:15:43,151 Hold the position on standard oil. 264 00:15:45,236 --> 00:15:47,321 ‐ [Narrator] In just three days, 265 00:15:47,405 --> 00:15:50,616 the stock market loses almost half its value. 266 00:15:56,747 --> 00:15:58,875 After a decade of reckless spending, 267 00:15:59,000 --> 00:16:01,544 investors suddenly start to get nervous 268 00:16:01,669 --> 00:16:05,923 and begin offloading shares by the tens of millions. 269 00:16:07,049 --> 00:16:09,802 It's the biggest sell off in history. 270 00:16:09,927 --> 00:16:11,471 ‐ Traders know what that feels like 271 00:16:11,596 --> 00:16:12,722 and they know what it means. 272 00:16:12,847 --> 00:16:14,474 It starts to feed on itself 273 00:16:14,557 --> 00:16:17,643 and it, and the momentum just picks up so rapidly. 274 00:16:18,519 --> 00:16:21,606 And so, when the market started selling off in 1929, 275 00:16:21,689 --> 00:16:23,357 it snowballed. 276 00:16:26,277 --> 00:16:29,489 ‐ If you're a stock broker looking up at a board 277 00:16:29,572 --> 00:16:34,619 in 1929 and just watching the numbers tick down minute 278 00:16:34,702 --> 00:16:39,123 by minute by minute, it'll make your heart stop. 279 00:16:40,458 --> 00:16:41,977 I think that there were people who just 280 00:16:42,001 --> 00:16:45,213 couldn't even fathom what they were looking at. 281 00:16:54,305 --> 00:16:58,518 ‐ JP Morgan is watching his world crumble before his eyes 282 00:17:00,353 --> 00:17:03,648 but he knows if anyone can pull the country out 283 00:17:03,773 --> 00:17:06,400 of the crisis, it's him. 284 00:17:08,653 --> 00:17:10,321 (crowd talks over each other) 285 00:17:10,446 --> 00:17:12,281 ‐ [Reporter] Mr. Morgan, what's happening? 286 00:17:13,533 --> 00:17:15,660 Has the stock market stopped falling? 287 00:17:19,372 --> 00:17:23,251 ‐ The worst is over, everything's going to be okay. 288 00:17:23,334 --> 00:17:24,374 ‐ [Reporter] Are you sure? 289 00:17:24,460 --> 00:17:27,129 ‐ Trust me, everything's going to be fine. 290 00:17:32,009 --> 00:17:34,178 ‐ JP Morgan says, things are fine. 291 00:17:34,303 --> 00:17:36,305 Everybody goes back and buys. 292 00:17:39,308 --> 00:17:41,018 ‐ U. S. Steel up to one seven. 293 00:17:42,728 --> 00:17:43,728 ‐ Good. 294 00:17:44,814 --> 00:17:47,483 ‐ [Narrator] By the power of his word alone, JP Morgan 295 00:17:47,567 --> 00:17:50,361 turns around the stock market and makes sure 296 00:17:50,444 --> 00:17:54,323 that he buys at the lowest point to make a huge profit. 297 00:17:56,867 --> 00:17:59,704 Most people think the Great Depression began right 298 00:17:59,829 --> 00:18:01,998 after the stock market crash. 299 00:18:02,123 --> 00:18:04,250 ‐ Though the crash of 29 is considered the start 300 00:18:04,375 --> 00:18:07,128 of the Great Depression, in fact, it took another couple 301 00:18:07,211 --> 00:18:08,963 of years before the full depth 302 00:18:09,005 --> 00:18:11,299 of this depression hit the American public. 303 00:18:12,883 --> 00:18:15,761 ‐ So in the world of the stock market, there's this thing 304 00:18:15,845 --> 00:18:18,222 called a V‐shaped recovery. 305 00:18:18,347 --> 00:18:21,976 You just go down real quick and come back real quick. 306 00:18:22,101 --> 00:18:24,395 So in the brief aftermath of the crash 307 00:18:24,478 --> 00:18:27,940 there actually was a little V and at the time, 308 00:18:28,024 --> 00:18:29,483 they thought it was a big V. 309 00:18:33,446 --> 00:18:35,323 ‐ [Narrator] With the crash seemingly over, 310 00:18:35,448 --> 00:18:38,200 du Pont decides he's still going to beat Chrysler 311 00:18:38,326 --> 00:18:40,661 with the tallest building in the world, 312 00:18:40,786 --> 00:18:42,371 the Empire State building. 313 00:18:44,040 --> 00:18:46,125 ‐ In the fall of 1929 314 00:18:46,208 --> 00:18:50,504 Raskob and du Pont, they're crunching the numbers. 315 00:18:52,006 --> 00:18:53,299 From du Pont's point of view, 316 00:18:53,382 --> 00:18:55,760 it made perfect sense to go forward. 317 00:18:55,843 --> 00:18:57,723 There was every reason to believe at that point 318 00:18:57,845 --> 00:19:00,640 that their project would be economically successful. 319 00:19:02,850 --> 00:19:07,104 ‐ But Chrysler's new spire has complicated du Pont's plan. 320 00:19:08,522 --> 00:19:12,276 So his architects add floors to increase the height. 321 00:19:13,569 --> 00:19:15,488 ‐ [du Pont] It will be taller. 322 00:19:15,529 --> 00:19:18,074 ‐ [Builder] Yes, 1,054 feet. 323 00:19:18,199 --> 00:19:19,992 ‐ [du Pont] And the Chrysler building? 324 00:19:20,076 --> 00:19:21,535 ‐ [Builder] 1,050 feet. 325 00:19:23,454 --> 00:19:25,289 ‐ So we'll be four feet taller? 326 00:19:28,501 --> 00:19:29,501 ‐ Yes. 327 00:19:31,379 --> 00:19:34,048 ‐ The original plans for the Empire State building 328 00:19:34,131 --> 00:19:36,467 was just to have a flat top 329 00:19:36,592 --> 00:19:41,055 at a height that was greater than a Chrysler's building. 330 00:19:41,180 --> 00:19:42,180 ‐ Four feet. 331 00:19:44,266 --> 00:19:45,906 Chrysler gets to stick an umbrella on top 332 00:19:45,935 --> 00:19:47,144 and say he's taller. 333 00:19:49,397 --> 00:19:51,816 ‐ But evidently that wasn't enough comfort. 334 00:19:51,941 --> 00:19:54,652 It wasn't enough room to be sure that they were going 335 00:19:54,777 --> 00:19:56,487 to have the world's tallest building. 336 00:19:56,612 --> 00:19:59,573 So in December of 1929, they announced that they have come 337 00:19:59,699 --> 00:20:04,870 up with this plan to erect a 250 foot high structure 338 00:20:06,038 --> 00:20:09,291 which is mostly decorative, so that is a statement. 339 00:20:09,375 --> 00:20:12,128 Du Pont wanted to literally and figuratively 340 00:20:12,211 --> 00:20:14,880 put Walter Chrysler's building in the shade. 341 00:20:17,425 --> 00:20:19,635 ‐ [Narrator] To create a building of this magnitude, 342 00:20:19,719 --> 00:20:23,723 du Pont oversees the most ambitious construction project 343 00:20:23,848 --> 00:20:24,849 in American history. 344 00:20:26,600 --> 00:20:31,897 Every day, 57,000 tons of steel arrive from Pittsburgh. 345 00:20:32,773 --> 00:20:35,693 ‐ All the materials, all the steel and stone 346 00:20:35,818 --> 00:20:39,071 and the piping, everything needed to arrive 347 00:20:39,196 --> 00:20:42,032 at the site just in time 348 00:20:42,116 --> 00:20:44,368 for when it was to be put in place. 349 00:20:46,412 --> 00:20:49,665 And legend has it that the steel was still warm to touch. 350 00:20:53,169 --> 00:20:55,463 ‐ [Narrator] A new floor is added each day, 351 00:20:56,672 --> 00:21:00,509 thanks in part to the talents of a new group of workers. 352 00:21:04,555 --> 00:21:07,224 ‐ Native American ironworkers from the Mohawk tribe 353 00:21:07,349 --> 00:21:09,310 actually play a role in the construction 354 00:21:09,435 --> 00:21:10,853 of the Empire State building. 355 00:21:10,978 --> 00:21:13,856 They're sought after ironworkers because they're recognized 356 00:21:13,981 --> 00:21:17,651 as masters of the craft and for being fearless 357 00:21:17,777 --> 00:21:19,361 because of their ability to work 358 00:21:19,487 --> 00:21:21,280 hundreds of feet in the air. 359 00:21:25,159 --> 00:21:28,662 ‐ [Narrator] The Empire State building is a true Colossus. 360 00:21:28,788 --> 00:21:31,332 Three times wider than the Chrysler building 361 00:21:32,208 --> 00:21:33,602 and the first building in the world 362 00:21:33,626 --> 00:21:35,795 to have more than 100 floors. 363 00:21:44,720 --> 00:21:47,306 For Chrysler, it's a disaster. 364 00:21:48,599 --> 00:21:50,976 His enemy's building is overtaking him 365 00:21:51,101 --> 00:21:52,436 right before his eyes. 366 00:21:53,354 --> 00:21:55,981 Chrysler decides his only move 367 00:21:56,106 --> 00:21:58,609 is to try to stop the construction. 368 00:22:02,321 --> 00:22:04,865 Chrysler launches a smear campaign. 369 00:22:04,990 --> 00:22:05,991 ‐ Form take two. 370 00:22:07,201 --> 00:22:08,428 ‐ [Narrator] To make people doubt 371 00:22:08,452 --> 00:22:11,038 that the Empire State building is structurally sound. 372 00:22:11,997 --> 00:22:13,666 ‐ And action. 373 00:22:14,208 --> 00:22:17,378 ‐ Do you think it's possible to build anything taller 374 00:22:17,461 --> 00:22:18,963 than the Chrysler building? 375 00:22:20,130 --> 00:22:21,590 ‐ No I do not. 376 00:22:22,883 --> 00:22:26,011 ‐ Skyscrapers must have seemed strange to people 377 00:22:26,136 --> 00:22:27,388 as electricity once had. 378 00:22:27,513 --> 00:22:29,849 They saw these massive buildings arising 379 00:22:29,974 --> 00:22:30,850 out of the landscape 380 00:22:30,975 --> 00:22:33,102 and many wondered if they'd topple over. 381 00:22:34,019 --> 00:22:37,189 ‐ A tall structure has the potential to develop 382 00:22:38,357 --> 00:22:42,820 stress fractures that could lead to catastrophic failure. 383 00:22:42,903 --> 00:22:47,658 ‐ So you're saying the Chrysler building will be the tallest 384 00:22:47,741 --> 00:22:49,743 building for the foreseeable future? 385 00:22:50,995 --> 00:22:53,205 ‐ [Narrator] du Pont knows this is just 386 00:22:53,330 --> 00:22:54,790 Chrysler being Chrysler. 387 00:22:55,749 --> 00:22:57,751 Construction continues without delay. 388 00:22:58,794 --> 00:23:01,547 The sooner he can top out his skyscraper, 389 00:23:01,630 --> 00:23:05,050 the sooner he can claim victory over Walter Chrysler. 390 00:23:07,678 --> 00:23:12,641 But as it nears completion, Chrysler takes one last swing 391 00:23:14,101 --> 00:23:18,939 saying the tower shouldn't count, since it's decorative. 392 00:23:20,858 --> 00:23:23,485 Coming from the person who pushed a metal spire up 393 00:23:23,611 --> 00:23:25,195 to make his building taller. 394 00:23:27,615 --> 00:23:32,411 Du Pont responds by taking a page out of Chrysler's playbook. 395 00:23:36,123 --> 00:23:39,043 He tells the press that the tower is far more 396 00:23:39,168 --> 00:23:40,169 than just decorative. 397 00:23:44,757 --> 00:23:48,677 It's a docking station for airships, 398 00:23:52,181 --> 00:23:55,643 and he can prove it. 399 00:23:55,726 --> 00:23:59,229 ‐ They announce a plan to erect a mooring mast 400 00:23:59,313 --> 00:24:01,440 where airships could anchor. 401 00:24:01,523 --> 00:24:03,817 The passengers would then exit the air ship 402 00:24:03,943 --> 00:24:06,487 and then they would go down the elevator. 403 00:24:06,570 --> 00:24:08,739 But these things are utter fiction. 404 00:24:09,740 --> 00:24:12,451 ‐ [Narrator] In fact, no airship ever docked 405 00:24:12,534 --> 00:24:14,411 with du Pont's tower. 406 00:24:14,536 --> 00:24:15,829 The photograph he distributed 407 00:24:15,913 --> 00:24:20,459 to the newspapers was a fake created by a specialist 408 00:24:20,542 --> 00:24:23,003 a half century before Photoshop. 409 00:24:24,630 --> 00:24:27,132 ‐ They knew at the time that the mooring mast would never 410 00:24:27,257 --> 00:24:30,678 be able to moor air ships. 411 00:24:30,761 --> 00:24:35,891 The truth is when you're 1,250 feet in the air, 412 00:24:36,892 --> 00:24:39,478 the forces of wind are incredible. 413 00:24:39,561 --> 00:24:43,482 There did not exist a captain who was willing 414 00:24:43,565 --> 00:24:46,819 to dock at the top of the Empire State building. 415 00:24:46,902 --> 00:24:50,197 The mooring mast, if anything, was a kind of exclamation point, 416 00:24:50,322 --> 00:24:52,491 a way to say this race is over, 417 00:24:52,616 --> 00:24:54,827 there's no way you can beat us now. 418 00:25:02,334 --> 00:25:05,671 ‐ [Narrator] The Empire State building officially opens. 419 00:25:06,588 --> 00:25:09,091 In just two years, the New York skyline 420 00:25:09,174 --> 00:25:14,555 has been permanently altered thanks to competing egos. 421 00:25:17,766 --> 00:25:20,769 And Pierre du Pont can now say he built 422 00:25:20,853 --> 00:25:23,981 the tallest structure on earth, 423 00:25:25,566 --> 00:25:28,569 but it quickly turns into a hollow victory. 424 00:25:29,361 --> 00:25:31,822 Nobody is leasing office space. 425 00:25:31,947 --> 00:25:35,868 The Empire State building is virtually empty. 426 00:25:35,993 --> 00:25:39,371 ‐ There's a bit of a myth about what really happened 427 00:25:39,496 --> 00:25:42,249 in terms of the timing around the Great Depression. 428 00:25:43,792 --> 00:25:46,628 It looked after 1929, that things might be okay, 429 00:25:46,712 --> 00:25:49,631 but just for a moment, the V shaped recovery, 430 00:25:49,757 --> 00:25:52,134 you could call it just like a check mark 431 00:25:52,259 --> 00:25:54,845 before a real swoon. 432 00:25:58,265 --> 00:26:02,269 ‐ [Narrator] By 1931, the Great Depression has arrived. 433 00:26:03,228 --> 00:26:07,107 And this time not even JP Morgan can stop it. 434 00:26:14,698 --> 00:26:15,866 (forboding music) 435 00:26:15,991 --> 00:26:18,452 ‐ House and property is estimated at $7.3 million, 436 00:26:19,536 --> 00:26:21,997 commercial properties, including the Manhattan office 437 00:26:22,122 --> 00:26:26,460 hold value at $12.6 million, liquid cash holdings 438 00:26:26,543 --> 00:26:29,797 are approximately 256 million and change. 439 00:26:29,880 --> 00:26:32,007 ‐ As the Great Depression takes hold, 440 00:26:32,091 --> 00:26:36,428 the house of Morgan is cut in size by half. 441 00:26:36,512 --> 00:26:38,097 ‐ Furniture vehicles, 442 00:26:38,180 --> 00:26:40,474 non‐commercial ancillary properties. 443 00:26:40,557 --> 00:26:42,643 ‐ For God's sake, get to the point. 444 00:26:44,019 --> 00:26:49,191 ‐ Overall assets down by 400 million. 445 00:26:51,193 --> 00:26:54,655 ‐ So it is dramatically affected. 446 00:26:54,780 --> 00:26:56,990 ‐ [Narrator] The stock market loses 90% 447 00:26:57,116 --> 00:27:01,495 of its value and America faces another unforeseen disaster. 448 00:27:01,578 --> 00:27:03,997 The nation's banks begin to fail. 449 00:27:04,081 --> 00:27:06,959 ‐ So we all put our deposits in a bank and we expect 450 00:27:07,084 --> 00:27:09,128 to get that money back with some interest. 451 00:27:09,169 --> 00:27:11,880 But if we all get scared, then I want to run to the bank 452 00:27:12,005 --> 00:27:15,134 before you do, I want to pull my money out before you do, 453 00:27:15,217 --> 00:27:17,678 and then everybody pulls out, that's a bank run, 454 00:27:17,803 --> 00:27:19,221 and the bank collapses. 455 00:27:20,848 --> 00:27:24,768 ‐ [Narrator] By the end of 1931, 3,000 banks have closed 456 00:27:24,852 --> 00:27:28,772 and with them, billions of dollars simply vanish. 457 00:27:30,899 --> 00:27:35,070 ‐ To watch your net worth disappear, 458 00:27:35,195 --> 00:27:38,949 in some cases, in a matter of minutes and hours. 459 00:27:39,700 --> 00:27:40,780 I know they're just numbers 460 00:27:40,826 --> 00:27:43,203 but there's a reality behind that. 461 00:27:43,328 --> 00:27:45,205 And there are so many people who lived 462 00:27:45,330 --> 00:27:48,250 through that period and it changed them, 463 00:27:49,334 --> 00:27:50,334 it changed them forever. 464 00:27:53,005 --> 00:27:55,632 ‐ [Reporter] Half the active manpower of the United States 465 00:27:55,757 --> 00:27:58,719 drifting helplessly in search of work. 466 00:27:59,928 --> 00:28:04,725 Marriages off by 22%, birth rate down sharply, 467 00:28:04,850 --> 00:28:07,269 suicide rate, 40% higher. 468 00:28:14,943 --> 00:28:17,154 ‐ [Narrator] By the beginning of 1932 469 00:28:17,237 --> 00:28:20,866 the world's strongest economy has ground to a halt. 470 00:28:25,204 --> 00:28:26,747 ‐ This becomes the deepest, 471 00:28:26,872 --> 00:28:29,416 longest lasting economic downturn 472 00:28:29,541 --> 00:28:31,043 not just in us history. 473 00:28:31,168 --> 00:28:34,504 It's a global phenomenon with a devastating impact. 474 00:28:36,548 --> 00:28:39,009 ‐ Spending is down across the board. 475 00:28:43,138 --> 00:28:46,808 In New York City, no one is leasing office space 476 00:28:46,892 --> 00:28:48,435 in du Pont's new tower. 477 00:28:49,811 --> 00:28:52,898 The press is calling it, the Empty State building. 478 00:28:55,734 --> 00:28:58,528 The news from his car company is even worse. 479 00:29:00,739 --> 00:29:03,909 GM's sales are down by two thirds 480 00:29:07,371 --> 00:29:10,791 and Walter Chrysler is doing just as badly. 481 00:29:13,335 --> 00:29:16,088 ‐ The reality is, if you've lost everything 482 00:29:16,171 --> 00:29:18,382 and you can't even afford to feed yourself 483 00:29:18,507 --> 00:29:20,467 the last thing on your mind is going to be buying 484 00:29:20,592 --> 00:29:21,927 a new automobile. 485 00:29:32,312 --> 00:29:33,992 ‐ [Narrator] Henry Ford initially believes 486 00:29:34,106 --> 00:29:37,359 he's well positioned to ride out the depression. 487 00:29:38,735 --> 00:29:41,697 ‐ Henry Ford, he never trusted Wall Street. 488 00:29:41,822 --> 00:29:44,157 He thought Wall Street was gambling 489 00:29:44,241 --> 00:29:46,910 and that it was to rip off the folks. 490 00:29:47,035 --> 00:29:48,578 ‐ All good here, fellas? 491 00:29:48,662 --> 00:29:50,414 ‐ So when the Great Depression hit 492 00:29:50,539 --> 00:29:54,710 and every company's stocks are going downwards, 493 00:29:54,835 --> 00:29:56,461 you're watching Henry Ford say I don't 494 00:29:56,586 --> 00:29:57,838 play the Stock Market. 495 00:30:02,342 --> 00:30:05,178 ‐ [Narrator] But before long, the depression catches 496 00:30:05,304 --> 00:30:06,388 up with him too. 497 00:30:08,307 --> 00:30:13,103 Ford hasn't seen car sales so low since before World War I. 498 00:30:21,028 --> 00:30:24,156 Ford's airplanes are doing even worse. 499 00:30:24,990 --> 00:30:26,533 ‐ [Reporter] Hungry men live in shacks 500 00:30:26,658 --> 00:30:27,844 reaching the braod avenues of... 501 00:30:27,868 --> 00:30:30,412 ‐ Two things happened with Ford aviation at the beginning 502 00:30:30,495 --> 00:30:31,495 of the depression. 503 00:30:32,456 --> 00:30:35,834 One is the demand for $50,000 airplanes dried up 504 00:30:35,917 --> 00:30:38,587 almost instantly and the other thing that happened 505 00:30:38,670 --> 00:30:40,380 was there was a number of crashes. 506 00:30:46,303 --> 00:30:47,846 ‐ Within the span of a single year, 507 00:30:47,971 --> 00:30:51,475 there were four major crashes of Ford Tri Motors 508 00:30:51,558 --> 00:30:53,602 that killed over 40 people. 509 00:30:53,685 --> 00:30:57,314 In several cases, everyone aboard the aircraft died. 510 00:31:03,528 --> 00:31:06,031 (dial tones) 511 00:31:10,827 --> 00:31:12,579 ‐ Of course I tried six times. 512 00:31:15,207 --> 00:31:17,167 You're welcome to try them yourself. 513 00:31:19,002 --> 00:31:20,420 No, that's not what I meant. 514 00:31:22,589 --> 00:31:25,175 Look, nobody's flying. 515 00:31:27,427 --> 00:31:28,427 Yeah, I'm doing it. 516 00:31:29,513 --> 00:31:31,264 ‐ [Narrator] There's one person Edsel knows 517 00:31:31,348 --> 00:31:35,018 that could convince the public the Tri Motors are safe, 518 00:31:40,273 --> 00:31:43,610 but Ford's partner in aviation, Charles Lindbergh 519 00:31:45,862 --> 00:31:48,240 is dealing with a crisis of his own. 520 00:31:52,494 --> 00:31:57,374 In 1932, Lindbergh's 20 month old son is kidnapped. 521 00:31:58,583 --> 00:32:01,795 ‐ Everything about Charles Lindbergh was a big story. 522 00:32:01,878 --> 00:32:04,131 The birth of his baby was a big story. 523 00:32:04,256 --> 00:32:06,842 And then when that child was kidnapped, 524 00:32:06,967 --> 00:32:10,095 it was the biggest story in the United States. 525 00:32:11,513 --> 00:32:14,975 ‐ [Narrator] And then his child is found dead. 526 00:32:19,521 --> 00:32:22,232 The press refuse to leave him alone. 527 00:32:25,193 --> 00:32:27,237 Lindbergh is devastated. 528 00:32:39,708 --> 00:32:43,753 ‐ What if we, we built with the metal, you know, like boomy. 529 00:32:51,344 --> 00:32:55,223 Dad, wasn't expecting you. 530 00:32:55,974 --> 00:32:57,225 Everything okay? 531 00:32:58,351 --> 00:33:00,145 ‐ It's time to cut our losses. 532 00:33:02,939 --> 00:33:04,441 ‐ What are you talking about? 533 00:33:05,442 --> 00:33:07,444 ‐ I'm shutting Ford Aviation down. 534 00:33:11,031 --> 00:33:13,950 ‐ We have orders, it could be huge. 535 00:33:14,034 --> 00:33:18,038 ‐ That's it, it's over. 536 00:33:21,583 --> 00:33:24,503 Can I trust you to make this happen? 537 00:33:25,378 --> 00:33:27,422 ‐ Sure, Dad, 538 00:33:28,840 --> 00:33:30,300 whatever you want. 539 00:33:31,009 --> 00:33:32,052 ‐ Good. 540 00:33:36,681 --> 00:33:40,602 (downhearted music) 541 00:33:43,104 --> 00:33:45,607 ‐ Edsel was devastated, one of his friends said 542 00:33:45,690 --> 00:33:48,068 that they had never seen him so depressed. 543 00:33:49,069 --> 00:33:51,780 Just like that Edsel Ford's whole identity, 544 00:33:51,863 --> 00:33:53,174 his whole future, what he thought 545 00:33:53,198 --> 00:33:55,075 it was going to be was gone. 546 00:34:09,256 --> 00:34:11,150 ‐ [Narrator] But while most titans are struggling 547 00:34:11,174 --> 00:34:15,220 to survive, the Great Depression, one is thriving. 548 00:34:16,012 --> 00:34:17,222 William Boeing. 549 00:34:19,558 --> 00:34:21,238 ‐ Even though there was a depression going 550 00:34:21,351 --> 00:34:23,144 on for the rest of the United States, 551 00:34:23,186 --> 00:34:25,397 there were still lucrative airmail contracts 552 00:34:25,480 --> 00:34:29,442 from the U S government and so it was a very good time 553 00:34:29,526 --> 00:34:32,362 especially for Boeing and the early 1930s. 554 00:34:33,613 --> 00:34:35,782 ‐ [Narrator] Americans might not be buying cars 555 00:34:35,865 --> 00:34:40,245 or taking trips but they're sending more letters than ever. 556 00:34:42,706 --> 00:34:47,252 And Boeing's planes are moving them. 557 00:34:48,086 --> 00:34:51,506 (airplane engine roars) 558 00:34:53,550 --> 00:34:57,262 Boeing now controls most of the air mail business 559 00:34:57,345 --> 00:34:59,639 but he wants all of it. 560 00:35:00,515 --> 00:35:01,515 ‐ Mr. President. 561 00:35:02,809 --> 00:35:05,103 ‐ [Narrator] He's come to Washington to make his case 562 00:35:05,186 --> 00:35:07,564 to the president, Herbert Hoover. 563 00:35:08,690 --> 00:35:11,151 ‐ Now you and I both know there is no oversight. 564 00:35:12,319 --> 00:35:14,696 Do you honestly believe you're not being bled dry? 565 00:35:15,864 --> 00:35:17,032 I play by rules 566 00:35:17,115 --> 00:35:21,161 but these other guys they're raking you over the coals. 567 00:35:25,206 --> 00:35:26,124 ‐ Mr. Boeing. 568 00:35:26,207 --> 00:35:27,207 ‐ Mr. President. 569 00:35:33,506 --> 00:35:36,509 ‐ William Boeing convinced the Hoover administration 570 00:35:36,635 --> 00:35:39,137 that these small independent companies 571 00:35:39,262 --> 00:35:41,681 that had airmail contracts were actually cheating 572 00:35:41,806 --> 00:35:42,891 the federal government. 573 00:35:42,974 --> 00:35:45,602 Boeing argued, you really should be trusting, reliable, 574 00:35:45,685 --> 00:35:47,771 dependable, trustworthy companies 575 00:35:47,854 --> 00:35:50,815 like my company with the airmail contracts 576 00:35:50,940 --> 00:35:53,860 and amazingly the Hoover administration agreed. 577 00:35:55,862 --> 00:35:57,702 ‐ [Narrator] The new routes are worth millions 578 00:35:57,822 --> 00:36:00,575 of dollars for Boeing's growing business. 579 00:36:01,701 --> 00:36:04,412 While the rest of the industry struggles to survive, 580 00:36:04,537 --> 00:36:07,499 Boeing buys up aviation companies for pennies 581 00:36:07,582 --> 00:36:11,378 on the dollar and adds them to his empire. 582 00:36:12,504 --> 00:36:16,299 ‐ Bill Boeing makes this incredible vertical business. 583 00:36:16,424 --> 00:36:18,843 Airplanes, engines, propellers. 584 00:36:18,968 --> 00:36:21,513 He has a school to train pilots 585 00:36:21,596 --> 00:36:25,100 and mechanics and even builds his own airfield. 586 00:36:25,183 --> 00:36:27,769 Everything under one corporation. 587 00:36:28,937 --> 00:36:31,189 ‐ Boeing has bought nearly every airplane company 588 00:36:31,314 --> 00:36:33,400 in the country, combining them 589 00:36:33,483 --> 00:36:36,611 into the largest airline the world has ever seen. 590 00:36:38,113 --> 00:36:41,741 He calls the new company, United Airlines. 591 00:36:52,252 --> 00:36:56,464 ‐ [Narrator] By 1932, William Boeing has expanded his empire 592 00:36:56,589 --> 00:36:59,384 with his newly formed United airlines. 593 00:37:02,345 --> 00:37:03,638 But for most Americans, 594 00:37:03,722 --> 00:37:06,641 the depression is taking a devastating toll. 595 00:37:08,685 --> 00:37:10,019 ‐ When the stock market crashed, 596 00:37:10,145 --> 00:37:13,231 Herbert Hoover thought that was just a weird spasm 597 00:37:13,356 --> 00:37:15,442 in the stock market and we would come back 598 00:37:15,525 --> 00:37:17,193 so he didn't do anything. 599 00:37:18,194 --> 00:37:22,490 And meanwhile, people suffered like you can't even imagine. 600 00:37:22,615 --> 00:37:25,368 People were living in little shanty towns, 601 00:37:25,493 --> 00:37:28,121 they started being called Hoovervilles. 602 00:37:28,204 --> 00:37:31,583 We were in deep dark shape. 603 00:37:41,885 --> 00:37:45,305 ‐ Things went from bad to worse so quickly 604 00:37:45,388 --> 00:37:49,142 that American business was in grave peril. 605 00:37:49,225 --> 00:37:50,477 They need consumers. 606 00:37:50,560 --> 00:37:53,396 They need a sound currency. 607 00:37:53,521 --> 00:37:55,523 They need a sound banking system. 608 00:37:55,648 --> 00:37:57,192 They need an overall economy 609 00:37:57,317 --> 00:37:59,819 that's going to function well on a macro level 610 00:37:59,944 --> 00:38:03,531 if they're going to remain profitable themselves. 611 00:38:03,615 --> 00:38:06,159 ‐ [Narrator] du Pont has closed GM factories 612 00:38:06,284 --> 00:38:09,120 and laid off workers and still, 613 00:38:09,204 --> 00:38:10,622 he's losing millions. 614 00:38:11,748 --> 00:38:13,500 (thunder claps) 615 00:38:17,462 --> 00:38:20,799 In New York, Wall Street is a ghost town 616 00:38:20,840 --> 00:38:23,593 and J. P Morgan is bleeding money. 617 00:38:24,511 --> 00:38:27,388 ‐ By 1932, as the depression tightens 618 00:38:27,472 --> 00:38:30,308 and deepens as millions of more Americans go 619 00:38:30,350 --> 00:38:32,018 on the unemployment roles, 620 00:38:33,019 --> 00:38:34,646 as the savagery 621 00:38:34,771 --> 00:38:38,149 of the great depression becomes more apparent, 622 00:38:38,274 --> 00:38:40,026 J.P Morgan Jr. And the house of Morgan, 623 00:38:40,109 --> 00:38:43,029 they begin to doubt Hoover. 624 00:38:48,326 --> 00:38:49,994 ‐ Many American business leaders 625 00:38:50,036 --> 00:38:52,205 thought that Herbert Hoover's administration handled 626 00:38:52,330 --> 00:38:53,498 it so poorly. 627 00:38:54,207 --> 00:38:55,792 They needed decisive action. 628 00:38:58,753 --> 00:39:00,505 ‐ [Narrator] Morgan and du Pont decide 629 00:39:00,630 --> 00:39:03,049 the time has come for a change. 630 00:39:04,592 --> 00:39:06,135 With an election coming, 631 00:39:06,219 --> 00:39:07,303 they make it their mission 632 00:39:07,428 --> 00:39:09,764 to get President Hoover kicked out of office. 633 00:39:10,849 --> 00:39:13,726 They found their candidate, an elite like them, 634 00:39:13,852 --> 00:39:16,437 from one of the most respected political families 635 00:39:16,521 --> 00:39:17,522 in America. 636 00:39:27,782 --> 00:39:28,782 ‐ Governor. 637 00:39:28,867 --> 00:39:31,160 ‐ [Narrator] Franklin Delano Roosevelt. 638 00:39:31,286 --> 00:39:33,496 ‐ Mr. Morgan, my friend, Pierre du Pont 639 00:39:33,621 --> 00:39:34,497 ‐ Good to meet you, sir. 640 00:39:34,622 --> 00:39:36,541 ‐ Good to meet you. 641 00:39:36,666 --> 00:39:40,128 ‐ Franklin Roosevelt was a aristocratic child, 642 00:39:40,253 --> 00:39:42,714 a patrician, born on the Hudson river, 643 00:39:42,839 --> 00:39:46,342 lived there, went to prep school, went to Harvard. 644 00:39:46,467 --> 00:39:50,972 ‐ He was very much in the upper‐class in New York. 645 00:39:51,055 --> 00:39:54,225 He could really communicate extremely well 646 00:39:54,350 --> 00:39:56,728 with people from all classes, 647 00:39:56,811 --> 00:39:59,647 all religions, all races, et cetera. 648 00:39:59,731 --> 00:40:01,983 ‐ [Narrator] Although he conceals it from the public, 649 00:40:02,066 --> 00:40:05,862 FDR has lived with polio since the age of 39. 650 00:40:07,572 --> 00:40:09,412 ‐ He didn't do anything to bring on his polio. 651 00:40:09,532 --> 00:40:10,676 Now for the rest of his life, 652 00:40:10,700 --> 00:40:12,660 he couldn't walk again unaided. 653 00:40:12,785 --> 00:40:15,163 And the essence of the great depression 654 00:40:15,246 --> 00:40:16,446 for millions of Americans was, 655 00:40:16,497 --> 00:40:20,084 "I didn't do anything wrong, but the sky fell in upon me." 656 00:40:20,168 --> 00:40:23,963 And Roosevelt was able to connect with those people. 657 00:40:28,384 --> 00:40:30,887 ‐ Mr. Harrison's office please. 658 00:40:31,012 --> 00:40:32,096 ‐ Well, wake him up. 659 00:40:33,222 --> 00:40:35,326 ‐ [Narrator] Morgan and du Pont throw their influence 660 00:40:35,350 --> 00:40:37,727 and their money behind FDR. 661 00:40:38,811 --> 00:40:40,813 ‐ Let's talk about the Roosevelt campaign. 662 00:40:40,939 --> 00:40:42,958 ‐ Yes, I want to talk to you about the Roosevelt campaign. 663 00:40:42,982 --> 00:40:45,068 ‐ We're very excited about Roosevelt. 664 00:40:45,193 --> 00:40:46,736 I think he's all right. 665 00:40:47,820 --> 00:40:49,489 ‐ du Pont and the house of Morgan, 666 00:40:49,572 --> 00:40:52,158 and turning their attention away from Herbert Hoover 667 00:40:52,283 --> 00:40:53,701 and embracing FDR, 668 00:40:53,826 --> 00:40:55,787 supporting FDR with their money. 669 00:40:55,870 --> 00:40:58,665 This really was an example of an early super pack. 670 00:41:05,505 --> 00:41:06,774 ‐ [Narrator] On the campaign trail, 671 00:41:06,798 --> 00:41:09,717 FDR is greeted by huge crowds. 672 00:41:09,842 --> 00:41:12,470 He blames Hoover for the nation's misery 673 00:41:12,595 --> 00:41:16,099 and positions himself as the candidate of change, 674 00:41:16,182 --> 00:41:19,143 promising desperate Americans a new deal. 675 00:41:20,353 --> 00:41:23,189 ‐ He was very fuzzy on what the new deal was going to be. 676 00:41:23,314 --> 00:41:26,067 He simply promised that the government would be more active 677 00:41:26,192 --> 00:41:27,652 and be more helpful, 678 00:41:28,569 --> 00:41:30,697 but it wasn't clear what that meant. 679 00:41:30,822 --> 00:41:33,324 All they knew was it sounded a whole lot better 680 00:41:33,449 --> 00:41:35,618 than be very quiet 681 00:41:35,702 --> 00:41:38,705 and seemingly too little too late ideas of Herbert. 682 00:41:39,664 --> 00:41:40,748 ‐ I am confident. 683 00:41:40,873 --> 00:41:43,376 ‐ He was a great politician, FDR 684 00:41:43,501 --> 00:41:46,129 and he was able to appeal to the unemployed, 685 00:41:46,212 --> 00:41:47,212 the working people, 686 00:41:47,255 --> 00:41:51,050 without startling the rich industrial titans. 687 00:41:52,218 --> 00:41:53,258 ‐ Well we'll wait and see. 688 00:41:55,596 --> 00:41:58,683 ‐ [Narrator] FDR wins the election in a landslide. 689 00:41:59,350 --> 00:42:01,561 (cheering and applause) 690 00:42:02,687 --> 00:42:06,315 His inaugural address brings hope to millions. 691 00:42:06,399 --> 00:42:11,112 ‐ [FDR] So first of all, let me assert my firm belief 692 00:42:12,447 --> 00:42:16,117 that the only thing we have to fear is 693 00:42:16,367 --> 00:42:18,119 fear itself. 694 00:42:18,202 --> 00:42:21,122 (pplause and cheering) 695 00:42:23,458 --> 00:42:24,709 ‐ Good morning sir. 696 00:42:25,918 --> 00:42:28,463 ‐ [FDR] And there must be an end to a conduct in banking and 697 00:42:28,546 --> 00:42:33,551 in business which too often has given to a sacred trust 698 00:42:33,676 --> 00:42:36,929 the likeness of callous and selfish wrongdoing. 699 00:42:37,013 --> 00:42:39,640 ‐ The speech is one of the great political speeches 700 00:42:39,766 --> 00:42:41,267 of the 20th century. 701 00:42:41,350 --> 00:42:45,980 ‐ [FDR] Practices of the unscrupulous money changers 702 00:42:46,981 --> 00:42:50,234 stand indicted in the court of public opinion. 703 00:42:50,359 --> 00:42:52,278 ‐ And the Morgan bankers, 704 00:42:52,361 --> 00:42:54,072 they're expecting that their voice 705 00:42:54,197 --> 00:42:55,865 will be listened to in the White House 706 00:42:55,990 --> 00:43:00,328 as it has been more or less since 1918, 707 00:43:00,453 --> 00:43:02,538 incorrectly as it transpired. 708 00:43:02,872 --> 00:43:04,016 ‐ [FDR] They have resorted... 709 00:43:04,040 --> 00:43:05,166 ‐ [Narrator] In the speech, 710 00:43:05,291 --> 00:43:07,835 Roosevelt says the first thing he's going to do 711 00:43:08,628 --> 00:43:10,546 is go after the bankers. 712 00:43:10,671 --> 00:43:13,132 ‐ [FDR] This nation is asking for action 713 00:43:14,383 --> 00:43:15,802 and action now. 714 00:43:15,927 --> 00:43:19,722 ‐ [Narrator] And within two weeks, FDR turns on Morgan 715 00:43:20,515 --> 00:43:21,849 and comes for him. 716 00:43:22,183 --> 00:43:25,186 (dramatic music) 717 00:43:32,527 --> 00:43:37,323 (ominous music) 718 00:43:38,366 --> 00:43:41,494 ‐ [Narrator] J. P Morgan Jr. Helped put Franklin Roosevelt 719 00:43:41,619 --> 00:43:44,622 into office but now, 720 00:43:44,705 --> 00:43:46,958 the President is coming after him. 721 00:43:47,041 --> 00:43:48,041 ‐ How many? 722 00:44:00,138 --> 00:44:01,764 The hell is this? 723 00:44:01,848 --> 00:44:03,888 ‐ [Narrator] To pull America out of the depression, 724 00:44:03,975 --> 00:44:07,812 FDR is targeting the people he thinks caused the crash. 725 00:44:08,521 --> 00:44:09,521 Bankers. 726 00:44:11,732 --> 00:44:13,651 ‐ Roosevelt needed an enemy 727 00:44:13,734 --> 00:44:16,237 in order to justify the major changes he knew 728 00:44:16,362 --> 00:44:18,948 he would have to undertake to get the economy moving 729 00:44:19,031 --> 00:44:21,200 and he was a good enough politician to know 730 00:44:21,325 --> 00:44:24,370 that you had to find an enemy that many people would hate. 731 00:44:25,788 --> 00:44:28,708 ‐ And J. P Morgan was an obvious person. 732 00:44:28,833 --> 00:44:31,085 His name was synonymous with Wall Street. 733 00:44:32,170 --> 00:44:35,298 So, just like today, if you're upset with big business 734 00:44:35,423 --> 00:44:38,342 you call Jeff Bezos to testify before Congress 735 00:44:38,467 --> 00:44:39,343 and Mark Zuckerberg. 736 00:44:39,468 --> 00:44:41,220 Well, J. P Morgan was that guy. 737 00:44:47,602 --> 00:44:51,397 ‐ [Narrator] Now, FDR intends to create a public spectacle 738 00:44:53,733 --> 00:44:56,068 to ensure that J. P Morgan becomes 739 00:44:56,194 --> 00:44:59,030 the face of the stock market crash. 740 00:45:03,034 --> 00:45:07,538 Roosevelt taps a tough New York lawyer, Ferdinand Pecora, 741 00:45:07,663 --> 00:45:09,916 to call Morgan before Congress. 742 00:45:12,835 --> 00:45:15,963 (press clamoring) 743 00:45:32,063 --> 00:45:33,290 ‐ The hearings as it turned out, 744 00:45:33,314 --> 00:45:37,318 were the subject of extraordinary interest. 745 00:45:38,444 --> 00:45:39,444 ‐ [Pecora] Mr. Morgan. 746 00:45:41,906 --> 00:45:44,158 Thank you very much for joining us today. 747 00:45:45,576 --> 00:45:47,245 ‐ It was late May early June, 748 00:45:47,370 --> 00:45:50,248 and it was unusually hot in Washington DC 749 00:45:50,373 --> 00:45:53,167 and there was no air conditioning in those days. 750 00:45:56,295 --> 00:45:59,173 It was Torrid in every sense of the word. 751 00:46:00,341 --> 00:46:03,844 ‐ You know what, proportion of your total business 752 00:46:03,928 --> 00:46:07,473 and total profits rise from your transactions 753 00:46:07,598 --> 00:46:09,725 on the stock exchange? 754 00:46:09,809 --> 00:46:10,869 ‐ I wouldn't know off hand, 755 00:46:10,893 --> 00:46:15,898 it would take a long time to find out. 756 00:46:16,023 --> 00:46:17,918 ‐ What was the reason for not keeping any minutes 757 00:46:17,942 --> 00:46:20,987 or other written record of the proceedings? 758 00:46:21,112 --> 00:46:23,823 ‐ Well, for reasons of convenience. 759 00:46:23,906 --> 00:46:25,574 Take a man's time to write them up 760 00:46:25,700 --> 00:46:29,078 and they'd be of no use to you. 761 00:46:38,254 --> 00:46:41,340 ‐ Did you manipulate the stock market for your own gains? 762 00:46:52,643 --> 00:46:53,643 Yes? 763 00:46:54,854 --> 00:46:56,063 ‐ Yes, no. 764 00:46:56,188 --> 00:46:58,399 ‐ Mr. Morgan, please answer the question. 765 00:46:59,942 --> 00:47:01,402 Yes or no? 766 00:47:13,372 --> 00:47:15,416 ‐ [Narrator] The hearings accomplish exactly 767 00:47:15,541 --> 00:47:16,876 what FDR wanted. 768 00:47:19,170 --> 00:47:22,465 Millions of Americans now believe that J. P Morgan 769 00:47:22,548 --> 00:47:27,386 and his Wall Street elites led the nation to ruin. 770 00:47:30,014 --> 00:47:33,976 ‐ FDR was not going to coddle the rich. 771 00:47:34,060 --> 00:47:36,812 He genuinely believed that the concentration of power 772 00:47:36,937 --> 00:47:39,565 in a few hands was bad for our country. 773 00:47:42,526 --> 00:47:44,087 ‐ [Narrator] But Roosevelt is doing more 774 00:47:44,111 --> 00:47:46,906 than just pinning the crash on J. P Morgan. 775 00:47:47,740 --> 00:47:50,034 He's drawing a line in the sand 776 00:47:51,285 --> 00:47:54,914 between the rich elites and the rest of the country. 777 00:47:56,040 --> 00:47:58,334 ‐ He picked his enemies carefully 778 00:47:58,417 --> 00:48:01,379 and he cast them as these dinosaurs 779 00:48:01,504 --> 00:48:04,715 who have only their own moneyed interests at heart 780 00:48:04,840 --> 00:48:07,259 and we need to get them out of the way, 781 00:48:07,343 --> 00:48:09,136 so that the American people could live up 782 00:48:09,261 --> 00:48:10,471 to the American dream. 783 00:48:11,806 --> 00:48:15,726 ‐ [Narrator] To prove once and for all which side he's on, 784 00:48:15,851 --> 00:48:18,896 FDR is going to take down another titan 785 00:48:19,021 --> 00:48:21,065 who got him elected. 786 00:48:23,859 --> 00:48:25,069 Pierre du Pont 787 00:48:28,697 --> 00:48:31,325 And to do it, FDR will capitalize 788 00:48:31,450 --> 00:48:34,495 on a best‐selling book about world war one. 789 00:48:36,372 --> 00:48:38,052 ‐ The idea behind the "Merchants of Death" 790 00:48:38,165 --> 00:48:40,167 was that if the United States government 791 00:48:40,292 --> 00:48:42,837 and the American people were dragged into 792 00:48:42,920 --> 00:48:44,880 or duped into war 793 00:48:45,005 --> 00:48:47,633 by bankers, by industrialists, 794 00:48:47,716 --> 00:48:50,219 by people who are going to profit from war. 795 00:48:51,846 --> 00:48:53,848 And one of the chief villains 796 00:48:53,973 --> 00:48:56,976 that they arrive at is du Pont. 797 00:49:00,896 --> 00:49:02,815 Pierre du Pont and the du Pont company 798 00:49:02,898 --> 00:49:05,359 were deeply offended by this. 799 00:49:05,484 --> 00:49:07,987 They really genuinely did not see 800 00:49:08,112 --> 00:49:10,990 that they had done anything criminal. 801 00:49:12,408 --> 00:49:14,493 ‐ [Narrator] du Pont soon finds himself 802 00:49:14,618 --> 00:49:17,246 the subject of a congressional inquiry. 803 00:49:23,085 --> 00:49:25,296 ‐ You charged the government $100 million 804 00:49:25,379 --> 00:49:27,173 to build your smokeless powder piles 805 00:49:27,298 --> 00:49:30,050 and then another 200 million in operating expense. 806 00:49:30,176 --> 00:49:31,969 The du Pont company pocketed at a profit 807 00:49:32,094 --> 00:49:33,304 of nearly $50 million. 808 00:49:33,429 --> 00:49:36,640 While thousands of soldiers were sent to their deaths. 809 00:49:36,724 --> 00:49:39,393 (clock ticking) 810 00:49:49,945 --> 00:49:52,239 You are quite simply a war profiteer 811 00:49:52,323 --> 00:49:55,868 but now, operating not in accordance with the interests... 812 00:49:55,993 --> 00:49:57,161 ‐ [Brand] For du Pont, 813 00:49:58,370 --> 00:50:02,708 everything he's trying to leave behind resurfaces. 814 00:50:04,293 --> 00:50:06,962 ‐ du Pont and the du Pont company get the label 815 00:50:07,087 --> 00:50:09,131 of being the "Merchant of Death" 816 00:50:09,256 --> 00:50:10,549 which is catchy 817 00:50:11,509 --> 00:50:12,718 and horrific. 818 00:50:50,506 --> 00:50:55,469 ‐ Franklin Roosevelt was a very, very gifted politician. 819 00:50:57,096 --> 00:51:00,224 And he saw this as a real opportunity 820 00:51:01,016 --> 00:51:03,477 to appeal to American voters. 821 00:51:05,271 --> 00:51:08,107 If du Pont was vilified in the process, 822 00:51:10,776 --> 00:51:12,361 that's the price of politics. 823 00:51:14,029 --> 00:51:15,669 ‐ [FDR] This Nation is asking for action, 824 00:51:17,074 --> 00:51:18,784 and action now. 825 00:51:18,867 --> 00:51:20,786 (applause) 826 00:51:21,996 --> 00:51:22,996 ‐ [Narrator] For du Pont, 827 00:51:23,038 --> 00:51:24,957 his family name and reputation 828 00:51:25,040 --> 00:51:26,792 have been dragged through the mud. 829 00:51:28,002 --> 00:51:32,214 But for Morgan, his entire empire is being threatened. 830 00:51:37,052 --> 00:51:40,055 Congress passes a law that sets new rules 831 00:51:40,139 --> 00:51:42,266 for how Morgan can operate. 832 00:51:49,315 --> 00:51:52,234 His banking empire will be broken up. 833 00:52:00,868 --> 00:52:02,494 ‐ You have these titans 834 00:52:02,620 --> 00:52:05,164 who are used to calling all the shots. 835 00:52:05,247 --> 00:52:07,958 Who are used to having things go their way. 836 00:52:08,792 --> 00:52:11,629 They didn't like government interference. 837 00:52:13,130 --> 00:52:14,690 ‐ [Narrator] Unable to conduct business 838 00:52:14,798 --> 00:52:16,967 how he wants in America, 839 00:52:17,092 --> 00:52:18,761 Morgan turns his focus 840 00:52:18,844 --> 00:52:21,430 to an area FDR can't touch, 841 00:52:22,681 --> 00:52:24,600 outside of the U. S. 842 00:52:25,559 --> 00:52:27,978 ‐ J. P Morgan Jr. Loaned millions of dollars 843 00:52:28,062 --> 00:52:31,982 to various countries to finance all kinds of regimes. 844 00:52:32,024 --> 00:52:33,984 It was financing the British Empire. 845 00:52:34,109 --> 00:52:36,362 It was financing the French Republic 846 00:52:36,487 --> 00:52:40,324 and it was financing Japan and Germany as well. 847 00:52:48,374 --> 00:52:50,959 ‐ But Germany now has a new leader. 848 00:52:54,088 --> 00:52:55,088 Adolf Hitler. 849 00:52:58,967 --> 00:53:00,511 Loaning them money is a decision 850 00:53:00,636 --> 00:53:02,971 that Morgan will come to regret. 851 00:53:15,192 --> 00:53:17,736 (ominous music) 852 00:53:19,571 --> 00:53:22,324 ‐ [Narrator] After cracking down on Morgan and du Pont, 853 00:53:22,366 --> 00:53:25,911 FDR turns to phase two of his recovery plan. 854 00:53:27,788 --> 00:53:29,915 Getting the country back to work. 855 00:53:33,085 --> 00:53:34,628 ‐ President Roosevelt told the nation 856 00:53:34,712 --> 00:53:36,380 that the project would set an example 857 00:53:36,505 --> 00:53:39,341 of funding for all the generations to come. 858 00:53:41,218 --> 00:53:43,137 ‐ Roads and trails are being made safe and easy 859 00:53:43,220 --> 00:53:44,263 for motor cars. 860 00:53:45,222 --> 00:53:47,641 ‐ Democracy had stepped on the gas. 861 00:53:49,351 --> 00:53:53,897 ‐ FDR went in fast mode with his new deal programs 862 00:53:53,981 --> 00:53:55,274 where you would build bridges 863 00:53:55,357 --> 00:53:57,609 and roads and infrastructure 864 00:53:57,693 --> 00:54:02,156 to constantly put some form of funding into middle‐class 865 00:54:02,281 --> 00:54:05,284 poor and unemployed people's hands. 866 00:54:07,286 --> 00:54:10,748 ‐ [Narrator] FDR chooses one project to be the centerpiece 867 00:54:10,873 --> 00:54:11,873 of his new deal. 868 00:54:15,294 --> 00:54:17,880 It will require a massive workforce 869 00:54:17,963 --> 00:54:20,549 and four million cubic yards of concrete. 870 00:54:21,592 --> 00:54:23,761 A project this big would be a perfect fit 871 00:54:23,844 --> 00:54:27,055 for industrial type means like Ford or du Pont, 872 00:54:28,932 --> 00:54:30,684 but FDR doesn't trust them. 873 00:54:34,730 --> 00:54:37,065 So he gives it to an unknown. 874 00:54:38,442 --> 00:54:40,986 His name is Henry Kaiser. 875 00:54:43,489 --> 00:54:45,240 ‐ Henry Kaiser starts out at the bottom 876 00:54:45,365 --> 00:54:47,326 of the construction industry. 877 00:54:47,409 --> 00:54:48,470 He's the son of immigrants. 878 00:54:48,494 --> 00:54:49,745 He comes from humble origins. 879 00:54:49,828 --> 00:54:52,873 He doesn't go to Ivy league schools. 880 00:54:55,667 --> 00:54:58,086 But the one thing he learns early on is that, 881 00:54:58,170 --> 00:55:00,297 he was always willing to work harder 882 00:55:00,339 --> 00:55:02,132 and longer than anyone else. 883 00:55:02,216 --> 00:55:04,277 ‐ [Kaiser] We need to know if we can get those foundations in.. 884 00:55:04,301 --> 00:55:05,385 ‐ [Narrator] One day, 885 00:55:05,469 --> 00:55:07,109 he'll have so many people working for him 886 00:55:08,180 --> 00:55:09,723 that he starts a healthcare company 887 00:55:09,848 --> 00:55:11,141 for his workers. 888 00:55:11,225 --> 00:55:12,559 Kaiser Permanente. 889 00:55:13,769 --> 00:55:16,396 ‐ All of this here, all of this is gonna have to... 890 00:55:16,480 --> 00:55:18,857 ‐ [Narrator] But right now, he's a nobody. 891 00:55:25,614 --> 00:55:28,826 Now Kaiser has been given the job of his life. 892 00:55:30,369 --> 00:55:33,497 Far out West in the hot barren desert. 893 00:55:34,414 --> 00:55:36,917 Kaiser's project is already underway. 894 00:55:42,297 --> 00:55:43,507 If completed, 895 00:55:43,632 --> 00:55:46,051 it will be the most ambitious engineering project 896 00:55:46,134 --> 00:55:47,719 America has ever built. 897 00:56:00,065 --> 00:56:01,065 The Hoover dam. 898 00:56:09,449 --> 00:56:12,661 Initial construction began under Herbert Hoover. 899 00:56:12,744 --> 00:56:15,664 Blasting enormous tunnels through solid rock 900 00:56:15,747 --> 00:56:17,916 to divert the Colorado river. 901 00:56:18,876 --> 00:56:21,044 Now more than two years into the project, 902 00:56:21,837 --> 00:56:23,922 the river bed is dry and ready 903 00:56:24,840 --> 00:56:27,509 but the dam itself hasn't been started. 904 00:56:29,177 --> 00:56:30,345 The press is calling it, 905 00:56:30,470 --> 00:56:33,140 "The $50 million hole in the ground." 906 00:56:39,897 --> 00:56:42,816 ‐ It was an unimaginably hostile environment. 907 00:56:47,195 --> 00:56:49,072 Desert heat of dust. 908 00:56:54,494 --> 00:56:55,579 ‐ Where's my engineer? 909 00:56:56,914 --> 00:57:00,667 ‐ Men who worked on it said that conditions were harsher 910 00:57:00,709 --> 00:57:02,920 than anything they had ever experienced. 911 00:57:05,839 --> 00:57:09,259 ‐ [Narrator] But Kaiser has run into a serious problem. 912 00:57:09,343 --> 00:57:11,637 Constructing the largest dam in the world, 913 00:57:11,678 --> 00:57:15,140 requires a massive amount of concrete. 914 00:57:15,265 --> 00:57:17,643 ‐ 120, this is way too hot. 915 00:57:17,768 --> 00:57:19,770 Enough to pave a two lane highway 916 00:57:19,853 --> 00:57:22,564 from San Francisco to New York. 917 00:57:23,482 --> 00:57:25,025 ‐ What's it at? 918 00:57:25,150 --> 00:57:27,319 ‐ 120 after 72 hours. 919 00:57:27,402 --> 00:57:28,402 It's not enough. 920 00:57:31,531 --> 00:57:32,908 What do you think we should do? 921 00:57:33,033 --> 00:57:34,534 ‐ I need you to monitor this closely 922 00:57:34,618 --> 00:57:36,828 and let me know as soon as anything changes. 923 00:57:36,912 --> 00:57:38,872 You can take the temperature down. 924 00:57:41,166 --> 00:57:43,460 ‐ [Narrator] Pouring this much concrete can result 925 00:57:43,543 --> 00:57:45,253 in a very dangerous outcome. 926 00:57:47,339 --> 00:57:48,339 Cracking. 927 00:57:49,216 --> 00:57:51,468 ‐ Concrete emits heat as it cures 928 00:57:51,551 --> 00:57:53,387 and if it's not cooled properly, 929 00:57:53,512 --> 00:57:55,472 you'll get cracks in the concrete 930 00:57:55,555 --> 00:57:58,141 and the entire structure will be much weaker 931 00:57:58,225 --> 00:58:00,018 and in fact, it might fail. 932 00:58:02,229 --> 00:58:04,856 There was so much concrete going into Hoover dam, 933 00:58:04,982 --> 00:58:07,317 experts estimated that it would take more 934 00:58:07,401 --> 00:58:09,277 than a century to fully cool down. 935 00:58:14,199 --> 00:58:15,617 In 1928, 936 00:58:16,785 --> 00:58:20,163 just a couple of years before Hoover dam project began, 937 00:58:20,205 --> 00:58:23,834 the St. Francis dam in California had failed. 938 00:58:23,959 --> 00:58:28,672 The reservoir behind St. Francis emptied in 11 minutes 939 00:58:28,755 --> 00:58:30,882 and then swept toward the coast, 940 00:58:30,966 --> 00:58:34,928 taking people, and houses, and livestock with it. 941 00:58:38,432 --> 00:58:41,560 450 people lost their lives. 942 00:58:43,228 --> 00:58:46,273 ‐ [Narrator] Kaiser needs to figure out a solution quickly 943 00:58:47,107 --> 00:58:49,693 or he could jeopardize FDRs new deal 944 00:58:52,279 --> 00:58:56,158 and his project will be one of the most expensive failures 945 00:58:56,241 --> 00:58:57,701 in American history. 946 00:59:05,292 --> 00:59:08,211 (dramatic music) 947 00:59:10,380 --> 00:59:11,798 ‐ [Narrator] In the Nevada desert, 948 00:59:12,799 --> 00:59:14,634 the biggest most important project 949 00:59:14,760 --> 00:59:17,721 in FDR's new deal is underway 950 00:59:25,437 --> 00:59:27,230 but Henry Kaiser has a problem. 951 00:59:28,732 --> 00:59:32,402 He needs to find a way to cool four million cubic yards 952 00:59:32,486 --> 00:59:34,237 of concrete as it hardens 953 00:59:36,531 --> 00:59:38,033 or the Hoover Dam will fail. 954 01:00:07,521 --> 01:00:08,980 ‐ Henry Kaiser was someone who said 955 01:00:09,106 --> 01:00:11,817 "Get the job done no matter what it takes." 956 01:00:11,900 --> 01:00:13,860 And a good example of that is the challenge 957 01:00:13,944 --> 01:00:15,171 they have when they have to figure out 958 01:00:15,195 --> 01:00:17,489 how to cool the concrete used in the construction 959 01:00:17,531 --> 01:00:18,824 of the Hoover dam. 960 01:00:18,907 --> 01:00:20,593 He and his team figure out they can do this 961 01:00:20,617 --> 01:00:22,786 by cooling it from the inside out. 962 01:00:25,038 --> 01:00:27,541 ‐ [Narrator] Kaiser embeds nearly 600 miles 963 01:00:27,666 --> 01:00:29,835 of piping into the concrete 964 01:00:29,918 --> 01:00:33,713 and then pumps chilled river water through it. 965 01:00:33,797 --> 01:00:37,300 ‐ Henry Kaiser built a whole refrigeration plant 966 01:00:37,384 --> 01:00:40,345 to cool the water that would be pumped through the dam 967 01:00:40,470 --> 01:00:41,805 to help it cool properly. 968 01:00:43,557 --> 01:00:44,867 ‐ [Narrator] With chilled water running 969 01:00:44,891 --> 01:00:46,852 through every section of the dam, 970 01:00:46,977 --> 01:00:50,689 the concrete cools in a fraction of the time. 971 01:01:01,700 --> 01:01:03,910 ‐ I think one of the critical components 972 01:01:03,994 --> 01:01:06,413 to being successful in business is being decisive 973 01:01:07,414 --> 01:01:08,850 because you're going to have a lot of naysayers, 974 01:01:08,874 --> 01:01:10,017 so you're going to have to be decisive 975 01:01:10,041 --> 01:01:11,761 and know, "I believe this is going to work. 976 01:01:11,835 --> 01:01:14,087 I'm going to put all my energy behind it." 977 01:01:15,422 --> 01:01:18,925 ‐ [Narrator] Over 20,000 people will work on the Hoover dam 978 01:01:19,968 --> 01:01:22,053 but that's just the tip of the iceberg. 979 01:01:22,971 --> 01:01:26,057 All across America, FDR's new deal programs 980 01:01:26,183 --> 01:01:28,977 are creating millions of well‐paying jobs 981 01:01:30,103 --> 01:01:31,938 and for the first time in years, 982 01:01:32,022 --> 01:01:35,233 people start to feel optimistic about the future. 983 01:01:37,194 --> 01:01:39,487 ‐ Money is circulating in the hands of people 984 01:01:39,529 --> 01:01:40,697 and the assumption is 985 01:01:40,822 --> 01:01:43,158 that this might actually stimulate the economy. 986 01:01:59,883 --> 01:02:00,675 ‐ Good morning, Mr. Boeing. 987 01:02:00,759 --> 01:02:01,760 ‐ Morning. 988 01:02:07,015 --> 01:02:09,517 Ladies and gentlemen, thank you for coming. 989 01:02:10,518 --> 01:02:12,020 You are the first Americans 990 01:02:12,145 --> 01:02:15,232 to witness the future of aviation. 991 01:02:18,026 --> 01:02:19,986 ‐ [Narrator] By late 1933, 992 01:02:20,111 --> 01:02:21,905 Boeing rules the skies 993 01:02:22,906 --> 01:02:24,741 and he's even built a passenger plane 994 01:02:24,824 --> 01:02:26,910 like no one's ever seen before. 995 01:02:27,869 --> 01:02:29,955 ‐ The Boeing 247 is faster 996 01:02:30,038 --> 01:02:31,998 than any other civilian plane. 997 01:02:32,082 --> 01:02:35,627 Boasting a top speed of over 200 miles per hour. 998 01:02:35,710 --> 01:02:37,212 You can have breakfast in New York 999 01:02:37,295 --> 01:02:40,048 and be in Los Angeles in time to catch the sunset. 1000 01:02:41,341 --> 01:02:44,469 ‐ The Boeing 247 was a huge step forward 1001 01:02:44,594 --> 01:02:47,097 in aviation both in design, 1002 01:02:47,180 --> 01:02:49,391 as well as aviation technology. 1003 01:02:49,474 --> 01:02:53,561 It's sleek, single wing, all metal, art deco design. 1004 01:02:53,687 --> 01:02:56,439 It just looks like a modern airplane. 1005 01:02:57,357 --> 01:02:58,793 ‐ [Narrator] Boeing is betting that soon 1006 01:02:58,817 --> 01:03:00,485 the public will be flying again 1007 01:03:01,653 --> 01:03:05,323 and he's completely changing the entire flying experience. 1008 01:03:06,241 --> 01:03:09,160 ‐ Bill Boeing's airline hired eight nurses 1009 01:03:09,244 --> 01:03:10,870 to care for the passengers, 1010 01:03:10,996 --> 01:03:12,831 ease their fears and take care of them 1011 01:03:12,914 --> 01:03:15,083 if they're sick during the flight. 1012 01:03:18,628 --> 01:03:22,090 These were the first flight attendants in the world. 1013 01:03:23,133 --> 01:03:25,135 ‐ Smile for the camera's ladies. 1014 01:03:25,260 --> 01:03:26,678 ‐ [Narrator] With his new plane 1015 01:03:26,803 --> 01:03:29,639 and growing control of the skies, 1016 01:03:29,764 --> 01:03:31,933 who could possibly stop him now? 1017 01:03:36,855 --> 01:03:38,106 Just one man. 1018 01:03:38,940 --> 01:03:39,983 The President. 1019 01:03:42,694 --> 01:03:46,948 He believes the government should be in charge of mail, 1020 01:03:47,032 --> 01:03:48,032 not Boeing. 1021 01:03:49,159 --> 01:03:52,537 A scandal gives FDR his opening. 1022 01:03:55,707 --> 01:03:57,375 ‐ Mr. Boeing, Mr. President. 1023 01:03:58,543 --> 01:04:02,630 ‐ The air mail scandal was a disaster for William Boeing. 1024 01:04:02,714 --> 01:04:04,132 It really took the shine off 1025 01:04:04,257 --> 01:04:07,218 of his company's reputation because newspapers across 1026 01:04:07,344 --> 01:04:09,804 the country were running front page stories 1027 01:04:09,929 --> 01:04:12,307 about corruption, and bribery, and graft, 1028 01:04:12,390 --> 01:04:16,227 and suddenly William Boeing's entire aviation empire 1029 01:04:16,311 --> 01:04:18,897 is now under the scrutiny of the public. 1030 01:04:24,361 --> 01:04:27,447 ‐ FDR believed that there was an unfair advantage given 1031 01:04:27,530 --> 01:04:30,325 to these large corporate titans to make profits 1032 01:04:30,450 --> 01:04:32,619 at the expense of the American people. 1033 01:04:33,703 --> 01:04:36,831 And so the charges of monopoly really drove Roosevelt 1034 01:04:36,915 --> 01:04:37,999 to act. 1035 01:04:45,673 --> 01:04:46,673 ‐ William Boeing? 1036 01:04:47,509 --> 01:04:48,509 ‐ Yes? 1037 01:04:51,846 --> 01:04:52,972 What's this? 1038 01:04:58,311 --> 01:04:59,938 ‐ [Narrator] FDR terminates all 1039 01:05:00,021 --> 01:05:02,565 of Boeing's air mail contracts. 1040 01:05:02,649 --> 01:05:06,611 (dramatic music) 1041 01:05:17,205 --> 01:05:20,125 ‐ [Narrator] In the wake of a scandal, FDR takes away 1042 01:05:20,208 --> 01:05:23,753 all of William Boeing's air mail contracts. 1043 01:05:23,837 --> 01:05:26,423 For Boeing, it's a catastrophe. 1044 01:05:26,506 --> 01:05:29,217 (dramatic music) 1045 01:05:31,302 --> 01:05:33,513 ‐ William Boeing was counting on that revenue 1046 01:05:33,596 --> 01:05:37,016 and income to continue to invest in and expand his business. 1047 01:05:37,100 --> 01:05:40,645 So without those airmail contracts, he has now lost one 1048 01:05:40,728 --> 01:05:45,567 of the only sources of guaranteed income in the 1930s. 1049 01:05:45,692 --> 01:05:48,403 (dramatic music) 1050 01:05:53,283 --> 01:05:55,160 ‐ [Narrator] Roosevelt believes that just like 1051 01:05:55,243 --> 01:05:57,912 with the Hoover Dam, airmail is best left 1052 01:05:58,037 --> 01:06:00,165 in the trusted hands of the government. 1053 01:06:01,708 --> 01:06:04,043 ‐ There had been corruption and bribery involved. 1054 01:06:04,169 --> 01:06:08,631 And so President Roosevelt decided the U. S. Army Air Corps, 1055 01:06:08,673 --> 01:06:12,135 the early American Air Force, would deliver the mail. 1056 01:06:13,428 --> 01:06:15,597 ‐ The Army Air Corps now have to pick up 1057 01:06:15,680 --> 01:06:18,808 for these very experienced pilots who had been 1058 01:06:18,892 --> 01:06:20,059 flying every day 1059 01:06:20,143 --> 01:06:23,354 over well‐proven routes and scheduled airlines. 1060 01:06:23,480 --> 01:06:27,025 They now have to pick it up and carry that forward. 1061 01:06:28,693 --> 01:06:30,904 ‐ [Narrator] The army realizes immediately 1062 01:06:31,029 --> 01:06:33,990 just how unprepared they are for the job. 1063 01:06:34,073 --> 01:06:37,076 Their planes are leftovers from World War I 1064 01:06:37,202 --> 01:06:40,246 and most of the pilots are inexperienced. 1065 01:06:40,371 --> 01:06:41,531 ‐ They don't have the planes. 1066 01:06:41,623 --> 01:06:43,500 They don't have the infrastructure in terms of 1067 01:06:43,541 --> 01:06:45,960 flying day and night around the clock 1068 01:06:46,002 --> 01:06:49,047 in all types of weather operations 1069 01:06:50,340 --> 01:06:52,800 ‐ [Narrator] For the young pilots flying old planes, 1070 01:06:52,884 --> 01:06:55,136 it's a disaster waiting to happen. 1071 01:06:55,261 --> 01:06:58,181 (ominous music) 1072 01:06:59,432 --> 01:07:03,061 ‐ In a span of six weeks, you have more than 60 crashes 1073 01:07:03,144 --> 01:07:05,730 killing many young airmail pilots. 1074 01:07:08,191 --> 01:07:11,069 It was a public relations nightmare for FDR. 1075 01:07:12,612 --> 01:07:15,198 (somber music) 1076 01:07:17,242 --> 01:07:19,994 ‐ [Narrator] Roosevelt realizes he has no choice. 1077 01:07:20,036 --> 01:07:24,123 He reverses his decision and gives the airmail business 1078 01:07:24,207 --> 01:07:26,209 back to private industry. 1079 01:07:29,337 --> 01:07:32,006 ‐ It was a big humiliation for Roosevelt. 1080 01:07:32,131 --> 01:07:35,093 He had just been elected a year before 1081 01:07:35,176 --> 01:07:37,470 and he was flying high. 1082 01:07:37,554 --> 01:07:40,306 He was very popular because of the New Deal. 1083 01:07:40,348 --> 01:07:43,351 And this was his first real political defeat. 1084 01:07:46,229 --> 01:07:48,856 ‐ [Narrator] But when FDR does give air mail back, 1085 01:07:48,940 --> 01:07:50,358 there's a huge catch. 1086 01:07:51,568 --> 01:07:53,820 The government will no longer permit companies to 1087 01:07:53,945 --> 01:07:56,906 both build planes and fly them. 1088 01:07:56,990 --> 01:07:59,909 Boeing's empire is broken up 1089 01:07:59,993 --> 01:08:02,120 but the president doesn't stop there. 1090 01:08:03,162 --> 01:08:05,540 As punishment for creating a monopoly, 1091 01:08:05,623 --> 01:08:08,251 FDR specifically bans William Boeing 1092 01:08:08,334 --> 01:08:13,047 for life from ever flying air mail again. 1093 01:08:13,131 --> 01:08:16,259 (plane engine whirs) 1094 01:08:17,343 --> 01:08:20,263 It's a staggering blow to the aviation titan. 1095 01:08:21,472 --> 01:08:25,393 ‐ Bill Boeing was very angry, disappointed 1096 01:08:26,269 --> 01:08:29,272 to be attacked by the government 1097 01:08:29,355 --> 01:08:32,817 and be accused of being a criminal. 1098 01:08:32,859 --> 01:08:36,237 It crushed him. 1099 01:08:36,362 --> 01:08:39,574 (somber piano music) 1100 01:08:42,076 --> 01:08:44,287 It was more than he could accept. 1101 01:08:46,247 --> 01:08:48,875 ‐ [Narrator] In just two decades, William Boeing turned 1102 01:08:49,000 --> 01:08:50,668 a small plane‐making business 1103 01:08:50,793 --> 01:08:54,047 into the largest aviation empire in the world, 1104 01:08:54,130 --> 01:08:57,300 taking out industrial giants along the way. 1105 01:08:57,383 --> 01:09:00,470 Now, while the company bearing his name will restructure 1106 01:09:00,553 --> 01:09:05,183 and live on, William Boeing is forced into retirement. 1107 01:09:07,018 --> 01:09:10,438 FDR has taken down another titan. 1108 01:09:13,858 --> 01:09:17,487 After the Boeing scandal, FDR wants to make sure 1109 01:09:17,570 --> 01:09:20,698 all American businesses play by the rules. 1110 01:09:20,823 --> 01:09:25,536 So he passes a sweeping new law forcing companies 1111 01:09:25,662 --> 01:09:26,996 to allow unions. 1112 01:09:27,080 --> 01:09:29,374 (ominous music) 1113 01:09:29,499 --> 01:09:31,376 ‐ This was an extraordinary moment. 1114 01:09:31,501 --> 01:09:33,961 This shifted the power structure 1115 01:09:34,045 --> 01:09:36,297 of American industry entirely. 1116 01:09:36,381 --> 01:09:39,425 ‐ It became clear that business leaders didn't 1117 01:09:39,509 --> 01:09:42,929 know what workers wanted or workers needed. 1118 01:09:43,012 --> 01:09:44,347 And this was Roosevelt's way 1119 01:09:44,472 --> 01:09:46,516 of trying to show the American public 1120 01:09:46,599 --> 01:09:48,851 that he could maintain capitalism, 1121 01:09:48,935 --> 01:09:50,019 but improve the lives 1122 01:09:50,144 --> 01:09:51,771 of those who were stuck in the system. 1123 01:09:51,854 --> 01:09:54,899 Often in horrible jobs, by making their jobs better. 1124 01:09:58,236 --> 01:10:00,154 ‐ [Narrator] To industrial giants, 1125 01:10:00,196 --> 01:10:03,408 the law is an attack on capitalism. 1126 01:10:03,533 --> 01:10:05,576 ‐ It was a huge change. 1127 01:10:05,702 --> 01:10:07,578 Government is going to tell you to some degree 1128 01:10:07,704 --> 01:10:09,706 how to run your own business. 1129 01:10:09,831 --> 01:10:12,041 People become entrepreneurs because they don't 1130 01:10:12,166 --> 01:10:13,769 like other people telling them what to do. 1131 01:10:13,793 --> 01:10:15,396 And now all of a sudden, the government's trying 1132 01:10:15,420 --> 01:10:16,587 to tell them what to do. 1133 01:10:16,671 --> 01:10:18,256 They didn't like it a bit. 1134 01:10:20,383 --> 01:10:23,177 ‐ [Narrator] No one hates it more than Henry Ford. 1135 01:10:23,302 --> 01:10:25,972 ‐ Yes, no. I've only just heard. 1136 01:10:26,055 --> 01:10:28,975 My God, this is exactly what I was trying to avoid. 1137 01:10:29,058 --> 01:10:31,519 No, I'll talk to him, myself. 1138 01:10:34,313 --> 01:10:36,649 ‐ What FDR was basically saying was 1139 01:10:36,733 --> 01:10:41,070 yes, you guys have huge power but that power needs 1140 01:10:41,195 --> 01:10:42,572 to be balanced. 1141 01:10:43,740 --> 01:10:47,285 ‐ The early Henry Ford of the Model T era was seen as 1142 01:10:47,368 --> 01:10:49,412 the ultimate people's person 1143 01:10:49,537 --> 01:10:52,331 because of his $5 a day to workers, 1144 01:10:52,415 --> 01:10:55,418 but he didn't believe in the union movement. 1145 01:10:55,501 --> 01:10:58,212 And so if you were a union activist working 1146 01:10:58,337 --> 01:11:00,590 in Henry Ford's facility 1147 01:11:00,673 --> 01:11:03,676 you weren't going to keep your job for very long. 1148 01:11:05,511 --> 01:11:08,306 ‐ [Narrator] Ford calls Roosevelt a tyrant 1149 01:11:08,389 --> 01:11:10,850 and says he'll never negotiate with unions. 1150 01:11:14,187 --> 01:11:16,939 ‐ Henry Ford felt threatened by FDR. 1151 01:11:17,023 --> 01:11:18,232 The problem for Henry Ford 1152 01:11:18,357 --> 01:11:20,693 and many industrialists at the time was 1153 01:11:20,818 --> 01:11:22,779 that they saw the federal government trying 1154 01:11:22,862 --> 01:11:25,740 to dictate how they ran their businesses. 1155 01:11:26,699 --> 01:11:28,618 And this did not sit well with Henry Ford. 1156 01:11:28,701 --> 01:11:30,495 Nobody was going to tell Henry Ford 1157 01:11:30,578 --> 01:11:32,580 how to run his own business. 1158 01:11:32,663 --> 01:11:35,291 ‐ Heads of businesses never want regulations. 1159 01:11:35,374 --> 01:11:37,335 They never want rules. No one does. 1160 01:11:37,460 --> 01:11:39,921 But at that time in history, the everyday American 1161 01:11:40,004 --> 01:11:42,465 the everyday worker wanted better rights. 1162 01:11:42,548 --> 01:11:43,734 In the middle of a depression, 1163 01:11:43,758 --> 01:11:47,470 these titans' cries fell on deaf ears 1164 01:11:47,595 --> 01:11:50,056 because they weren't the most important voice. 1165 01:11:57,021 --> 01:12:00,066 (dramatic music) 1166 01:12:00,942 --> 01:12:02,360 ‐ [Narrator] By 1935, 1167 01:12:02,485 --> 01:12:05,530 Franklin Roosevelt is as popular as ever 1168 01:12:06,989 --> 01:12:09,492 and out west, the president celebrates 1169 01:12:09,534 --> 01:12:11,661 a major victory for his New Deal. 1170 01:12:12,912 --> 01:12:15,832 The dedication of the Hoover Dam. 1171 01:12:15,915 --> 01:12:20,795 ‐ [FDR] Rising 726 feet above the bedrock of the river, 1172 01:12:22,964 --> 01:12:26,050 bordering the geography of a whole region, 1173 01:12:27,009 --> 01:12:29,804 we are here to celebrate the completion 1174 01:12:29,929 --> 01:12:32,807 of the greatest dam in the world. 1175 01:12:35,560 --> 01:12:37,937 ‐ The Hoover Dam changed the United States 1176 01:12:38,020 --> 01:12:41,357 and brought electricity to thousands and thousands 1177 01:12:41,482 --> 01:12:42,650 of American families. 1178 01:12:42,733 --> 01:12:45,486 And it put tens of thousands of people to work 1179 01:12:45,570 --> 01:12:47,363 not just in the building of the dam 1180 01:12:47,488 --> 01:12:49,198 but then in the management of the dam. 1181 01:12:49,323 --> 01:12:52,285 Hoover dam was in some ways the perfect New Deal project. 1182 01:12:52,368 --> 01:12:55,329 It brought light to people, it brought hope to people. 1183 01:12:55,454 --> 01:12:57,498 And it also brought confidence. 1184 01:12:57,582 --> 01:12:58,833 We could do new things. 1185 01:12:58,958 --> 01:13:02,962 We could achieve things again, we could overcome fear. 1186 01:13:03,087 --> 01:13:04,297 (upbeat guitar music) 1187 01:13:04,380 --> 01:13:07,508 ‐ [Narrator] Remarkably absent from the dam's opening 1188 01:13:07,633 --> 01:13:11,637 is the man who built it, Henry Kaiser. 1189 01:13:11,721 --> 01:13:15,600 FDR has already sent him off to oversee more projects 1190 01:13:15,683 --> 01:13:19,687 like the Oakland Bay bridge and the Grand Coulee dam. 1191 01:13:19,812 --> 01:13:23,024 Two jobs worth a quarter billion dollars alone. 1192 01:13:23,941 --> 01:13:26,485 It's a massive investment in America, 1193 01:13:27,820 --> 01:13:32,158 which FDR pays for by significantly raising taxes 1194 01:13:32,241 --> 01:13:34,493 on America's richest titans. 1195 01:13:35,369 --> 01:13:38,122 (ominous music) 1196 01:13:38,205 --> 01:13:40,333 ‐ The Roosevelt administration needed to find ways to 1197 01:13:40,374 --> 01:13:41,792 fund the New Deal. 1198 01:13:42,793 --> 01:13:44,879 One of those was a wealth tax. 1199 01:13:46,547 --> 01:13:50,259 ‐ Roosevelt had the audacity to raise the wealth tax 1200 01:13:50,343 --> 01:13:52,720 up to as much as 75%. 1201 01:13:52,845 --> 01:13:57,516 And he scared the bejesus out of industrial titans. 1202 01:14:00,186 --> 01:14:02,897 (flames crackle) 1203 01:14:04,523 --> 01:14:07,193 (ominous music) 1204 01:14:13,699 --> 01:14:15,451 ‐ Morgan is so angry with Roosevelt 1205 01:14:15,534 --> 01:14:16,869 that it becomes personal 1206 01:14:16,953 --> 01:14:20,831 and he can't stand to read or hear anything about FDR. 1207 01:14:30,299 --> 01:14:31,676 ‐ [Butler] Wait. 1208 01:14:38,432 --> 01:14:41,644 ‐ [Man] In fact, there's a story that Morgan's servants 1209 01:14:41,727 --> 01:14:45,231 are instructed to cut out all references to FDR 1210 01:14:45,356 --> 01:14:46,356 in the paper. 1211 01:14:50,778 --> 01:14:51,988 ‐ [Butler] Thank you. 1212 01:14:53,197 --> 01:14:56,283 ‐ Morgan himself saw FDR as a class traitor, 1213 01:14:56,367 --> 01:14:59,161 as a charlatan, as a left wing hack 1214 01:14:59,245 --> 01:15:03,249 who betrayed his own class in order to help the masses. 1215 01:15:04,917 --> 01:15:06,836 This to him was a cardinal sin. 1216 01:15:08,129 --> 01:15:10,840 (ominous music) 1217 01:15:16,679 --> 01:15:19,765 (footsteps click) 1218 01:15:19,849 --> 01:15:21,642 ‐ [Narrator] For du Pont, whose reputation 1219 01:15:21,726 --> 01:15:24,812 has already been destroyed by FDR, 1220 01:15:24,854 --> 01:15:27,273 the wealth tax is the last straw. 1221 01:15:29,942 --> 01:15:32,319 He calls on other titans of industry 1222 01:15:32,403 --> 01:15:33,863 to do something about it. 1223 01:15:38,534 --> 01:15:43,497 ‐ Gentlemen, we have been vilified 1224 01:15:43,581 --> 01:15:45,291 for all the country's ills. 1225 01:15:47,209 --> 01:15:48,252 We've become pariahs 1226 01:15:51,005 --> 01:15:53,132 and it's all because of this president. 1227 01:15:57,344 --> 01:15:58,888 So, 1228 01:16:02,141 --> 01:16:05,144 we all know what we have to do. 1229 01:16:07,021 --> 01:16:09,982 ‐ All of these guys hated FDR. 1230 01:16:10,107 --> 01:16:13,194 He was raising 75% taxes on them. 1231 01:16:13,319 --> 01:16:19,283 He was a fan of labor unions, and he openly talked 1232 01:16:19,366 --> 01:16:21,869 about how he hated the banks. 1233 01:16:21,994 --> 01:16:23,788 They thought he was a socialist. 1234 01:16:25,581 --> 01:16:26,641 ‐ [Narrator] Together, they form 1235 01:16:26,665 --> 01:16:28,751 the American Liberty League. 1236 01:16:28,834 --> 01:16:31,796 It's a bold move with one clear mission. 1237 01:16:31,879 --> 01:16:34,715 Stop FDR from getting reelected. 1238 01:16:34,799 --> 01:16:37,593 ‐ Many different industry leaders, even competitors 1239 01:16:37,676 --> 01:16:39,804 within the auto industry came together 1240 01:16:39,887 --> 01:16:41,927 in the Liberty League because they shared a concern 1241 01:16:41,972 --> 01:16:43,852 about the way Roosevelt was using his political 1242 01:16:43,974 --> 01:16:46,811 power to limit what they wanted to do. 1243 01:16:49,146 --> 01:16:51,315 Nothing brings competitors together better 1244 01:16:51,440 --> 01:16:52,691 than a common enemy. 1245 01:16:53,859 --> 01:16:56,403 ‐ [Narrator] They back a candidate to run against FDR, 1246 01:16:56,487 --> 01:16:57,863 Alf Landon. 1247 01:16:57,988 --> 01:17:01,158 They know if elected, Landon would do what they want. 1248 01:17:01,242 --> 01:17:04,120 So they bankroll his entire campaign. 1249 01:17:05,538 --> 01:17:06,622 ‐ Let's drink. 1250 01:17:06,705 --> 01:17:09,416 ‐ [Narrator] With du Pont fronting almost a third of it. 1251 01:17:10,334 --> 01:17:14,004 By election night, they hope it's enough. 1252 01:17:18,175 --> 01:17:21,762 ‐ [FDR] This Baseball park is a good place 1253 01:17:21,846 --> 01:17:24,598 to talk about box scores. 1254 01:17:24,682 --> 01:17:27,268 (crowd cheers) 1255 01:17:30,729 --> 01:17:34,692 From where I stand, it looks as if the game 1256 01:17:34,817 --> 01:17:37,611 was pretty well in the bag. 1257 01:17:37,695 --> 01:17:40,322 (crowd cheers) 1258 01:17:41,490 --> 01:17:43,135 ‐ [Reporter] President Roosevelt was cheery as ever 1259 01:17:43,159 --> 01:17:45,369 when he went into the booth to record his own vote 1260 01:17:45,494 --> 01:17:48,664 and a few hours afterwards, his optimism was justified. 1261 01:17:48,747 --> 01:17:51,167 Broadway went mad as the former president was 1262 01:17:51,250 --> 01:17:52,978 returned again with the biggest majority ever 1263 01:17:53,002 --> 01:17:54,545 known in American politics. 1264 01:17:54,670 --> 01:17:57,590 (crowd cheers) 1265 01:17:57,673 --> 01:18:00,092 In an election of 42 million votes, 1266 01:18:00,176 --> 01:18:02,219 the president wins the most overwhelming victory 1267 01:18:02,344 --> 01:18:05,639 in the country's history and the greatest popular election 1268 01:18:05,723 --> 01:18:07,308 in the history of the world. 1269 01:18:11,854 --> 01:18:14,481 (ominous music) 1270 01:18:15,482 --> 01:18:17,568 ‐ [Narrator] FDR has been reelected president 1271 01:18:17,693 --> 01:18:18,693 in a landslide. 1272 01:18:20,613 --> 01:18:22,948 He carries all but two states. 1273 01:18:23,991 --> 01:18:27,161 The Liberty League's efforts are for nothing. 1274 01:18:27,244 --> 01:18:29,997 ‐ The Liberty league failed for one very simple reason. 1275 01:18:30,080 --> 01:18:32,333 Roosevelt's policies were working. 1276 01:18:32,458 --> 01:18:35,544 The Liberty League had a very weak argument. 1277 01:18:35,669 --> 01:18:36,754 What were they defending? 1278 01:18:36,837 --> 01:18:40,299 Going back to Herbert Hoover? Who would support that? 1279 01:18:41,383 --> 01:18:44,094 ‐ [Narrator] FDR's reelection means four more years 1280 01:18:44,178 --> 01:18:46,513 of fighting with the White House. 1281 01:18:47,681 --> 01:18:52,019 At this point, the titans and FDR are bitter adversaries. 1282 01:18:53,312 --> 01:18:55,439 But what none of them realize is 1283 01:18:57,816 --> 01:19:01,195 the real enemy is 4,000 miles away. 1284 01:19:02,196 --> 01:19:04,073 He's building up his army and 1285 01:19:04,198 --> 01:19:06,909 is growing more powerful every day. 1286 01:19:12,957 --> 01:19:15,417 (dramatic music) 1287 01:19:16,001 --> 01:19:19,296 (airplane engine hums) 1288 01:19:24,009 --> 01:19:26,178 ‐ [Narrator] Since the devastating loss of his son, 1289 01:19:29,848 --> 01:19:32,059 Charles Lindbergh has been in hiding. 1290 01:19:35,229 --> 01:19:39,233 But now he's back in the pilot seat, testing a new plane. 1291 01:19:44,989 --> 01:19:45,989 For Hitler. 1292 01:19:51,120 --> 01:19:53,998 ‐ Charles Lindbergh had been living in Europe 1293 01:19:54,081 --> 01:19:56,166 since the early thirties. 1294 01:19:56,250 --> 01:19:58,377 Lindbergh had had it with the press 1295 01:19:58,460 --> 01:20:02,339 after his child was kidnapped and murdered. 1296 01:20:03,549 --> 01:20:05,318 ‐ [Narrator] Hitler has spent the last five years 1297 01:20:05,342 --> 01:20:07,344 building a massive military. 1298 01:20:09,555 --> 01:20:12,641 His Luftwaffe air force is the crown jewel 1299 01:20:14,018 --> 01:20:16,103 and he wants the world to know. 1300 01:20:17,313 --> 01:20:19,898 ‐ While living in Europe, Lindbergh was invited 1301 01:20:20,024 --> 01:20:23,485 to come to Germany by Herman Goehring, 1302 01:20:23,527 --> 01:20:24,653 head of the Luftwaffe. 1303 01:20:26,572 --> 01:20:28,991 ‐ [Narrator] Lindbergh is the first American to see 1304 01:20:29,074 --> 01:20:31,994 the German war machine up close. 1305 01:20:34,872 --> 01:20:38,000 (ominous music) 1306 01:20:38,083 --> 01:20:40,586 ‐ This is part of his legacy. 1307 01:20:40,669 --> 01:20:43,589 Charles Lindbergh went from being an American hero 1308 01:20:43,672 --> 01:20:45,549 to a friend of the Nazis. 1309 01:20:48,010 --> 01:20:50,179 ‐ [Narrator] To Hitler, the American hero 1310 01:20:50,304 --> 01:20:54,016 is the perfect pawn to deliver Germany's message. 1311 01:20:56,268 --> 01:21:00,314 ‐ Hitler hopes that Lindbergh would be incredibly impressed 1312 01:21:00,397 --> 01:21:02,858 with the progress that the Germans had made 1313 01:21:02,983 --> 01:21:05,069 in terms of aircraft production. 1314 01:21:05,194 --> 01:21:07,446 And he proved to be right. 1315 01:21:08,530 --> 01:21:11,325 (dramatic music) 1316 01:21:14,036 --> 01:21:16,747 (cameras click) 1317 01:21:20,417 --> 01:21:22,336 ‐ [Narrator] Upon returning to America, 1318 01:21:22,461 --> 01:21:25,172 Lindbergh brings a dire warning. 1319 01:21:26,382 --> 01:21:28,026 ‐ The Messerschmidt is not like any other plane. 1320 01:21:28,050 --> 01:21:29,301 It's in a different league. 1321 01:21:29,385 --> 01:21:31,970 And trust me, I have flown the best. 1322 01:21:32,096 --> 01:21:33,472 ‐ What makes it so good? 1323 01:21:35,349 --> 01:21:38,227 ‐ It's fast, 380 miles an hour. 1324 01:21:38,310 --> 01:21:40,145 The fastest in the book. 1325 01:21:40,229 --> 01:21:43,065 It can fly higher than any other plane, 20,000 feet. 1326 01:21:45,067 --> 01:21:46,610 ‐ [Man] How many do they have? 1327 01:21:46,693 --> 01:21:50,823 ‐ Around 5,000, but they are building more. 1328 01:21:50,906 --> 01:21:51,906 Bombers, too. 1329 01:21:53,283 --> 01:21:57,121 If there was a war, no country in Europe 1330 01:21:57,204 --> 01:21:59,498 would stand a chance against Germany. 1331 01:22:02,626 --> 01:22:06,338 Come to think of it, neither would America. 1332 01:22:11,385 --> 01:22:14,346 ‐ Lindbergh was incredibly impressed by the new bombers, 1333 01:22:14,471 --> 01:22:17,141 the new fighters that Germany had developed. 1334 01:22:17,182 --> 01:22:20,561 He did exactly what Hitler wanted him to. 1335 01:22:20,644 --> 01:22:23,063 He basically told the rest of the world 1336 01:22:23,188 --> 01:22:25,399 that he thought Germany was invincible. 1337 01:22:27,025 --> 01:22:29,736 ‐ [Narrator] By 1937, Hitler's army 1338 01:22:29,862 --> 01:22:31,530 is a half a million strong 1339 01:22:31,655 --> 01:22:36,160 and is on track to quadruple in size in less than two years. 1340 01:22:36,243 --> 01:22:38,328 And there's more bad news. 1341 01:22:38,454 --> 01:22:41,373 Japan has just invaded China 1342 01:22:41,498 --> 01:22:44,793 and also has built up a huge army. 1343 01:22:45,752 --> 01:22:47,463 ‐ Suddenly you have two super power armies 1344 01:22:47,546 --> 01:22:50,424 and it's obvious they're on the March. 1345 01:22:52,968 --> 01:22:55,637 ‐ [Reporter] In Tokyo, there is widespread rejoicing. 1346 01:22:55,721 --> 01:22:59,308 Now, say the Japanese generals, it is our turn. 1347 01:23:00,934 --> 01:23:04,104 Japan marches in China against... 1348 01:23:04,188 --> 01:23:07,608 ‐ [Narrator] FDR realizes war is inevitable. 1349 01:23:08,775 --> 01:23:12,654 ‐ As he saw Japan going to war against China, 1350 01:23:12,738 --> 01:23:14,406 Roosevelt thought, okay, this is trouble. 1351 01:23:14,531 --> 01:23:17,743 The United States will suffer 1352 01:23:17,868 --> 01:23:21,413 if the Japanese gain control of East Asia. 1353 01:23:21,538 --> 01:23:24,958 As Germany rearmed for war, he saw how 1354 01:23:25,042 --> 01:23:27,920 the United States would inevitably get involved, 1355 01:23:28,003 --> 01:23:30,339 drawn into a war in Europe. 1356 01:23:31,340 --> 01:23:33,467 ‐ [Narrator] But there's a huge problem. 1357 01:23:34,510 --> 01:23:37,054 During the depression, FDR has been focusing 1358 01:23:37,137 --> 01:23:39,181 on rebuilding America's economy 1359 01:23:39,264 --> 01:23:42,976 and infrastructure and spent virtually no money 1360 01:23:43,060 --> 01:23:45,312 on its own military. 1361 01:23:45,395 --> 01:23:48,732 ‐ America's situation, as far as being prepared 1362 01:23:48,815 --> 01:23:51,818 for fighting a modern war, was pretty abysmal. 1363 01:23:51,902 --> 01:23:55,280 We had maybe the 18th largest military in the world. 1364 01:23:55,364 --> 01:23:57,407 Holland had a bigger military than we did. 1365 01:23:57,533 --> 01:23:59,952 Hungary had a better military than we did. 1366 01:24:01,787 --> 01:24:04,373 ‐ [Narrator] FDR knows he must quickly build up 1367 01:24:04,456 --> 01:24:06,124 America's military. 1368 01:24:06,208 --> 01:24:10,921 Tanks, ships, planes, munitions 1369 01:24:12,381 --> 01:24:15,342 on an industrial scale never before attempted 1370 01:24:15,467 --> 01:24:16,802 in American history. 1371 01:24:18,512 --> 01:24:19,864 ‐ America's going to need to build hundreds 1372 01:24:19,888 --> 01:24:23,559 of factories and hire millions of workers. 1373 01:24:24,518 --> 01:24:26,038 And there are really only a few people 1374 01:24:26,144 --> 01:24:28,272 in the country equipped in that moment to be able 1375 01:24:28,355 --> 01:24:29,147 to do that. 1376 01:24:29,273 --> 01:24:33,610 Titans like Ford, du Pont, Morgan, 1377 01:24:33,694 --> 01:24:36,196 Chrysler and Boeing. 1378 01:24:36,280 --> 01:24:38,323 ‐ I think there's an irony that Roosevelt has 1379 01:24:38,407 --> 01:24:40,576 to turn to some of the people he vilified, 1380 01:24:40,701 --> 01:24:43,328 but that's how American capitalism works. 1381 01:24:44,371 --> 01:24:48,292 ‐ [Narrator] And now FDR needs these titans, 1382 01:24:48,375 --> 01:24:52,713 the very people he's condemned, to help 1383 01:24:52,838 --> 01:24:54,006 save the world. 1384 01:24:56,842 --> 01:24:59,886 Next time on the Titans That Built America. 1385 01:25:01,388 --> 01:25:02,598 (gun blasts) 1386 01:25:02,681 --> 01:25:03,825 As World War II begins in Europe, 1387 01:25:03,849 --> 01:25:06,143 FDR needs help preparing for battle. 1388 01:25:06,184 --> 01:25:08,604 ‐ You're asking me to start producing munitions again? 1389 01:25:08,687 --> 01:25:10,731 ‐ The president is asking, as well. 1390 01:25:11,648 --> 01:25:13,968 ‐ The same President who labeled me the merchant of death. 1391 01:25:14,026 --> 01:25:15,920 ‐ [Narrator] After years of the Great Depression, 1392 01:25:15,944 --> 01:25:18,697 Americans have no appetite for another crisis. 1393 01:25:18,780 --> 01:25:23,994 ‐ You can tell FDR that Ford makes cars, not planes. 1394 01:25:24,494 --> 01:25:26,038 If he wants planes, you can tell him 1395 01:25:26,121 --> 01:25:27,831 to go to a damn plane maker. 1396 01:25:29,166 --> 01:25:32,169 ‐ [Narrator] But a surprise attack at Pearl Harbor 1397 01:25:32,294 --> 01:25:33,337 (bomb blasts) 1398 01:25:33,462 --> 01:25:35,297 changes everything. 1399 01:25:35,380 --> 01:25:37,174 ‐ Sir, please come quickly. 1400 01:25:37,299 --> 01:25:39,801 ‐ [Radio] The bombing of Pearl Harbor by enemy planes... 1401 01:25:39,885 --> 01:25:42,262 ‐ [Narrator] It will take America's industrial might 1402 01:25:42,346 --> 01:25:45,307 to build the greatest war machine on earth 1403 01:25:45,390 --> 01:25:46,767 and the stakes couldn't be higher. 1404 01:25:46,850 --> 01:25:48,644 ‐ We're moving as fast as we can. 1405 01:25:48,685 --> 01:25:50,565 Every adjustment means a delay in the assembly. 1406 01:25:50,646 --> 01:25:52,481 ‐ We have a problem with the M‐3. 1407 01:25:52,606 --> 01:25:54,900 They're a complete disaster. 1408 01:25:55,025 --> 01:25:56,151 (dramatic music) 1409 01:25:56,234 --> 01:25:58,654 ‐ [Narrator] Now the Titans must put aside their differences 1410 01:25:58,695 --> 01:26:01,657 with each other and FDR and unite. 1411 01:26:01,740 --> 01:26:03,367 ‐ Their goal is to create 1412 01:26:03,492 --> 01:26:07,245 a sustained nuclear chain reaction. 1413 01:26:07,371 --> 01:26:11,416 ‐ [Narrator] The fate of the world rests in their hands. 1414 01:26:11,541 --> 01:26:13,001 ‐ It's only a matter of time. 1415 01:26:14,002 --> 01:26:16,713 (dramatic music) 104934

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