1 00:00:01,877 --> 00:00:05,504 - [narrator] previously on the titans that built america, 2 00:00:05,548 --> 00:00:08,841 as world war I comes to a close, a new generation 3 00:00:08,926 --> 00:00:10,884 of titans are on the rise. 4 00:00:10,970 --> 00:00:13,804 - [man] we're in the age of the machine. 5 00:00:13,848 --> 00:00:17,141 - [narrator] three car makers fight for dominance. 6 00:00:17,226 --> 00:00:18,809 - This is my father henry ford. 7 00:00:20,396 --> 00:00:22,146 - [man] to pierre du pont. 8 00:00:22,189 --> 00:00:24,648 (crowd cheers) 9 00:00:24,734 --> 00:00:25,524 - the chrysler 70. 10 00:00:25,609 --> 00:00:28,485 (crowd talks over each other) 11 00:00:28,571 --> 00:00:31,405 - [narrator] as a battle rages to take down ford, 12 00:00:31,490 --> 00:00:34,158 he and his son edsel have their sights set on 13 00:00:34,243 --> 00:00:35,868 a new industry. 14 00:00:35,953 --> 00:00:37,578 - We should get into this. 15 00:00:37,663 --> 00:00:39,329 - [narrator] they go head to head 16 00:00:39,415 --> 00:00:41,331 with a young upstart who wants to make his name 17 00:00:41,417 --> 00:00:43,751 in aviation, william boeing. 18 00:00:43,836 --> 00:00:46,503 - Very excited to tell you about boeing's new plane. 19 00:00:46,547 --> 00:00:48,172 (camera pops) 20 00:00:48,257 --> 00:00:49,423 - pull. 21 00:00:49,508 --> 00:00:51,216 (gunshots fire) 22 00:00:51,302 --> 00:00:53,343 hahaha, nothing like it. 23 00:00:55,222 --> 00:00:57,347 - [narrator] with the warring twenties and full swing, 24 00:00:57,433 --> 00:01:00,350 a skyscraper war begins as chrysler 25 00:01:00,436 --> 00:01:02,019 looks to own the skyline. 26 00:01:02,104 --> 00:01:04,354 - So why you building the tallest building in the world? 27 00:01:04,440 --> 00:01:06,482 - So I can look down on gm. 28 00:01:09,779 --> 00:01:11,361 Ha ha. 29 00:01:11,405 --> 00:01:14,031 - [narrator] but du pont won't be out done and plans 30 00:01:14,075 --> 00:01:15,574 a building of his own. 31 00:01:15,659 --> 00:01:18,160 - Same height as chrysler's, a bit taller than. 32 00:01:19,497 --> 00:01:22,247 - The empire state building. 33 00:01:22,333 --> 00:01:25,542 (driving beat begins) 34 00:02:13,259 --> 00:02:15,801 (seagulls caw) 35 00:02:19,223 --> 00:02:20,139 - [reporter] mr. Morgan? 36 00:02:20,182 --> 00:02:22,224 (reporters chatter) 37 00:02:22,309 --> 00:02:23,392 (flashbulbs pop) 38 00:02:23,477 --> 00:02:25,227 mr. Morgan, what are the best investments 39 00:02:25,312 --> 00:02:27,271 and what is your opinion on us steel? 40 00:02:29,400 --> 00:02:32,901 I'll say this, general motors stock is very undervalued. 41 00:02:33,737 --> 00:02:34,486 - [reporter] mr. Morgan, one more question. 42 00:02:34,572 --> 00:02:35,988 - [morgan] thank you. 43 00:02:36,073 --> 00:02:37,823 - Mr. Morgan, one more please one more question, please. 44 00:02:37,908 --> 00:02:39,074 - Thank you gentlemen. 45 00:02:40,661 --> 00:02:43,370 - [narrator] by 1929, wall street has become 46 00:02:43,455 --> 00:02:45,581 the most famous street in america. 47 00:02:47,543 --> 00:02:50,085 And jp morgan jr. Is its king. 48 00:02:51,213 --> 00:02:53,881 - There's a saying about jp morgan jr. 49 00:02:53,966 --> 00:02:57,301 And his partners in the late 1920s, they're called 50 00:02:57,344 --> 00:02:59,845 jesus christ and his 12 apostles 51 00:02:59,889 --> 00:03:02,472 and so that gives you some sense of the stature 52 00:03:02,516 --> 00:03:04,975 of jp morgan jr. On wall street. 53 00:03:06,437 --> 00:03:10,564 He says in effect, I think gm's future looks bright 54 00:03:10,649 --> 00:03:12,566 and gm stock surges in price 55 00:03:12,651 --> 00:03:14,484 and then the stock market follows. 56 00:03:15,905 --> 00:03:18,363 - [narrator] thanks to morgan and his fellow bankers, 57 00:03:18,407 --> 00:03:22,701 the stock market has climbed nearly 40% in just one year. 58 00:03:24,288 --> 00:03:27,331 To investors and even ordinary americans, 59 00:03:27,416 --> 00:03:29,541 there's a sense that you can't lose. 60 00:03:31,795 --> 00:03:34,087 - The thing about the roaring twenties, it was the go go. 61 00:03:34,173 --> 00:03:35,547 Everybody was optimistic, 62 00:03:35,591 --> 00:03:38,050 markets were soaring, when it's so easy 63 00:03:38,093 --> 00:03:40,886 for anybody to go get out a loan and then go speculate. 64 00:03:42,348 --> 00:03:45,224 - And not just speculation from professional investors. 65 00:03:45,267 --> 00:03:47,059 But this was the first time that 66 00:03:47,102 --> 00:03:50,103 joe on the street saw the stock market going up 67 00:03:50,189 --> 00:03:55,108 and decided I'm going to go get myself a loan to buy stock. 68 00:03:55,194 --> 00:03:57,277 And by the way, I'm going to make 69 00:03:57,363 --> 00:03:58,070 a handsome profit doing it. 70 00:03:59,365 --> 00:04:02,199 - It was like a boom like we've never had. 71 00:04:03,827 --> 00:04:06,912 There was a belief that we were in the emerald city. 72 00:04:06,997 --> 00:04:09,248 - [radio announcer] day by day we were nearer to the final 73 00:04:09,333 --> 00:04:12,918 triumph over poverty ever before in the history of any land. 74 00:04:14,171 --> 00:04:16,880 - [narrator] one industry in particular reaps the rewards 75 00:04:16,966 --> 00:04:21,093 from the soaring economy, automobiles. 76 00:04:22,972 --> 00:04:27,933 In 1929, american spend a half billion dollars on new cars. 77 00:04:33,065 --> 00:04:35,274 - The american automobile industry had a larger economy 78 00:04:35,359 --> 00:04:37,901 than every country on earth, with the exception 79 00:04:37,987 --> 00:04:41,154 of germany, France, britain, maybe the soviet union. 80 00:04:42,616 --> 00:04:45,784 - [narrator] 80% of the entire us car market is controlled 81 00:04:45,869 --> 00:04:48,036 by just three companies. 82 00:04:51,000 --> 00:04:54,084 Du pont's general motors has the top spot. 83 00:04:56,338 --> 00:04:58,088 While ford is second. 84 00:05:00,843 --> 00:05:02,634 And then there's chrysler. 85 00:05:07,266 --> 00:05:09,599 - Okay, fellas, let's take a look. 86 00:05:11,186 --> 00:05:13,854 - [narrator] in the eight years since he left gm, 87 00:05:13,939 --> 00:05:16,440 he's grown his company into the number three 88 00:05:16,483 --> 00:05:21,111 automaker in america but he's determined to be number one. 89 00:05:22,781 --> 00:05:23,989 - Let me show you this. 90 00:05:24,033 --> 00:05:25,574 - [narrator] and in order to do that, 91 00:05:25,659 --> 00:05:27,784 he's going to take things to another level 92 00:05:29,121 --> 00:05:32,622 by raising the competition to new heights. 93 00:05:32,708 --> 00:05:37,502 - You see here, this stretches up to the third floor. 94 00:05:37,546 --> 00:05:39,338 I want it to feel like you're stepping through 95 00:05:39,423 --> 00:05:41,631 the doorway into a city. 96 00:05:43,052 --> 00:05:45,635 - [narrator] he's recently started construction on a tower, 97 00:05:47,056 --> 00:05:49,765 that he plans to make the tallest in the world. 98 00:05:50,893 --> 00:05:53,018 He calls it the chrysler building. 99 00:05:54,646 --> 00:05:56,980 - Business entrepreneurs at the top of game. 100 00:05:58,400 --> 00:06:00,359 It's about personal dynamics and relationships 101 00:06:00,444 --> 00:06:03,403 that they have with their colleagues and their peers 102 00:06:03,489 --> 00:06:07,741 and their rivals and they want to beat them. 103 00:06:07,826 --> 00:06:11,161 And whether it's a business or whether it's my house 104 00:06:11,205 --> 00:06:15,999 is bigger or my building is bigger, that's the game. 105 00:06:16,960 --> 00:06:19,169 And that's how it's all scored. 106 00:06:21,590 --> 00:06:23,131 - [narrator] the skyscraper's construction 107 00:06:23,217 --> 00:06:27,886 is a monumental feat, 30,000 tons of steel 108 00:06:27,971 --> 00:06:30,806 and more than 3 million bricks will be needed. 109 00:06:33,977 --> 00:06:37,562 In a building this size, every single detail matters. 110 00:06:38,816 --> 00:06:40,315 - One of the key innovations 111 00:06:40,401 --> 00:06:43,693 in the chrysler building was the world's fastest elevators. 112 00:06:43,779 --> 00:06:46,363 And the building had the longest continuous elevator shaft 113 00:06:46,448 --> 00:06:48,073 in the world at the time. 114 00:06:51,703 --> 00:06:53,578 - [narrator] but chrysler doesn't just want his tower 115 00:06:53,664 --> 00:06:57,541 to be the tallest, it also must be the most beautiful. 116 00:06:58,669 --> 00:07:00,710 - Every entrepreneur knows what their, 117 00:07:00,796 --> 00:07:04,005 their special sauce is, what their, their greatest skill is. 118 00:07:05,217 --> 00:07:08,093 With chrysler, his was beauty and precision. 119 00:07:09,430 --> 00:07:11,763 This is nirosta stainless steel, it's german. 120 00:07:13,350 --> 00:07:15,142 - Walter chrysler, whatever he did, 121 00:07:15,227 --> 00:07:16,935 he was going to be the best at it. 122 00:07:17,020 --> 00:07:18,437 - All right. 123 00:07:18,480 --> 00:07:20,105 - He was going to build the most beautiful skyscraper. 124 00:07:20,149 --> 00:07:21,773 It was going to be the tallest. 125 00:07:21,817 --> 00:07:23,775 It was going to be the talk of the world. 126 00:07:24,903 --> 00:07:27,612 (dramatic orchestral music swells) 127 00:07:27,656 --> 00:07:29,072 - [newsreel announcer] high above street level, 128 00:07:29,116 --> 00:07:31,241 about 1,000 feet high in the air 129 00:07:31,326 --> 00:07:34,953 on the chrysler building looking over lexington avenue. 130 00:07:36,832 --> 00:07:37,914 - [narrator] as it nears completion 131 00:07:37,958 --> 00:07:41,084 in the summer of 1929, 132 00:07:41,170 --> 00:07:43,920 chrysler wants to make sure the world takes notice. 133 00:07:50,262 --> 00:07:51,720 - Mr. Chrysler. 134 00:07:51,805 --> 00:07:54,514 - [narrator] so he hires one of america's top photographers 135 00:07:54,600 --> 00:07:56,141 to document the building. 136 00:07:56,185 --> 00:07:58,143 - Let me show you what I have going on. 137 00:07:58,228 --> 00:07:59,978 - Yeah, let's see it. 138 00:08:01,773 --> 00:08:04,191 - Margaret bourke-white is an amazing photographer 139 00:08:04,276 --> 00:08:06,443 who is known for her photos of factories 140 00:08:06,528 --> 00:08:08,487 and city life and architecture. 141 00:08:09,698 --> 00:08:11,072 And one of the reasons that she stands out 142 00:08:11,158 --> 00:08:12,657 is that she's willing to go places 143 00:08:12,743 --> 00:08:15,660 that no one else will just for that perfect shot. 144 00:08:25,464 --> 00:08:28,131 - [narrator] dangling high above manhattan, 145 00:08:28,217 --> 00:08:30,342 bourke-white captures the spectacle 146 00:08:30,385 --> 00:08:32,010 of chrysler's building. 147 00:08:32,095 --> 00:08:37,098 (dramatic music) 148 00:08:40,771 --> 00:08:43,063 her death defying photos help make chrysler 149 00:08:43,148 --> 00:08:45,649 and his building the biggest news of the year. 150 00:08:50,072 --> 00:08:52,155 But chrysler has competition. 151 00:08:57,829 --> 00:08:59,538 Less than 10 blocks away, 152 00:09:00,999 --> 00:09:04,125 du pont has grand plans for a skyscraper of his own. 153 00:09:07,839 --> 00:09:09,381 The empire state building. 154 00:09:10,926 --> 00:09:13,677 They've demolished the old waldorf astoria hotel 155 00:09:15,472 --> 00:09:18,390 and have raised over $40 million for the construction 156 00:09:18,475 --> 00:09:22,936 of the building, over a half billion in today's dollars. 157 00:09:24,314 --> 00:09:28,525 But now with chrysler so far ahead, some are questioning 158 00:09:28,610 --> 00:09:31,069 whether the project is worth the investment. 159 00:09:33,031 --> 00:09:35,365 - What do you think we should do? 160 00:09:37,160 --> 00:09:38,410 - We're going to build. 161 00:09:39,329 --> 00:09:42,831 (energetic strings begin) 162 00:09:44,710 --> 00:09:48,795 - [narrator] du pont has no interest in standing down. 163 00:09:48,880 --> 00:09:51,423 He's going to continue until he beats chrysler. 164 00:09:52,884 --> 00:09:54,718 So he keeps pushing the architects 165 00:09:54,803 --> 00:09:56,219 to make the building taller. 166 00:09:57,556 --> 00:09:58,930 - They'll be coming from a factory 167 00:09:59,016 --> 00:10:01,391 in pittsburgh and they'll be ordering 250,000 tons. 168 00:10:03,729 --> 00:10:05,645 - There was sort of a personal rivalry among architects. 169 00:10:05,731 --> 00:10:08,898 So you have developers who have these big egos, 170 00:10:08,984 --> 00:10:10,108 who are trying to outdo each other. 171 00:10:10,193 --> 00:10:12,110 You have the architects who are also sort 172 00:10:12,195 --> 00:10:13,570 of part of this game. 173 00:10:14,906 --> 00:10:16,239 - [narrator] the newspapers begin referring to it 174 00:10:16,325 --> 00:10:18,783 as the skyscraper race. 175 00:10:22,914 --> 00:10:25,290 - It's often impossible to keep your plans 176 00:10:25,334 --> 00:10:28,627 to add height secret because you have to file these plans 177 00:10:28,712 --> 00:10:30,295 with the buildings department. 178 00:10:31,673 --> 00:10:34,090 - [narrator] but now with competition heating up 179 00:10:34,176 --> 00:10:36,635 and construction nearly complete, 180 00:10:36,720 --> 00:10:38,595 chrysler is starting to worry. 181 00:10:40,724 --> 00:10:43,433 He wants to make sure when all is said and done, 182 00:10:43,518 --> 00:10:46,686 there's no question whose building is tallest. 183 00:10:46,772 --> 00:10:48,480 - So he went to his architect and he says 184 00:10:48,523 --> 00:10:50,815 you will go back to the drawing board 185 00:10:50,901 --> 00:10:53,568 and you add extra height, you figure out some way 186 00:10:53,654 --> 00:10:55,945 that we can make our building even taller. 187 00:11:00,202 --> 00:11:02,452 (car honks) 188 00:11:08,835 --> 00:11:11,503 - [narrator] for months, chrysler's team has been working 189 00:11:11,546 --> 00:11:13,963 on a secret project. 190 00:11:14,049 --> 00:11:17,175 Tomorrow he plans to unveil it to the world. 191 00:11:17,260 --> 00:11:18,885 - Let's go, let's go. 192 00:11:18,970 --> 00:11:21,805 Let's go. 193 00:11:21,890 --> 00:11:23,181 Hold on, hold on. 194 00:11:23,225 --> 00:11:25,016 - [narrator] within the crown of the building, 195 00:11:25,060 --> 00:11:28,978 hidden from view, chrysler's team has constructed 196 00:11:29,022 --> 00:11:30,939 a massive steel spike. 197 00:11:41,743 --> 00:11:45,995 - We need the beams over there, all the points stack left. 198 00:11:46,081 --> 00:11:47,247 - Hold on, hold on, hold on, 199 00:11:47,332 --> 00:11:48,248 - okay, we're going up, we're going up! 200 00:11:48,333 --> 00:11:50,166 Steady, steady, steady! 201 00:11:50,252 --> 00:11:54,671 (triumphant music) 202 00:11:54,756 --> 00:11:56,172 hold on, hold on. 203 00:11:58,593 --> 00:12:01,010 - [narrator] now, in the dark of night, 204 00:12:01,096 --> 00:12:03,179 the team raises the metal structure 205 00:12:03,223 --> 00:12:04,389 through the top of the building. 206 00:12:05,308 --> 00:12:07,183 (sweeping music) 207 00:12:07,269 --> 00:12:08,977 (workers talk indistinctly) 208 00:12:09,938 --> 00:12:12,856 (phone rings) 209 00:12:15,360 --> 00:12:16,192 - hello? 210 00:12:19,781 --> 00:12:22,282 - [narrator] with the first rays of the dawn, 211 00:12:22,367 --> 00:12:26,244 chrysler's steel spire can be seen piercing the sky. 212 00:12:29,458 --> 00:12:33,376 Overnight, chrysler has added nearly 200 feet 213 00:12:33,420 --> 00:12:37,547 to his building, surpassing even the eiffel tower. 214 00:12:39,134 --> 00:12:41,718 The chrysler building is indisputably 215 00:12:41,762 --> 00:12:45,346 the tallest structure that humans have ever created. 216 00:12:48,727 --> 00:12:51,936 (crowd cheers) 217 00:12:51,980 --> 00:12:54,314 - great job boys, great job. 218 00:12:54,941 --> 00:12:57,317 - Chrysler was more than willing to spend 219 00:12:57,402 --> 00:13:00,069 a significant amount of money to have his building 220 00:13:00,113 --> 00:13:03,823 express his sort of modern architectural view of the world 221 00:13:03,909 --> 00:13:07,202 and to reflect his power and his success. 222 00:13:09,915 --> 00:13:12,248 - [narrator] it's a huge moment for the titan. 223 00:13:13,919 --> 00:13:17,462 - It's the flapper buildings, it's jazz as an edifice. 224 00:13:17,547 --> 00:13:22,091 It is all the audacity all the bombast of the 1920s 225 00:13:22,177 --> 00:13:24,844 captured in concrete and steel. 226 00:13:24,930 --> 00:13:26,971 - Look at it, that's history right there. 227 00:13:31,853 --> 00:13:34,813 - It was so sexy and so new looking and so fresh 228 00:13:34,856 --> 00:13:37,899 and so striking that if my building looks like this, well 229 00:13:37,984 --> 00:13:41,277 certainly the cars have gotta be something pretty special. 230 00:13:41,363 --> 00:13:43,446 So it was the biggest billboard 231 00:13:43,490 --> 00:13:45,323 for a brand that was ever built. 232 00:13:51,706 --> 00:13:53,206 - [radio announcer] the chrysler building at 42nd street 233 00:13:53,291 --> 00:13:56,668 and lexington is the tallest structure in the world. 234 00:13:56,711 --> 00:13:59,045 It's gigantic tower dominates the city 235 00:13:59,130 --> 00:14:01,089 and it can be seen from nearly everywhere. 236 00:14:01,174 --> 00:14:03,842 From it the views of manhattan's are sublime, 237 00:14:03,885 --> 00:14:06,886 it's silver spire flashing in the sun, 238 00:14:06,972 --> 00:14:09,681 a monument of wealth and social prestige. 239 00:14:11,560 --> 00:14:14,477 But new york is not only steel and stone. 240 00:14:14,563 --> 00:14:17,897 It is people too, millions of beating hearts, 241 00:14:17,983 --> 00:14:22,193 lights and shadows, tears and laughter, work and play, 242 00:14:22,237 --> 00:14:27,198 night and day and so it moves from the memories of yesterday 243 00:14:28,076 --> 00:14:29,617 into the promise of tomorrow. 244 00:14:42,299 --> 00:14:44,173 - [narrator] less than 24 hours 245 00:14:44,259 --> 00:14:47,343 after walter chrysler tops out his building, 246 00:14:47,429 --> 00:14:50,805 the u.S. Stock market is taking a nose dive. 247 00:14:52,183 --> 00:14:54,767 - In the year before the stock market crash in 1929, 248 00:14:54,853 --> 00:14:57,103 fortunes are being made all over the place. 249 00:14:57,188 --> 00:14:59,731 And there's this belief, this optimism that the bull 250 00:14:59,816 --> 00:15:01,733 market will never end. 251 00:15:01,818 --> 00:15:03,443 No one could have foreseen 252 00:15:03,528 --> 00:15:05,987 what was coming in October of 1920. 253 00:15:07,407 --> 00:15:10,533 - [narrator] in an instant, the roaring twenties are over. 254 00:15:12,412 --> 00:15:15,079 And the fortunes of the titans 255 00:15:16,166 --> 00:15:18,708 and the entire country 256 00:15:19,294 --> 00:15:20,585 will never be the same. 257 00:15:30,472 --> 00:15:33,473 (dark forboding music) 258 00:15:33,558 --> 00:15:34,557 (bells ringing) 259 00:15:34,643 --> 00:15:35,892 - what's the position on standard oil? 260 00:15:35,936 --> 00:15:38,186 - Standard oil is down by 14% and dropping. 261 00:15:38,271 --> 00:15:39,604 U.S. Steel down by 200. 262 00:15:39,689 --> 00:15:40,855 - Sell down all the stock yet? 263 00:15:40,941 --> 00:15:42,732 Hold the position on standard oil. 264 00:15:45,070 --> 00:15:47,195 - [narrator] in just three days, 265 00:15:47,280 --> 00:15:50,281 the stock market loses almost half its value. 266 00:15:56,414 --> 00:15:58,623 After a decade of reckless spending, 267 00:15:58,708 --> 00:16:01,501 investors suddenly start to get nervous 268 00:16:01,586 --> 00:16:05,463 and begin offloading shares by the tens of millions. 269 00:16:06,841 --> 00:16:09,592 It's the biggest sell off in history. 270 00:16:09,678 --> 00:16:11,177 - Traders know what that feels like 271 00:16:11,262 --> 00:16:12,470 and they know what it means. 272 00:16:12,555 --> 00:16:14,389 It starts to feed on itself 273 00:16:14,474 --> 00:16:17,350 and it, and the momentum just picks up so rapidly. 274 00:16:18,353 --> 00:16:21,312 And so, when the market started selling off in 1929, 275 00:16:21,398 --> 00:16:22,981 it snowballed. 276 00:16:26,069 --> 00:16:29,362 - If you're a stock broker looking up at a board 277 00:16:29,447 --> 00:16:34,534 in 1929 and just watching the numbers tick down minute 278 00:16:34,619 --> 00:16:38,663 by minute by minute, it'll make your heart stop. 279 00:16:40,291 --> 00:16:41,666 I think that there were people who just 280 00:16:41,751 --> 00:16:44,836 couldn't even fathom what they were looking at. 281 00:16:54,139 --> 00:16:58,182 - Jp morgan is watching his world crumble before his eyes 282 00:17:00,186 --> 00:17:03,354 but he knows if anyone can pull the country out 283 00:17:03,440 --> 00:17:06,024 of the crisis, it's him. 284 00:17:08,319 --> 00:17:10,194 (crowd talks over each other) 285 00:17:10,280 --> 00:17:11,863 - [reporter] mr. Morgan, what's happening? 286 00:17:13,408 --> 00:17:15,324 Has the stock market stopped falling? 287 00:17:19,164 --> 00:17:23,124 - The worst is over, everything's going to be okay. 288 00:17:23,209 --> 00:17:24,250 - [reporter] are you sure? 289 00:17:24,335 --> 00:17:26,711 - Trust me, everything's going to be fine. 290 00:17:31,718 --> 00:17:34,052 - Jp morgan says, things are fine. 291 00:17:34,137 --> 00:17:35,887 Everybody goes back and buys. 292 00:17:39,142 --> 00:17:40,558 - U.S. Steel up to one seven. 293 00:17:42,395 --> 00:17:43,227 - Good. 294 00:17:44,731 --> 00:17:47,398 - [narrator] by the power of his word alone, jp morgan 295 00:17:47,442 --> 00:17:50,234 turns around the stock market and makes sure 296 00:17:50,278 --> 00:17:53,905 that he buys at the lowest point to make a huge profit. 297 00:17:56,826 --> 00:17:59,410 Most people think the great depression began right 298 00:17:59,496 --> 00:18:01,746 after the stock market crash. 299 00:18:01,831 --> 00:18:04,082 - Though the crash of 29 is considered the start 300 00:18:04,167 --> 00:18:06,918 of the great depression, in fact, it took another couple 301 00:18:07,003 --> 00:18:08,711 of years before the full depth 302 00:18:08,755 --> 00:18:10,922 of this depression hit the american public. 303 00:18:12,842 --> 00:18:15,468 - So in the world of the stock market, there's this thing 304 00:18:15,553 --> 00:18:18,012 called a v-shaped recovery. 305 00:18:18,098 --> 00:18:21,766 You just go down real quick and come back real quick. 306 00:18:21,851 --> 00:18:24,268 So in the brief aftermath of the crash 307 00:18:24,312 --> 00:18:27,647 there actually was a little v and at the time, 308 00:18:27,732 --> 00:18:29,107 they thought it was a big v. 309 00:18:33,279 --> 00:18:35,154 - [narrator] with the crash seemingly over, 310 00:18:35,240 --> 00:18:37,990 du pont decides he's still going to beat chrysler 311 00:18:38,076 --> 00:18:40,368 with the tallest building in the world, 312 00:18:40,453 --> 00:18:41,953 the empire state building. 313 00:18:43,748 --> 00:18:45,873 - In the fall of 1929 314 00:18:45,959 --> 00:18:50,128 raskob and du pont, they're crunching the numbers. 315 00:18:51,714 --> 00:18:53,089 From du pont's point of view, 316 00:18:53,174 --> 00:18:55,716 it made perfect sense to go forward. 317 00:18:55,802 --> 00:18:57,677 There was every reason to believe at that point 318 00:18:57,762 --> 00:19:00,304 that their project would be economically successful. 319 00:19:02,767 --> 00:19:06,644 - But chrysler's new spire has complicated du pont's plan. 320 00:19:08,314 --> 00:19:11,816 So his architects add floors to increase the height. 321 00:19:13,403 --> 00:19:15,319 - [du pont] it will be taller. 322 00:19:15,363 --> 00:19:17,822 - [builder] yes, 1,054 feet. 323 00:19:17,907 --> 00:19:19,740 - [du pont] and the chrysler building? 324 00:19:19,826 --> 00:19:21,159 - [builder] 1,050 feet. 325 00:19:23,246 --> 00:19:24,829 - So we'll be four feet taller? 326 00:19:28,126 --> 00:19:29,000 - Yes. 327 00:19:31,212 --> 00:19:33,838 - The original plans for the empire state building 328 00:19:33,882 --> 00:19:36,382 was just to have a flat top 329 00:19:36,467 --> 00:19:40,845 at a height that was greater than a chrysler's building. 330 00:19:40,930 --> 00:19:41,679 - Four feet. 331 00:19:44,017 --> 00:19:45,516 Chrysler gets to stick an umbrella on top 332 00:19:45,602 --> 00:19:46,684 and say he's taller. 333 00:19:49,230 --> 00:19:51,772 - But evidently that wasn't enough comfort. 334 00:19:51,858 --> 00:19:54,567 It wasn't enough room to be sure that they were going 335 00:19:54,652 --> 00:19:56,360 to have the world's tallest building. 336 00:19:56,446 --> 00:19:59,447 So in December of 1929, they announced that they have come 337 00:19:59,532 --> 00:20:04,535 up with this plan to erect a 250 foot high structure 338 00:20:05,914 --> 00:20:08,998 which is mostly decorative, so that is a statement. 339 00:20:09,042 --> 00:20:11,834 Du pont wanted to literally and figuratively 340 00:20:11,920 --> 00:20:14,545 put walter chrysler's building in the shade. 341 00:20:17,175 --> 00:20:19,467 - [narrator] to create a building of this magnitude, 342 00:20:19,552 --> 00:20:23,387 du pont oversees the most ambitious construction project 343 00:20:23,473 --> 00:20:24,513 in american history. 344 00:20:26,434 --> 00:20:31,562 Every day, 57,000 tons of steel arrive from pittsburgh. 345 00:20:32,607 --> 00:20:35,566 - All the materials, all the steel and stone 346 00:20:35,652 --> 00:20:38,778 and the piping, everything needed to arrive 347 00:20:38,863 --> 00:20:41,739 at the site just in time 348 00:20:41,783 --> 00:20:43,866 for when it was to be put in place. 349 00:20:46,162 --> 00:20:49,247 And legend has it that the steel was still warm to touch. 350 00:20:52,835 --> 00:20:55,044 - [narrator] a new floor is added each day, 351 00:20:56,506 --> 00:21:00,091 thanks in part to the talents of a new group of workers. 352 00:21:04,389 --> 00:21:06,973 - Native american ironworkers from the mohawk tribe 353 00:21:07,058 --> 00:21:09,100 actually play a role in the construction 354 00:21:09,185 --> 00:21:10,768 of the empire state building. 355 00:21:10,853 --> 00:21:13,771 They're sought after ironworkers because they're recognized 356 00:21:13,856 --> 00:21:17,483 as masters of the craft and for being fearless 357 00:21:17,568 --> 00:21:19,151 because of their ability to work 358 00:21:19,237 --> 00:21:20,778 hundreds of feet in the air. 359 00:21:25,076 --> 00:21:28,536 - [narrator] the empire state building is a true colossus. 360 00:21:28,621 --> 00:21:30,788 Three times wider than the chrysler building 361 00:21:31,874 --> 00:21:33,332 and the first building in the world 362 00:21:33,418 --> 00:21:35,459 to have more than 100 floors. 363 00:21:44,554 --> 00:21:46,804 For chrysler, it's a disaster. 364 00:21:48,391 --> 00:21:50,641 His enemy's building is overtaking him 365 00:21:50,727 --> 00:21:51,976 right before his eyes. 366 00:21:53,062 --> 00:21:55,688 Chrysler decides his only move 367 00:21:55,773 --> 00:21:58,149 is to try to stop the construction. 368 00:22:01,988 --> 00:22:04,488 Chrysler launches a smear campaign. 369 00:22:04,574 --> 00:22:05,656 - Form take two. 370 00:22:06,826 --> 00:22:08,200 - [narrator] to make people doubt 371 00:22:08,244 --> 00:22:10,661 that the empire state building is structurally sound. 372 00:22:11,581 --> 00:22:13,456 - And action. 373 00:22:14,125 --> 00:22:17,168 - Do you think it's possible to build anything taller 374 00:22:17,211 --> 00:22:18,627 than the chrysler building? 375 00:22:19,797 --> 00:22:21,172 - No I do not. 376 00:22:22,717 --> 00:22:25,718 - Skyscrapers must have seemed strange to people 377 00:22:25,803 --> 00:22:27,178 as electricity once had. 378 00:22:27,263 --> 00:22:29,513 They saw these massive buildings arising 379 00:22:29,599 --> 00:22:30,723 out of the landscape 380 00:22:30,808 --> 00:22:32,767 and many wondered if they'd topple over. 381 00:22:33,895 --> 00:22:36,896 - A tall structure has the potential to develop 382 00:22:38,316 --> 00:22:42,651 stress fractures that could lead to catastrophic failure. 383 00:22:42,737 --> 00:22:47,448 - So you're saying the chrysler building will be the tallest 384 00:22:47,533 --> 00:22:49,325 building for the foreseeable future? 385 00:22:50,828 --> 00:22:52,870 - [narrator] du pont knows this is just 386 00:22:52,955 --> 00:22:54,372 chrysler being chrysler. 387 00:22:55,500 --> 00:22:57,375 Construction continues without delay. 388 00:22:58,586 --> 00:23:01,379 The sooner he can top out his skyscraper, 389 00:23:01,422 --> 00:23:04,715 the sooner he can claim victory over walter chrysler. 390 00:23:07,470 --> 00:23:12,181 But as it nears completion, chrysler takes one last swing 391 00:23:13,976 --> 00:23:18,562 saying the tower shouldn't count, since it's decorative. 392 00:23:20,691 --> 00:23:23,275 Coming from the person who pushed a metal spire up 393 00:23:23,361 --> 00:23:24,860 to make his building taller. 394 00:23:27,365 --> 00:23:31,909 Du pont responds by taking a page out of chrysler's playbook. 395 00:23:35,957 --> 00:23:38,749 He tells the press that the tower is far more 396 00:23:38,835 --> 00:23:39,875 than just decorative. 397 00:23:44,549 --> 00:23:48,259 It's a docking station for airships, 398 00:23:51,806 --> 00:23:55,433 and he can prove it. 399 00:23:55,518 --> 00:23:58,936 - They announce a plan to erect a mooring mast 400 00:23:58,980 --> 00:24:01,147 where airships could anchor. 401 00:24:01,232 --> 00:24:03,691 The passengers would then exit the air ship 402 00:24:03,776 --> 00:24:06,277 and then they would go down the elevator. 403 00:24:06,320 --> 00:24:08,279 But these things are utter fiction. 404 00:24:09,490 --> 00:24:12,158 - [narrator] in fact, no airship ever docked 405 00:24:12,243 --> 00:24:14,118 with du pont's tower. 406 00:24:14,203 --> 00:24:15,619 The photograph he distributed 407 00:24:15,663 --> 00:24:20,166 to the newspapers was a fake created by a specialist 408 00:24:20,251 --> 00:24:22,626 a half century before photoshop. 409 00:24:24,380 --> 00:24:26,797 - They knew at the time that the mooring mast would never 410 00:24:26,883 --> 00:24:30,468 be able to moor air ships. 411 00:24:30,511 --> 00:24:35,473 The truth is when you're 1,250 feet in the air, 412 00:24:36,684 --> 00:24:39,143 the forces of wind are incredible. 413 00:24:39,228 --> 00:24:43,147 There did not exist a captain who was willing 414 00:24:43,232 --> 00:24:46,609 to dock at the top of the empire state building. 415 00:24:46,694 --> 00:24:49,820 The mooring mast, if anything, was a kind of exclamation point, 416 00:24:49,906 --> 00:24:52,198 a way to say this race is over, 417 00:24:52,283 --> 00:24:54,325 there's no way you can beat us now. 418 00:25:02,251 --> 00:25:05,169 - [narrator] the empire state building officially opens. 419 00:25:06,297 --> 00:25:08,923 In just two years, the new york skyline 420 00:25:09,008 --> 00:25:14,011 has been permanently altered thanks to competing egos. 421 00:25:17,475 --> 00:25:20,559 And pierre du pont can now say he built 422 00:25:20,645 --> 00:25:23,521 the tallest structure on earth, 423 00:25:25,233 --> 00:25:28,025 but it quickly turns into a hollow victory. 424 00:25:28,945 --> 00:25:31,612 Nobody is leasing office space. 425 00:25:31,697 --> 00:25:35,616 The empire state building is virtually empty. 426 00:25:35,701 --> 00:25:39,245 - There's a bit of a myth about what really happened 427 00:25:39,330 --> 00:25:41,830 in terms of the timing around the great depression. 428 00:25:43,459 --> 00:25:46,377 It looked after 1929, that things might be okay, 429 00:25:46,420 --> 00:25:49,380 but just for a moment, the v shaped recovery, 430 00:25:49,465 --> 00:25:51,757 you could call it just like a check mark 431 00:25:51,842 --> 00:25:54,385 before a real swoon. 432 00:25:58,099 --> 00:26:01,892 - [narrator] by 1931, the great depression has arrived. 433 00:26:03,062 --> 00:26:06,689 And this time not even jp morgan can stop it. 434 00:26:14,365 --> 00:26:15,656 (forboding music) 435 00:26:15,741 --> 00:26:18,075 - house and property is estimated at $7.3 million, 436 00:26:19,412 --> 00:26:21,787 commercial properties, including the manhattan office 437 00:26:21,872 --> 00:26:26,166 hold value at $12.6 million, liquid cash holdings 438 00:26:26,252 --> 00:26:29,545 are approximately 256 million and change. 439 00:26:29,630 --> 00:26:31,880 - As the great depression takes hold, 440 00:26:31,924 --> 00:26:36,135 the house of morgan is cut in size by half. 441 00:26:36,220 --> 00:26:37,928 - Furniture vehicles, 442 00:26:38,014 --> 00:26:40,139 non-commercial ancillary properties. 443 00:26:40,224 --> 00:26:42,099 - For god's sake, get to the point. 444 00:26:43,728 --> 00:26:48,772 - Overall assets down by 400 million. 445 00:26:50,943 --> 00:26:54,403 - So it is dramatically affected. 446 00:26:54,488 --> 00:26:56,780 - [narrator] the stock market loses 90% 447 00:26:56,866 --> 00:27:01,160 of its value and america faces another unforeseen disaster. 448 00:27:01,245 --> 00:27:03,787 The nation's banks begin to fail. 449 00:27:03,831 --> 00:27:06,832 - So we all put our deposits in a bank and we expect 450 00:27:06,917 --> 00:27:08,959 to get that money back with some interest. 451 00:27:09,003 --> 00:27:11,670 But if we all get scared, then I want to run to the bank 452 00:27:11,756 --> 00:27:14,965 before you do, I want to pull my money out before you do, 453 00:27:15,051 --> 00:27:17,384 and then everybody pulls out, that's a bank run, 454 00:27:17,470 --> 00:27:18,802 and the bank collapses. 455 00:27:20,556 --> 00:27:24,516 - [narrator] by the end of 1931, 3,000 banks have closed 456 00:27:24,602 --> 00:27:28,270 and with them, billions of dollars simply vanish. 457 00:27:30,608 --> 00:27:34,860 - To watch your net worth disappear, 458 00:27:34,945 --> 00:27:38,447 in some cases, in a matter of minutes and hours. 459 00:27:39,325 --> 00:27:40,407 I know they're just numbers 460 00:27:40,493 --> 00:27:43,035 but there's a reality behind that. 461 00:27:43,120 --> 00:27:45,037 And there are so many people who lived 462 00:27:45,122 --> 00:27:47,831 through that period and it changed them, 463 00:27:48,918 --> 00:27:49,833 it changed them forever. 464 00:27:52,755 --> 00:27:55,339 - [reporter] half the active manpower of the united states 465 00:27:55,424 --> 00:27:58,175 drifting helplessly in search of work. 466 00:27:59,679 --> 00:28:04,431 Marriages off by 22%, birth rate down sharply, 467 00:28:04,517 --> 00:28:06,850 suicide rate, 40% higher. 468 00:28:14,652 --> 00:28:16,944 - [narrator] by the beginning of 1932 469 00:28:17,029 --> 00:28:20,364 the world's strongest economy has ground to a halt. 470 00:28:24,912 --> 00:28:26,412 - This becomes the deepest, 471 00:28:26,497 --> 00:28:28,997 longest lasting economic downturn 472 00:28:29,083 --> 00:28:30,874 not just in us history. 473 00:28:30,960 --> 00:28:34,169 It's a global phenomenon with a devastating impact. 474 00:28:36,173 --> 00:28:38,549 - Spending is down across the board. 475 00:28:42,930 --> 00:28:46,515 In new york city, no one is leasing office space 476 00:28:46,600 --> 00:28:48,058 in du pont's new tower. 477 00:28:49,520 --> 00:28:52,396 The press is calling it, the empty state building. 478 00:28:55,401 --> 00:28:58,193 The news from his car company is even worse. 479 00:29:00,406 --> 00:29:03,407 Gm's sales are down by two thirds 480 00:29:07,121 --> 00:29:10,247 and walter chrysler is doing just as badly. 481 00:29:13,210 --> 00:29:15,878 - The reality is, if you've lost everything 482 00:29:15,921 --> 00:29:18,255 and you can't even afford to feed yourself 483 00:29:18,340 --> 00:29:20,174 the last thing on your mind is going to be buying 484 00:29:20,259 --> 00:29:21,425 a new automobile. 485 00:29:32,062 --> 00:29:33,771 - [narrator] henry ford initially believes 486 00:29:33,856 --> 00:29:36,940 he's well positioned to ride out the depression. 487 00:29:38,402 --> 00:29:41,403 - Henry ford, he never trusted wall street. 488 00:29:41,489 --> 00:29:43,906 He thought wall street was gambling 489 00:29:43,991 --> 00:29:46,658 and that it was to rip off the folks. 490 00:29:46,744 --> 00:29:48,243 - All good here, fellas? 491 00:29:48,287 --> 00:29:50,287 - So when the great depression hit 492 00:29:50,372 --> 00:29:54,416 and every company's stocks are going downwards, 493 00:29:54,502 --> 00:29:56,126 you're watching henry ford say I don't 494 00:29:56,212 --> 00:29:57,294 play the stock market. 495 00:30:02,134 --> 00:30:04,718 - [narrator] but before long, the depression catches 496 00:30:04,804 --> 00:30:05,969 up with him too. 497 00:30:08,098 --> 00:30:12,643 Ford hasn't seen car sales so low since before world war I. 498 00:30:20,736 --> 00:30:23,695 Ford's airplanes are doing even worse. 499 00:30:24,657 --> 00:30:26,156 - [reporter] hungry men live in shacks 500 00:30:26,242 --> 00:30:27,658 reaching the braod avenues of... 501 00:30:27,743 --> 00:30:29,993 - Two things happened with ford aviation at the beginning 502 00:30:30,037 --> 00:30:30,953 of the depression. 503 00:30:32,248 --> 00:30:35,499 One is the demand for $50,000 airplanes dried up 504 00:30:35,584 --> 00:30:38,252 almost instantly and the other thing that happened 505 00:30:38,337 --> 00:30:40,003 was there was a number of crashes. 506 00:30:46,053 --> 00:30:47,553 - Within the span of a single year, 507 00:30:47,638 --> 00:30:51,056 there were four major crashes of ford tri motors 508 00:30:51,141 --> 00:30:53,517 that killed over 40 people. 509 00:30:53,602 --> 00:30:56,854 In several cases, everyone aboard the aircraft died. 510 00:31:03,112 --> 00:31:05,529 (dial tones) 511 00:31:10,452 --> 00:31:12,202 - of course I tried six times. 512 00:31:14,957 --> 00:31:16,707 You're welcome to try them yourself. 513 00:31:18,711 --> 00:31:20,043 No, that's not what I meant. 514 00:31:22,172 --> 00:31:24,715 Look, nobody's flying. 515 00:31:26,969 --> 00:31:27,885 Yeah, I'm doing it. 516 00:31:29,346 --> 00:31:31,054 - [narrator] there's one person edsel knows 517 00:31:31,098 --> 00:31:34,516 that could convince the public the tri motors are safe, 518 00:31:39,982 --> 00:31:43,233 but ford's partner in aviation, charles lindbergh 519 00:31:45,446 --> 00:31:47,738 is dealing with a crisis of his own. 520 00:31:52,244 --> 00:31:56,914 In 1932, lindbergh's 20 month old son is kidnapped. 521 00:31:58,417 --> 00:32:01,460 - Everything about charles lindbergh was a big story. 522 00:32:01,545 --> 00:32:03,921 The birth of his baby was a big story. 523 00:32:04,006 --> 00:32:06,548 And then when that child was kidnapped, 524 00:32:06,634 --> 00:32:09,593 it was the biggest story in the united states. 525 00:32:11,347 --> 00:32:14,431 - [narrator] and then his child is found dead. 526 00:32:19,313 --> 00:32:21,772 The press refuse to leave him alone. 527 00:32:24,902 --> 00:32:26,735 Lindbergh is devastated. 528 00:32:39,541 --> 00:32:43,418 - What if we, we built with the metal, you know, like boomy. 529 00:32:51,136 --> 00:32:54,763 Dad, wasn't expecting you. 530 00:32:55,599 --> 00:32:56,765 Everything okay? 531 00:32:58,102 --> 00:32:59,643 - It's time to cut our losses. 532 00:33:02,564 --> 00:33:03,981 - What are you talking about? 533 00:33:05,234 --> 00:33:06,984 - I'm shutting ford aviation down. 534 00:33:10,698 --> 00:33:13,615 - We have orders, it could be huge. 535 00:33:13,701 --> 00:33:17,494 - That's it, it's over. 536 00:33:21,375 --> 00:33:24,126 Can I trust you to make this happen? 537 00:33:24,920 --> 00:33:27,004 - Sure, dad, 538 00:33:28,507 --> 00:33:29,840 whatever you want. 539 00:33:30,676 --> 00:33:31,508 - Good. 540 00:33:36,265 --> 00:33:40,183 (downhearted music) 541 00:33:42,771 --> 00:33:45,439 - edsel was devastated, one of his friends said 542 00:33:45,524 --> 00:33:47,524 that they had never seen him so depressed. 543 00:33:48,736 --> 00:33:51,403 Just like that edsel ford's whole identity, 544 00:33:51,488 --> 00:33:52,863 his whole future, what he thought 545 00:33:52,906 --> 00:33:54,531 it was going to be was gone. 546 00:34:08,964 --> 00:34:10,797 - [narrator] but while most titans are struggling 547 00:34:10,883 --> 00:34:14,718 to survive, the great depression, one is thriving. 548 00:34:15,721 --> 00:34:16,720 William boeing. 549 00:34:19,349 --> 00:34:21,016 - Even though there was a depression going 550 00:34:21,101 --> 00:34:22,851 on for the rest of the united states, 551 00:34:22,895 --> 00:34:25,228 there were still lucrative airmail contracts 552 00:34:25,272 --> 00:34:29,191 from the u s government and so it was a very good time 553 00:34:29,234 --> 00:34:31,860 especially for boeing and the early 1930s. 554 00:34:33,405 --> 00:34:35,655 - [narrator] americans might not be buying cars 555 00:34:35,741 --> 00:34:39,743 or taking trips but they're sending more letters than ever. 556 00:34:42,498 --> 00:34:46,750 And boeing's planes are moving them. 557 00:34:47,753 --> 00:34:51,088 (airplane engine roars) 558 00:34:53,342 --> 00:34:57,010 boeing now controls most of the air mail business 559 00:34:57,096 --> 00:34:59,221 but he wants all of it. 560 00:35:00,057 --> 00:35:00,931 - Mr. President. 561 00:35:02,601 --> 00:35:04,768 - [narrator] he's come to washington to make his case 562 00:35:04,812 --> 00:35:07,104 to the president, herbert hoover. 563 00:35:08,482 --> 00:35:10,607 - Now you and I both know there is no oversight. 564 00:35:12,027 --> 00:35:14,277 Do you honestly believe you're not being bled dry? 565 00:35:15,405 --> 00:35:16,947 I play by rules 566 00:35:16,990 --> 00:35:20,617 but these other guys they're raking you over the coals. 567 00:35:24,873 --> 00:35:25,789 - Mr. Boeing. 568 00:35:25,874 --> 00:35:26,623 - Mr. President. 569 00:35:33,257 --> 00:35:36,341 - William boeing convinced the hoover administration 570 00:35:36,426 --> 00:35:38,844 that these small independent companies 571 00:35:38,929 --> 00:35:41,263 that had airmail contracts were actually cheating 572 00:35:41,348 --> 00:35:42,806 the federal government. 573 00:35:42,850 --> 00:35:45,392 Boeing argued, you really should be trusting, reliable, 574 00:35:45,477 --> 00:35:47,602 dependable, trustworthy companies 575 00:35:47,646 --> 00:35:50,730 like my company with the airmail contracts 576 00:35:50,816 --> 00:35:53,483 and amazingly the hoover administration agreed. 577 00:35:55,654 --> 00:35:57,529 - [narrator] the new routes are worth millions 578 00:35:57,614 --> 00:36:00,115 of dollars for boeing's growing business. 579 00:36:01,451 --> 00:36:04,161 While the rest of the industry struggles to survive, 580 00:36:04,246 --> 00:36:07,247 boeing buys up aviation companies for pennies 581 00:36:07,332 --> 00:36:10,876 on the dollar and adds them to his empire. 582 00:36:12,212 --> 00:36:16,047 - Bill boeing makes this incredible vertical business. 583 00:36:16,133 --> 00:36:18,466 Airplanes, engines, propellers. 584 00:36:18,552 --> 00:36:21,344 He has a school to train pilots 585 00:36:21,388 --> 00:36:24,806 and mechanics and even builds his own airfield. 586 00:36:24,892 --> 00:36:27,350 Everything under one corporation. 587 00:36:28,770 --> 00:36:30,896 - Boeing has bought nearly every airplane company 588 00:36:30,981 --> 00:36:33,190 in the country, combining them 589 00:36:33,233 --> 00:36:36,151 into the largest airline the world has ever seen. 590 00:36:37,738 --> 00:36:41,323 He calls the new company, united airlines. 591 00:36:52,169 --> 00:36:56,254 - [narrator] by 1932, william boeing has expanded his empire 592 00:36:56,340 --> 00:36:58,882 with his newly formed united airlines. 593 00:37:02,054 --> 00:37:03,511 But for most americans, 594 00:37:03,555 --> 00:37:06,223 the depression is taking a devastating toll. 595 00:37:08,477 --> 00:37:09,935 - When the stock market crashed, 596 00:37:10,020 --> 00:37:12,938 herbert hoover thought that was just a weird spasm 597 00:37:13,023 --> 00:37:15,190 in the stock market and we would come back 598 00:37:15,275 --> 00:37:16,900 so he didn't do anything. 599 00:37:18,070 --> 00:37:22,280 And meanwhile, people suffered like you can't even imagine. 600 00:37:22,366 --> 00:37:25,075 People were living in little shanty towns, 601 00:37:25,160 --> 00:37:27,744 they started being called hoovervilles. 602 00:37:27,829 --> 00:37:31,081 We were in deep dark shape. 603 00:37:41,718 --> 00:37:45,053 - Things went from bad to worse so quickly 604 00:37:45,097 --> 00:37:48,765 that american business was in grave peril. 605 00:37:48,850 --> 00:37:50,267 They need consumers. 606 00:37:50,310 --> 00:37:53,144 They need a sound currency. 607 00:37:53,230 --> 00:37:55,313 They need a sound banking system. 608 00:37:55,399 --> 00:37:56,898 They need an overall economy 609 00:37:56,984 --> 00:37:59,651 that's going to function well on a macro level 610 00:37:59,736 --> 00:38:03,280 if they're going to remain profitable themselves. 611 00:38:03,323 --> 00:38:05,824 - [narrator] du pont has closed gm factories 612 00:38:05,909 --> 00:38:08,785 and laid off workers and still, 613 00:38:08,870 --> 00:38:10,120 he's losing millions. 614 00:38:11,290 --> 00:38:12,956 (thunder claps) 615 00:38:17,170 --> 00:38:20,630 in new york, wall street is a ghost town 616 00:38:20,674 --> 00:38:23,133 and j.P morgan is bleeding money. 617 00:38:24,261 --> 00:38:27,137 - By 1932, as the depression tightens 618 00:38:27,180 --> 00:38:29,973 and deepens as millions of more americans go 619 00:38:30,017 --> 00:38:31,641 on the unemployment roles, 620 00:38:32,644 --> 00:38:34,477 as the savagery 621 00:38:34,563 --> 00:38:37,814 of the great depression becomes more apparent, 622 00:38:37,899 --> 00:38:39,649 j.P morgan jr. And the house of morgan, 623 00:38:39,693 --> 00:38:42,652 they begin to doubt hoover. 624 00:38:47,951 --> 00:38:49,826 - Many american business leaders 625 00:38:49,870 --> 00:38:51,870 thought that herbert hoover's administration handled 626 00:38:51,955 --> 00:38:52,954 it so poorly. 627 00:38:53,832 --> 00:38:55,332 They needed decisive action. 628 00:38:58,545 --> 00:39:00,295 - [narrator] morgan and du pont decide 629 00:39:00,380 --> 00:39:02,672 the time has come for a change. 630 00:39:04,301 --> 00:39:05,842 With an election coming, 631 00:39:05,886 --> 00:39:07,093 they make it their mission 632 00:39:07,179 --> 00:39:09,304 to get president hoover kicked out of office. 633 00:39:10,599 --> 00:39:13,516 They found their candidate, an elite like them, 634 00:39:13,602 --> 00:39:16,186 from one of the most respected political families 635 00:39:16,271 --> 00:39:17,020 in america. 636 00:39:27,282 --> 00:39:28,531 - Governor. 637 00:39:28,617 --> 00:39:30,825 - [narrator] franklin delano roosevelt. 638 00:39:30,911 --> 00:39:33,244 - Mr. Morgan, my friend, pierre du pont 639 00:39:33,330 --> 00:39:34,204 - good to meet you, sir. 640 00:39:34,289 --> 00:39:36,289 - Good to meet you. 641 00:39:36,375 --> 00:39:39,834 - Franklin roosevelt was a aristocratic child, 642 00:39:39,920 --> 00:39:42,545 a patrician, born on the hudson river, 643 00:39:42,631 --> 00:39:46,049 lived there, went to prep school, went to harvard. 644 00:39:46,134 --> 00:39:50,804 - He was very much in the upper-class in new york. 645 00:39:50,889 --> 00:39:53,932 He could really communicate extremely well 646 00:39:54,017 --> 00:39:56,518 with people from all classes, 647 00:39:56,561 --> 00:39:59,396 all religions, all races, et cetera. 648 00:39:59,481 --> 00:40:01,815 - [narrator] although he conceals it from the public, 649 00:40:01,900 --> 00:40:05,402 fdr has lived with polio since the age of 39. 650 00:40:07,280 --> 00:40:09,114 - He didn't do anything to bring on his polio. 651 00:40:09,199 --> 00:40:10,365 Now for the rest of his life, 652 00:40:10,450 --> 00:40:12,409 he couldn't walk again unaided. 653 00:40:12,494 --> 00:40:14,744 And the essence of the great depression 654 00:40:14,830 --> 00:40:16,287 for millions of americans was, 655 00:40:16,373 --> 00:40:19,958 "I didn't do anything wrong, but the sky fell in upon me." 656 00:40:20,043 --> 00:40:23,586 and roosevelt was able to connect with those people. 657 00:40:28,051 --> 00:40:30,468 - Mr. Harrison's office please. 658 00:40:30,554 --> 00:40:31,719 - Well, wake him up. 659 00:40:33,098 --> 00:40:34,931 - [narrator] morgan and du pont throw their influence 660 00:40:35,016 --> 00:40:37,267 and their money behind fdr. 661 00:40:38,562 --> 00:40:40,603 - Let's talk about the roosevelt campaign. 662 00:40:40,689 --> 00:40:42,689 - Yes, I want to talk to you about the roosevelt campaign. 663 00:40:42,774 --> 00:40:44,691 - We're very excited about roosevelt. 664 00:40:44,776 --> 00:40:46,276 I think he's all right. 665 00:40:47,571 --> 00:40:49,195 - Du pont and the house of morgan, 666 00:40:49,281 --> 00:40:51,781 and turning their attention away from herbert hoover 667 00:40:51,867 --> 00:40:53,450 and embracing fdr, 668 00:40:53,535 --> 00:40:55,535 supporting fdr with their money. 669 00:40:55,620 --> 00:40:58,121 This really was an example of an early super pack. 670 00:41:05,213 --> 00:41:06,463 - [narrator] on the campaign trail, 671 00:41:06,548 --> 00:41:09,507 fdr is greeted by huge crowds. 672 00:41:09,593 --> 00:41:12,218 He blames hoover for the nation's misery 673 00:41:12,304 --> 00:41:15,930 and positions himself as the candidate of change, 674 00:41:15,974 --> 00:41:18,808 promising desperate americans a new deal. 675 00:41:20,228 --> 00:41:23,062 - He was very fuzzy on what the new deal was going to be. 676 00:41:23,148 --> 00:41:25,690 He simply promised that the government would be more active 677 00:41:25,775 --> 00:41:27,150 and be more helpful, 678 00:41:28,236 --> 00:41:30,487 but it wasn't clear what that meant. 679 00:41:30,572 --> 00:41:32,989 All they knew was it sounded a whole lot better 680 00:41:33,074 --> 00:41:35,325 than be very quiet 681 00:41:35,410 --> 00:41:38,161 and seemingly too little too late ideas of herbert. 682 00:41:39,331 --> 00:41:40,497 - I am confident. 683 00:41:40,582 --> 00:41:43,082 - He was a great politician, fdr 684 00:41:43,168 --> 00:41:45,710 and he was able to appeal to the unemployed, 685 00:41:45,795 --> 00:41:47,003 the working people, 686 00:41:47,088 --> 00:41:50,673 without startling the rich industrial titans. 687 00:41:51,843 --> 00:41:52,842 - Well we'll wait and see. 688 00:41:55,305 --> 00:41:58,181 - [narrator] fdr wins the election in a landslide. 689 00:41:59,017 --> 00:42:01,017 (cheering and applause) 690 00:42:02,354 --> 00:42:06,189 his inaugural address brings hope to millions. 691 00:42:06,274 --> 00:42:10,693 - [fdr] so first of all, let me assert my firm belief 692 00:42:12,072 --> 00:42:15,698 that the only thing we have to fear is 693 00:42:15,992 --> 00:42:17,700 fear itself. 694 00:42:17,786 --> 00:42:20,703 (pplause and cheering) 695 00:42:23,083 --> 00:42:24,165 - good morning sir. 696 00:42:25,669 --> 00:42:28,378 - [fdr] and there must be an end to a conduct in banking and 697 00:42:28,463 --> 00:42:33,258 in business which too often has given to a sacred trust 698 00:42:33,343 --> 00:42:36,761 the likeness of callous and selfish wrongdoing. 699 00:42:36,846 --> 00:42:39,389 - The speech is one of the great political speeches 700 00:42:39,474 --> 00:42:41,140 of the 20th century. 701 00:42:41,226 --> 00:42:45,562 - [fdr] practices of the unscrupulous money changers 702 00:42:46,731 --> 00:42:49,857 stand indicted in the court of public opinion. 703 00:42:49,943 --> 00:42:51,901 - And the morgan bankers, 704 00:42:51,987 --> 00:42:53,903 they're expecting that their voice 705 00:42:53,989 --> 00:42:55,613 will be listened to in the white house 706 00:42:55,699 --> 00:42:59,951 as it has been more or less since 1918, 707 00:43:00,036 --> 00:43:02,245 incorrectly as it transpired. 708 00:43:02,581 --> 00:43:03,746 - [fdr] they have resorted... 709 00:43:03,790 --> 00:43:04,998 - [narrator] in the speech, 710 00:43:05,083 --> 00:43:07,375 roosevelt says the first thing he's going to do 711 00:43:08,336 --> 00:43:10,253 is go after the bankers. 712 00:43:10,338 --> 00:43:12,755 - [fdr] this nation is asking for action 713 00:43:14,050 --> 00:43:15,592 and action now. 714 00:43:15,677 --> 00:43:19,220 - [narrator] and within two weeks, fdr turns on morgan 715 00:43:20,098 --> 00:43:21,389 and comes for him. 716 00:43:21,766 --> 00:43:24,767 (dramatic music) 717 00:43:32,110 --> 00:43:36,946 (ominous music) 718 00:43:38,241 --> 00:43:41,159 - [narrator] j.P morgan jr. Helped put franklin roosevelt 719 00:43:41,244 --> 00:43:43,036 into office 720 00:43:43,121 --> 00:43:44,287 but now, 721 00:43:44,372 --> 00:43:46,497 the president is coming after him. 722 00:43:46,583 --> 00:43:47,415 - How many? 723 00:43:59,638 --> 00:44:01,512 The hell is this? 724 00:44:01,598 --> 00:44:03,640 - [narrator] to pull america out of the depression, 725 00:44:03,725 --> 00:44:07,310 fdr is targeting the people he thinks caused the crash. 726 00:44:08,188 --> 00:44:08,978 Bankers. 727 00:44:11,399 --> 00:44:13,316 - Roosevelt needed an enemy 728 00:44:13,401 --> 00:44:16,069 in order to justify the major changes he knew 729 00:44:16,154 --> 00:44:18,696 he would have to undertake to get the economy moving 730 00:44:18,782 --> 00:44:21,032 and he was a good enough politician to know 731 00:44:21,117 --> 00:44:23,993 that you had to find an enemy that many people would hate. 732 00:44:25,455 --> 00:44:28,373 - And j.P morgan was an obvious person. 733 00:44:28,458 --> 00:44:30,667 His name was synonymous with wall street. 734 00:44:32,003 --> 00:44:35,171 So, just like today, if you're upset with big business 735 00:44:35,256 --> 00:44:38,007 you call jeff bezos to testify before congress 736 00:44:38,093 --> 00:44:39,008 and mark zuckerberg. 737 00:44:39,094 --> 00:44:40,843 Well, j.P morgan was that guy. 738 00:44:47,477 --> 00:44:51,020 - [narrator] now, fdr intends to create a public spectacle 739 00:44:53,400 --> 00:44:55,900 to ensure that j.P morgan becomes 740 00:44:55,985 --> 00:44:58,528 the face of the stock market crash. 741 00:45:02,784 --> 00:45:07,161 Roosevelt taps a tough new york lawyer, ferdinand pecora, 742 00:45:07,247 --> 00:45:09,372 to call morgan before congress. 743 00:45:12,502 --> 00:45:15,503 (press clamoring) 744 00:45:31,813 --> 00:45:33,020 - the hearings as it turned out, 745 00:45:33,106 --> 00:45:36,899 were the subject of extraordinary interest. 746 00:45:38,027 --> 00:45:38,860 - [pecora] mr. Morgan. 747 00:45:41,614 --> 00:45:43,698 Thank you very much for joining us today. 748 00:45:45,201 --> 00:45:47,076 - It was late may early June, 749 00:45:47,162 --> 00:45:50,079 and it was unusually hot in washington dc 750 00:45:50,165 --> 00:45:52,749 and there was no air conditioning in those days. 751 00:45:56,087 --> 00:45:58,755 It was torrid in every sense of the word. 752 00:46:00,175 --> 00:46:03,593 - You know what, proportion of your total business 753 00:46:03,636 --> 00:46:07,138 and total profits rise from your transactions 754 00:46:07,223 --> 00:46:09,432 on the stock exchange? 755 00:46:09,476 --> 00:46:10,475 - I wouldn't know off hand, 756 00:46:10,560 --> 00:46:15,646 it would take a long time to find out. 757 00:46:15,732 --> 00:46:17,607 - What was the reason for not keeping any minutes 758 00:46:17,650 --> 00:46:20,735 or other written record of the proceedings? 759 00:46:20,820 --> 00:46:23,529 - Well, for reasons of convenience. 760 00:46:23,615 --> 00:46:25,239 Take a man's time to write them up 761 00:46:25,325 --> 00:46:28,576 and they'd be of no use to you. 762 00:46:38,046 --> 00:46:40,963 - Did you manipulate the stock market for your own gains? 763 00:46:52,227 --> 00:46:52,975 Yes? 764 00:46:54,521 --> 00:46:55,812 - Yes, no. 765 00:46:55,897 --> 00:46:57,980 - Mr. Morgan, please answer the question. 766 00:46:59,609 --> 00:47:00,983 Yes or no? 767 00:47:13,122 --> 00:47:14,997 - [narrator] the hearings accomplish exactly 768 00:47:15,083 --> 00:47:16,332 what fdr wanted. 769 00:47:18,920 --> 00:47:22,338 Millions of americans now believe that j.P morgan 770 00:47:22,423 --> 00:47:26,968 and his wall street elites led the nation to ruin. 771 00:47:29,681 --> 00:47:33,724 - Fdr was not going to coddle the rich. 772 00:47:33,810 --> 00:47:36,519 He genuinely believed that the concentration of power 773 00:47:36,604 --> 00:47:39,188 in a few hands was bad for our country. 774 00:47:42,318 --> 00:47:43,776 - [narrator] but roosevelt is doing more 775 00:47:43,862 --> 00:47:46,362 than just pinning the crash on j.P morgan. 776 00:47:47,323 --> 00:47:49,490 He's drawing a line in the sand 777 00:47:50,994 --> 00:47:54,370 between the rich elites and the rest of the country. 778 00:47:55,748 --> 00:47:58,207 - He picked his enemies carefully 779 00:47:58,251 --> 00:48:01,252 and he cast them as these dinosaurs 780 00:48:01,337 --> 00:48:04,380 who have only their own moneyed interests at heart 781 00:48:04,465 --> 00:48:07,049 and we need to get them out of the way, 782 00:48:07,135 --> 00:48:08,926 so that the american people could live up 783 00:48:09,012 --> 00:48:10,052 to the american dream. 784 00:48:11,681 --> 00:48:15,391 - [narrator] to prove once and for all which side he's on, 785 00:48:15,476 --> 00:48:18,603 fdr is going to take down another titan 786 00:48:18,688 --> 00:48:20,563 who got him elected. 787 00:48:23,484 --> 00:48:24,567 Pierre du pont 788 00:48:28,323 --> 00:48:29,447 and to do it, 789 00:48:29,532 --> 00:48:31,157 fdr will capitalize 790 00:48:31,242 --> 00:48:34,076 on a best-selling book about world war one. 791 00:48:36,122 --> 00:48:37,747 - The idea behind the "merchants of death" 792 00:48:37,832 --> 00:48:39,957 was that if the united states government 793 00:48:40,043 --> 00:48:42,585 and the american people were dragged into 794 00:48:42,629 --> 00:48:44,587 or duped into war 795 00:48:44,672 --> 00:48:47,506 by bankers, by industrialists, 796 00:48:47,592 --> 00:48:49,759 by people who are going to profit from war. 797 00:48:51,512 --> 00:48:53,554 And one of the chief villains 798 00:48:53,640 --> 00:48:56,432 that they arrive at is du pont. 799 00:49:00,563 --> 00:49:02,438 Pierre du pont and the du pont company 800 00:49:02,523 --> 00:49:05,191 were deeply offended by this. 801 00:49:05,276 --> 00:49:07,735 They really genuinely did not see 802 00:49:07,820 --> 00:49:10,446 that they had done anything criminal. 803 00:49:12,158 --> 00:49:14,325 - [narrator] du pont soon finds himself 804 00:49:14,410 --> 00:49:16,744 the subject of a congressional inquiry. 805 00:49:22,794 --> 00:49:25,086 - You charged the government $100 million 806 00:49:25,171 --> 00:49:26,963 to build your smokeless powder piles 807 00:49:27,048 --> 00:49:29,799 and then another 200 million in operating expense. 808 00:49:29,884 --> 00:49:31,676 The du pont company pocketed at a profit 809 00:49:31,761 --> 00:49:33,135 of nearly $50 million. 810 00:49:33,221 --> 00:49:36,305 While thousands of soldiers were sent to their deaths. 811 00:49:36,349 --> 00:49:38,975 (clock ticking) 812 00:49:49,570 --> 00:49:51,988 you are quite simply a war profiteer 813 00:49:52,031 --> 00:49:55,533 but now, operating not in accordance with the interests... 814 00:49:55,618 --> 00:49:56,659 - [brand] for du pont, 815 00:49:58,121 --> 00:50:02,289 everything he's trying to leave behind resurfaces. 816 00:50:04,043 --> 00:50:06,711 - Du pont and the du pont company get the label 817 00:50:06,796 --> 00:50:08,921 of being the "merchant of death" 818 00:50:09,007 --> 00:50:10,131 which is catchy 819 00:50:11,092 --> 00:50:12,341 and horrific. 820 00:50:50,298 --> 00:50:55,051 - Franklin roosevelt was a very, very gifted politician. 821 00:50:56,804 --> 00:50:59,722 And he saw this as a real opportunity 822 00:51:00,683 --> 00:51:03,017 to appeal to american voters. 823 00:51:04,979 --> 00:51:07,563 If du pont was vilified in the process, 824 00:51:10,359 --> 00:51:11,901 that's the price of politics. 825 00:51:13,654 --> 00:51:15,237 - [fdr] this nation is asking for action, 826 00:51:16,741 --> 00:51:18,407 and action now. 827 00:51:18,451 --> 00:51:20,409 (applause) 828 00:51:21,579 --> 00:51:22,578 - [narrator] for du pont, 829 00:51:22,663 --> 00:51:24,580 his family name and reputation 830 00:51:24,665 --> 00:51:26,373 have been dragged through the mud. 831 00:51:27,919 --> 00:51:31,712 But for morgan, his entire empire is being threatened. 832 00:51:36,719 --> 00:51:39,762 Congress passes a law that sets new rules 833 00:51:39,806 --> 00:51:41,764 for how morgan can operate. 834 00:51:49,023 --> 00:51:51,732 His banking empire will be broken up. 835 00:52:00,451 --> 00:52:02,284 - You have these titans 836 00:52:02,370 --> 00:52:04,829 who are used to calling all the shots. 837 00:52:04,914 --> 00:52:07,581 Who are used to having things go their way. 838 00:52:08,584 --> 00:52:11,252 They didn't like government interference. 839 00:52:12,797 --> 00:52:14,296 - [narrator] unable to conduct business 840 00:52:14,382 --> 00:52:16,632 how he wants in america, 841 00:52:16,717 --> 00:52:18,342 morgan turns his focus 842 00:52:18,427 --> 00:52:20,970 to an area fdr can't touch, 843 00:52:22,223 --> 00:52:24,181 outside of the u.S. 844 00:52:25,351 --> 00:52:27,893 - J.P morgan jr. Loaned millions of dollars 845 00:52:27,979 --> 00:52:31,605 to various countries to finance all kinds of regimes. 846 00:52:31,649 --> 00:52:33,649 It was financing the british empire. 847 00:52:33,734 --> 00:52:36,152 It was financing the french republic 848 00:52:36,237 --> 00:52:39,822 and it was financing japan and germany as well. 849 00:52:48,040 --> 00:52:50,624 - But germany now has a new leader. 850 00:52:53,754 --> 00:52:54,503 Adolf hitler. 851 00:52:58,593 --> 00:53:00,342 Loaning them money is a decision 852 00:53:00,428 --> 00:53:02,636 that morgan will come to regret. 853 00:53:14,859 --> 00:53:17,318 (ominous music) 854 00:53:19,322 --> 00:53:22,031 - [narrator] after cracking down on morgan and du pont, 855 00:53:22,074 --> 00:53:25,534 fdr turns to phase two of his recovery plan. 856 00:53:27,580 --> 00:53:29,496 Getting the country back to work. 857 00:53:32,752 --> 00:53:34,460 - President roosevelt told the nation 858 00:53:34,545 --> 00:53:36,128 that the project would set an example 859 00:53:36,214 --> 00:53:38,839 of funding for all the generations to come. 860 00:53:40,885 --> 00:53:42,843 - Roads and trails are being made safe and easy 861 00:53:42,929 --> 00:53:43,719 for motor cars. 862 00:53:44,889 --> 00:53:47,223 - Democracy had stepped on the gas. 863 00:53:49,018 --> 00:53:53,520 - Fdr went in fast mode with his new deal programs 864 00:53:53,564 --> 00:53:54,939 where you would build bridges 865 00:53:55,024 --> 00:53:57,399 and roads and infrastructure 866 00:53:57,443 --> 00:54:01,862 to constantly put some form of funding into middle-class 867 00:54:01,948 --> 00:54:04,740 poor and unemployed people's hands. 868 00:54:07,161 --> 00:54:10,287 - [narrator] fdr chooses one project to be the centerpiece 869 00:54:10,373 --> 00:54:11,413 of his new deal. 870 00:54:14,961 --> 00:54:17,753 It will require a massive workforce 871 00:54:17,797 --> 00:54:20,089 and four million cubic yards of concrete. 872 00:54:21,342 --> 00:54:23,592 A project this big would be a perfect fit 873 00:54:23,636 --> 00:54:26,720 for industrial type means like ford or du pont, 874 00:54:28,516 --> 00:54:30,224 but fdr doesn't trust them. 875 00:54:34,480 --> 00:54:36,730 So he gives it to an unknown. 876 00:54:38,109 --> 00:54:40,609 His name is henry kaiser. 877 00:54:43,155 --> 00:54:44,947 - Henry kaiser starts out at the bottom 878 00:54:45,032 --> 00:54:46,991 of the construction industry. 879 00:54:47,076 --> 00:54:48,117 He's the son of immigrants. 880 00:54:48,202 --> 00:54:49,576 He comes from humble origins. 881 00:54:49,620 --> 00:54:52,454 He doesn't go to ivy league schools. 882 00:54:55,418 --> 00:54:57,793 But the one thing he learns early on is that, 883 00:54:57,837 --> 00:54:59,962 he was always willing to work harder 884 00:55:00,006 --> 00:55:02,047 and longer than anyone else. 885 00:55:02,133 --> 00:55:03,924 - [kaiser] we need to know if we can get those foundations in.. 886 00:55:03,968 --> 00:55:05,134 - [narrator] one day, 887 00:55:05,177 --> 00:55:06,552 he'll have so many people working for him 888 00:55:07,847 --> 00:55:09,305 that he starts a healthcare company 889 00:55:09,390 --> 00:55:10,764 for his workers. 890 00:55:10,850 --> 00:55:12,099 Kaiser permanente. 891 00:55:13,519 --> 00:55:16,145 - All of this here, all of this is gonna have to... 892 00:55:16,188 --> 00:55:17,479 - [narrator] but right now, 893 00:55:17,565 --> 00:55:18,439 he's a nobody. 894 00:55:25,323 --> 00:55:28,407 Now kaiser has been given the job of his life. 895 00:55:30,036 --> 00:55:32,953 Far out west in the hot barren desert. 896 00:55:34,081 --> 00:55:36,498 Kaiser's project is already underway. 897 00:55:41,964 --> 00:55:43,255 If completed, 898 00:55:43,341 --> 00:55:45,674 it will be the most ambitious engineering project 899 00:55:45,718 --> 00:55:47,259 america has ever built. 900 00:55:59,690 --> 00:56:00,647 The hoover dam. 901 00:56:09,116 --> 00:56:12,409 Initial construction began under herbert hoover. 902 00:56:12,495 --> 00:56:15,371 Blasting enormous tunnels through solid rock 903 00:56:15,456 --> 00:56:17,456 to divert the colorado river. 904 00:56:18,584 --> 00:56:20,709 Now more than two years into the project, 905 00:56:21,629 --> 00:56:23,504 the river bed is dry and ready 906 00:56:24,590 --> 00:56:27,007 but the dam itself hasn't been started. 907 00:56:28,803 --> 00:56:30,094 The press is calling it, 908 00:56:30,179 --> 00:56:32,805 "the $50 million hole in the ground." 909 00:56:39,688 --> 00:56:42,356 - it was an unimaginably hostile environment. 910 00:56:46,779 --> 00:56:48,695 Desert heat of dust. 911 00:56:54,161 --> 00:56:55,035 - Where's my engineer? 912 00:56:56,664 --> 00:57:00,416 - Men who worked on it said that conditions were harsher 913 00:57:00,459 --> 00:57:02,543 than anything they had ever experienced. 914 00:57:05,631 --> 00:57:08,924 - [narrator] but kaiser has run into a serious problem. 915 00:57:09,009 --> 00:57:11,427 Constructing the largest dam in the world, 916 00:57:11,470 --> 00:57:14,805 requires a massive amount of concrete. 917 00:57:14,890 --> 00:57:17,391 - 120, this is way too hot. 918 00:57:17,476 --> 00:57:19,560 Enough to pave a two lane highway 919 00:57:19,645 --> 00:57:22,020 from san francisco to new york. 920 00:57:23,107 --> 00:57:24,606 - What's it at? 921 00:57:24,692 --> 00:57:26,984 - 120 after 72 hours. 922 00:57:27,069 --> 00:57:27,901 It's not enough. 923 00:57:31,198 --> 00:57:32,739 What do you think we should do? 924 00:57:32,825 --> 00:57:34,283 - I need you to monitor this closely 925 00:57:34,326 --> 00:57:36,618 and let me know as soon as anything changes. 926 00:57:36,704 --> 00:57:38,412 You can take the temperature down. 927 00:57:41,000 --> 00:57:43,167 - [narrator] pouring this much concrete can result 928 00:57:43,252 --> 00:57:44,918 in a very dangerous outcome. 929 00:57:46,964 --> 00:57:47,880 Cracking. 930 00:57:48,799 --> 00:57:51,133 - Concrete emits heat as it cures 931 00:57:51,218 --> 00:57:53,093 and if it's not cooled properly, 932 00:57:53,179 --> 00:57:55,179 you'll get cracks in the concrete 933 00:57:55,264 --> 00:57:57,806 and the entire structure will be much weaker 934 00:57:57,850 --> 00:57:59,600 and in fact, it might fail. 935 00:58:02,062 --> 00:58:04,646 There was so much concrete going into hoover dam, 936 00:58:04,732 --> 00:58:06,982 experts estimated that it would take more 937 00:58:07,067 --> 00:58:08,942 than a century to fully cool down. 938 00:58:13,782 --> 00:58:15,073 In 1928, 939 00:58:16,535 --> 00:58:19,995 just a couple of years before hoover dam project began, 940 00:58:20,039 --> 00:58:23,624 the st. Francis dam in california had failed. 941 00:58:23,709 --> 00:58:28,462 The reservoir behind st. Francis emptied in 11 minutes 942 00:58:28,506 --> 00:58:30,672 and then swept toward the coast, 943 00:58:30,716 --> 00:58:34,510 taking people, and houses, and livestock with it. 944 00:58:38,098 --> 00:58:41,016 450 people lost their lives. 945 00:58:43,062 --> 00:58:45,896 - [narrator] kaiser needs to figure out a solution quickly 946 00:58:46,899 --> 00:58:49,191 or he could jeopardize fdrs new deal 947 00:58:52,112 --> 00:58:55,697 and his project will be one of the most expensive failures 948 00:58:55,783 --> 00:58:57,199 in american history. 949 00:59:04,833 --> 00:59:07,876 (dramatic music) 950 00:59:10,005 --> 00:59:11,338 - [narrator] in the nevada desert, 951 00:59:12,508 --> 00:59:14,383 the biggest most important project 952 00:59:14,468 --> 00:59:17,219 in fdr's new deal is underway 953 00:59:25,062 --> 00:59:26,853 but henry kaiser has a problem. 954 00:59:28,440 --> 00:59:32,067 He needs to find a way to cool four million cubic yards 955 00:59:32,111 --> 00:59:33,860 of concrete as it hardens 956 00:59:36,115 --> 00:59:37,573 or the hoover dam will fail. 957 01:00:07,187 --> 01:00:08,812 - Henry kaiser was someone who said 958 01:00:08,897 --> 01:00:11,565 "get the job done no matter what it takes." 959 01:00:11,650 --> 01:00:13,609 and a good example of that is the challenge 960 01:00:13,652 --> 01:00:14,901 they have when they have to figure out 961 01:00:14,987 --> 01:00:17,112 how to cool the concrete used in the construction 962 01:00:17,156 --> 01:00:18,530 of the hoover dam. 963 01:00:18,616 --> 01:00:20,198 He and his team figure out they can do this 964 01:00:20,284 --> 01:00:22,284 by cooling it from the inside out. 965 01:00:24,747 --> 01:00:27,247 - [narrator] kaiser embeds nearly 600 miles 966 01:00:27,333 --> 01:00:29,625 of piping into the concrete 967 01:00:29,668 --> 01:00:33,462 and then pumps chilled river water through it. 968 01:00:33,505 --> 01:00:37,174 - Henry kaiser built a whole refrigeration plant 969 01:00:37,259 --> 01:00:40,010 to cool the water that would be pumped through the dam 970 01:00:40,095 --> 01:00:41,303 to help it cool properly. 971 01:00:43,182 --> 01:00:44,514 - [narrator] with chilled water running 972 01:00:44,600 --> 01:00:46,642 through every section of the dam, 973 01:00:46,727 --> 01:00:50,145 the concrete cools in a fraction of the time. 974 01:01:01,408 --> 01:01:03,659 - I think one of the critical components 975 01:01:03,702 --> 01:01:06,036 to being successful in business is being decisive 976 01:01:07,247 --> 01:01:08,497 because you're going to have a lot of naysayers, 977 01:01:08,540 --> 01:01:09,706 so you're going to have to be decisive 978 01:01:09,792 --> 01:01:11,500 and know, "I believe this is going to work. 979 01:01:11,585 --> 01:01:13,669 I'm going to put all my energy behind it." 980 01:01:15,297 --> 01:01:18,465 - [narrator] over 20,000 people will work on the hoover dam 981 01:01:19,718 --> 01:01:21,635 but that's just the tip of the iceberg. 982 01:01:22,721 --> 01:01:25,847 All across america, fdr's new deal programs 983 01:01:25,933 --> 01:01:28,517 are creating millions of well-paying jobs 984 01:01:29,895 --> 01:01:31,687 and for the first time in years, 985 01:01:31,730 --> 01:01:34,815 people start to feel optimistic about the future. 986 01:01:36,985 --> 01:01:39,152 - Money is circulating in the hands of people 987 01:01:39,196 --> 01:01:40,404 and the assumption is 988 01:01:40,489 --> 01:01:42,698 that this might actually stimulate the economy. 989 01:01:59,591 --> 01:02:00,382 - Good morning, mr. Boeing. 990 01:02:00,426 --> 01:02:01,216 - Morning. 991 01:02:06,724 --> 01:02:09,182 Ladies and gentlemen, thank you for coming. 992 01:02:10,144 --> 01:02:11,810 You are the first americans 993 01:02:11,895 --> 01:02:14,813 to witness the future of aviation. 994 01:02:17,776 --> 01:02:19,735 - [narrator] by late 1933, 995 01:02:19,820 --> 01:02:21,403 boeing rules the skies 996 01:02:22,573 --> 01:02:24,406 and he's even built a passenger plane 997 01:02:24,450 --> 01:02:26,408 like no one's ever seen before. 998 01:02:27,536 --> 01:02:29,703 - The boeing 247 is faster 999 01:02:29,747 --> 01:02:31,747 than any other civilian plane. 1000 01:02:31,790 --> 01:02:35,292 Boasting a top speed of over 200 miles per hour. 1001 01:02:35,377 --> 01:02:37,085 You can have breakfast in new york 1002 01:02:37,129 --> 01:02:39,588 and be in los angeles in time to catch the sunset. 1003 01:02:41,175 --> 01:02:44,134 - The boeing 247 was a huge step forward 1004 01:02:44,219 --> 01:02:46,887 in aviation both in design, 1005 01:02:46,972 --> 01:02:49,222 as well as aviation technology. 1006 01:02:49,266 --> 01:02:53,226 It's sleek, single wing, all metal, art deco design. 1007 01:02:53,312 --> 01:02:56,062 It just looks like a modern airplane. 1008 01:02:57,191 --> 01:02:58,398 - [narrator] boeing is betting that soon 1009 01:02:58,484 --> 01:03:00,150 the public will be flying again 1010 01:03:01,528 --> 01:03:04,905 and he's completely changing the entire flying experience. 1011 01:03:06,033 --> 01:03:08,950 - Bill boeing's airline hired eight nurses 1012 01:03:08,994 --> 01:03:10,577 to care for the passengers, 1013 01:03:10,662 --> 01:03:12,496 ease their fears and take care of them 1014 01:03:12,581 --> 01:03:14,581 if they're sick during the flight. 1015 01:03:18,504 --> 01:03:21,630 These were the first flight attendants in the world. 1016 01:03:22,883 --> 01:03:24,925 - Smile for the camera's ladies. 1017 01:03:25,010 --> 01:03:26,384 - [narrator] with his new plane 1018 01:03:26,470 --> 01:03:29,304 and growing control of the skies, 1019 01:03:29,389 --> 01:03:31,431 who could possibly stop him now? 1020 01:03:36,563 --> 01:03:37,646 Just one man. 1021 01:03:38,607 --> 01:03:39,481 The president. 1022 01:03:42,528 --> 01:03:46,655 He believes the government should be in charge of mail, 1023 01:03:46,698 --> 01:03:47,489 not boeing. 1024 01:03:48,867 --> 01:03:52,160 A scandal gives fdr his opening. 1025 01:03:55,249 --> 01:03:56,915 - Mr. Boeing, mr. President. 1026 01:03:58,377 --> 01:04:02,295 - The air mail scandal was a disaster for william boeing. 1027 01:04:02,381 --> 01:04:03,964 It really took the shine off 1028 01:04:04,049 --> 01:04:07,050 of his company's reputation because newspapers across 1029 01:04:07,135 --> 01:04:09,553 the country were running front page stories 1030 01:04:09,638 --> 01:04:12,138 about corruption, and bribery, and graft, 1031 01:04:12,224 --> 01:04:16,017 and suddenly william boeing's entire aviation empire 1032 01:04:16,061 --> 01:04:18,353 is now under the scrutiny of the public. 1033 01:04:24,152 --> 01:04:27,237 - Fdr believed that there was an unfair advantage given 1034 01:04:27,322 --> 01:04:30,156 to these large corporate titans to make profits 1035 01:04:30,242 --> 01:04:32,242 at the expense of the american people. 1036 01:04:33,579 --> 01:04:36,538 And so the charges of monopoly really drove roosevelt 1037 01:04:36,582 --> 01:04:37,455 to act. 1038 01:04:45,299 --> 01:04:46,214 - William boeing? 1039 01:04:47,092 --> 01:04:47,883 - Yes? 1040 01:04:51,471 --> 01:04:52,470 What's this? 1041 01:04:58,061 --> 01:04:59,686 - [narrator] fdr terminates all 1042 01:04:59,771 --> 01:05:02,188 of boeing's air mail contracts. 1043 01:05:02,232 --> 01:05:06,234 (dramatic music) 1044 01:05:16,914 --> 01:05:19,831 - [narrator] in the wake of a scandal, fdr takes away 1045 01:05:19,917 --> 01:05:23,460 all of william boeing's air mail contracts. 1046 01:05:23,545 --> 01:05:26,004 For boeing, it's a catastrophe. 1047 01:05:26,089 --> 01:05:28,757 (dramatic music) 1048 01:05:31,053 --> 01:05:33,386 - william boeing was counting on that revenue 1049 01:05:33,430 --> 01:05:36,765 and income to continue to invest in and expand his business. 1050 01:05:36,808 --> 01:05:40,518 So without those airmail contracts, he has now lost one 1051 01:05:40,604 --> 01:05:45,190 of the only sources of guaranteed income in the 1930s. 1052 01:05:45,275 --> 01:05:47,943 (dramatic music) 1053 01:05:52,991 --> 01:05:54,908 - [narrator] roosevelt believes that just like 1054 01:05:54,993 --> 01:05:57,619 with the hoover dam, airmail is best left 1055 01:05:57,704 --> 01:05:59,621 in the trusted hands of the government. 1056 01:06:01,583 --> 01:06:03,833 - There had been corruption and bribery involved. 1057 01:06:03,919 --> 01:06:08,463 And so president roosevelt decided the u.S. Army air corps, 1058 01:06:08,507 --> 01:06:11,633 the early american air force, would deliver the mail. 1059 01:06:13,220 --> 01:06:15,470 - The army air corps now have to pick up 1060 01:06:15,514 --> 01:06:18,473 for these very experienced pilots who had been 1061 01:06:18,558 --> 01:06:19,849 flying every day 1062 01:06:19,893 --> 01:06:23,144 over well-proven routes and scheduled airlines. 1063 01:06:23,230 --> 01:06:26,481 They now have to pick it up and carry that forward. 1064 01:06:28,527 --> 01:06:30,568 - [narrator] the army realizes immediately 1065 01:06:30,654 --> 01:06:33,655 just how unprepared they are for the job. 1066 01:06:33,740 --> 01:06:36,783 Their planes are leftovers from world war I 1067 01:06:36,868 --> 01:06:39,995 and most of the pilots are inexperienced. 1068 01:06:40,080 --> 01:06:41,329 - They don't have the planes. 1069 01:06:41,415 --> 01:06:43,289 They don't have the infrastructure in terms of 1070 01:06:43,333 --> 01:06:45,625 flying day and night around the clock 1071 01:06:45,669 --> 01:06:48,503 in all types of weather operations 1072 01:06:50,090 --> 01:06:52,465 - [narrator] for the young pilots flying old planes, 1073 01:06:52,509 --> 01:06:54,926 it's a disaster waiting to happen. 1074 01:06:55,012 --> 01:06:57,679 (ominous music) 1075 01:06:59,224 --> 01:07:02,809 - in a span of six weeks, you have more than 60 crashes 1076 01:07:02,853 --> 01:07:05,353 killing many young airmail pilots. 1077 01:07:07,899 --> 01:07:10,525 It was a public relations nightmare for fdr. 1078 01:07:12,154 --> 01:07:14,696 (somber music) 1079 01:07:16,950 --> 01:07:19,868 - [narrator] roosevelt realizes he has no choice. 1080 01:07:19,911 --> 01:07:23,830 He reverses his decision and gives the airmail business 1081 01:07:23,915 --> 01:07:25,707 back to private industry. 1082 01:07:29,087 --> 01:07:31,755 - It was a big humiliation for roosevelt. 1083 01:07:31,840 --> 01:07:34,799 He had just been elected a year before 1084 01:07:34,885 --> 01:07:37,343 and he was flying high. 1085 01:07:37,387 --> 01:07:40,055 He was very popular because of the new deal. 1086 01:07:40,098 --> 01:07:42,891 And this was his first real political defeat. 1087 01:07:45,937 --> 01:07:48,521 - [narrator] but when fdr does give air mail back, 1088 01:07:48,565 --> 01:07:49,898 there's a huge catch. 1089 01:07:51,318 --> 01:07:53,443 The government will no longer permit companies to 1090 01:07:53,528 --> 01:07:56,571 both build planes and fly them. 1091 01:07:56,615 --> 01:07:59,574 Boeing's empire is broken up 1092 01:07:59,618 --> 01:08:01,576 but the president doesn't stop there. 1093 01:08:02,829 --> 01:08:05,371 As punishment for creating a monopoly, 1094 01:08:05,415 --> 01:08:08,041 fdr specifically bans william boeing 1095 01:08:08,126 --> 01:08:12,754 for life from ever flying air mail again. 1096 01:08:12,798 --> 01:08:15,757 (plane engine whirs) 1097 01:08:17,094 --> 01:08:19,761 it's a staggering blow to the aviation titan. 1098 01:08:21,223 --> 01:08:24,933 - Bill boeing was very angry, disappointed 1099 01:08:25,977 --> 01:08:28,978 to be attacked by the government 1100 01:08:29,064 --> 01:08:32,440 and be accused of being a criminal. 1101 01:08:32,484 --> 01:08:35,985 It crushed him. 1102 01:08:36,071 --> 01:08:39,114 (somber piano music) 1103 01:08:41,701 --> 01:08:43,785 it was more than he could accept. 1104 01:08:45,956 --> 01:08:48,498 - [narrator] in just two decades, william boeing turned 1105 01:08:48,583 --> 01:08:50,542 a small plane-making business 1106 01:08:50,627 --> 01:08:53,795 into the largest aviation empire in the world, 1107 01:08:53,839 --> 01:08:57,048 taking out industrial giants along the way. 1108 01:08:57,134 --> 01:09:00,301 Now, while the company bearing his name will restructure 1109 01:09:00,345 --> 01:09:04,639 and live on, william boeing is forced into retirement. 1110 01:09:06,685 --> 01:09:09,978 Fdr has taken down another titan. 1111 01:09:13,692 --> 01:09:17,277 After the boeing scandal, fdr wants to make sure 1112 01:09:17,320 --> 01:09:20,530 all american businesses play by the rules. 1113 01:09:20,615 --> 01:09:25,076 So he passes a sweeping new law forcing companies 1114 01:09:25,162 --> 01:09:26,661 to allow unions. 1115 01:09:26,705 --> 01:09:29,122 (ominous music) 1116 01:09:29,207 --> 01:09:31,166 - this was an extraordinary moment. 1117 01:09:31,251 --> 01:09:33,626 This shifted the power structure 1118 01:09:33,670 --> 01:09:36,004 of american industry entirely. 1119 01:09:36,089 --> 01:09:39,215 - It became clear that business leaders didn't 1120 01:09:39,301 --> 01:09:42,552 know what workers wanted or workers needed. 1121 01:09:42,637 --> 01:09:44,137 And this was roosevelt's way 1122 01:09:44,222 --> 01:09:46,306 of trying to show the american public 1123 01:09:46,349 --> 01:09:48,474 that he could maintain capitalism, 1124 01:09:48,518 --> 01:09:49,726 but improve the lives 1125 01:09:49,811 --> 01:09:51,603 of those who were stuck in the system. 1126 01:09:51,688 --> 01:09:54,522 Often in horrible jobs, by making their jobs better. 1127 01:09:57,903 --> 01:09:59,819 - [narrator] to industrial giants, 1128 01:09:59,863 --> 01:10:03,156 the law is an attack on capitalism. 1129 01:10:03,241 --> 01:10:05,366 - It was a huge change. 1130 01:10:05,452 --> 01:10:07,368 Government is going to tell you to some degree 1131 01:10:07,454 --> 01:10:09,537 how to run your own business. 1132 01:10:09,623 --> 01:10:11,706 People become entrepreneurs because they don't 1133 01:10:11,791 --> 01:10:13,541 like other people telling them what to do. 1134 01:10:13,627 --> 01:10:15,043 And now all of a sudden, the government's trying 1135 01:10:15,128 --> 01:10:16,377 to tell them what to do. 1136 01:10:16,421 --> 01:10:17,712 They didn't like it a bit. 1137 01:10:20,091 --> 01:10:22,926 - [narrator] no one hates it more than henry ford. 1138 01:10:23,011 --> 01:10:25,845 - Yes, no. I've only just heard. 1139 01:10:25,931 --> 01:10:28,598 My god, this is exactly what I was trying to avoid. 1140 01:10:28,683 --> 01:10:31,059 No, I'll talk to him, myself. 1141 01:10:33,939 --> 01:10:36,439 - What fdr was basically saying was 1142 01:10:36,524 --> 01:10:40,693 yes, you guys have huge power but that power needs 1143 01:10:40,779 --> 01:10:42,070 to be balanced. 1144 01:10:43,531 --> 01:10:46,950 - The early henry ford of the model t era was seen as 1145 01:10:47,035 --> 01:10:49,118 the ultimate people's person 1146 01:10:49,204 --> 01:10:52,038 because of his $5 a day to workers, 1147 01:10:52,082 --> 01:10:55,166 but he didn't believe in the union movement. 1148 01:10:55,252 --> 01:10:57,961 And so if you were a union activist working 1149 01:10:58,046 --> 01:11:00,421 in henry ford's facility 1150 01:11:00,507 --> 01:11:03,258 you weren't going to keep your job for very long. 1151 01:11:05,220 --> 01:11:08,054 - [narrator] ford calls roosevelt a tyrant 1152 01:11:08,098 --> 01:11:10,431 and says he'll never negotiate with unions. 1153 01:11:13,812 --> 01:11:16,521 - Henry ford felt threatened by fdr. 1154 01:11:16,606 --> 01:11:17,939 The problem for henry ford 1155 01:11:18,024 --> 01:11:20,483 and many industrialists at the time was 1156 01:11:20,568 --> 01:11:22,568 that they saw the federal government trying 1157 01:11:22,612 --> 01:11:25,280 to dictate how they ran their businesses. 1158 01:11:26,449 --> 01:11:28,324 And this did not sit well with henry ford. 1159 01:11:28,410 --> 01:11:30,159 Nobody was going to tell henry ford 1160 01:11:30,245 --> 01:11:32,287 how to run his own business. 1161 01:11:32,330 --> 01:11:34,956 - Heads of businesses never want regulations. 1162 01:11:35,000 --> 01:11:37,041 They never want rules. No one does. 1163 01:11:37,127 --> 01:11:39,752 But at that time in history, the everyday american 1164 01:11:39,796 --> 01:11:42,171 the everyday worker wanted better rights. 1165 01:11:42,257 --> 01:11:43,423 In the middle of a depression, 1166 01:11:43,508 --> 01:11:47,218 these titans' cries fell on deaf ears 1167 01:11:47,304 --> 01:11:49,637 because they weren't the most important voice. 1168 01:11:56,604 --> 01:11:59,647 (dramatic music) 1169 01:12:00,442 --> 01:12:02,025 - [narrator] by 1935, 1170 01:12:02,110 --> 01:12:04,986 franklin roosevelt is as popular as ever 1171 01:12:06,740 --> 01:12:09,157 and out west, the president celebrates 1172 01:12:09,200 --> 01:12:11,159 a major victory for his new deal. 1173 01:12:12,662 --> 01:12:15,580 The dedication of the hoover dam. 1174 01:12:15,665 --> 01:12:20,335 - [fdr] rising 726 feet above the bedrock of the river, 1175 01:12:22,714 --> 01:12:25,673 bordering the geography of a whole region, 1176 01:12:26,801 --> 01:12:29,635 we are here to celebrate the completion 1177 01:12:29,721 --> 01:12:32,347 of the greatest dam in the world. 1178 01:12:35,226 --> 01:12:37,769 - The hoover dam changed the united states 1179 01:12:37,854 --> 01:12:41,022 and brought electricity to thousands and thousands 1180 01:12:41,107 --> 01:12:42,357 of american families. 1181 01:12:42,442 --> 01:12:45,151 And it put tens of thousands of people to work 1182 01:12:45,236 --> 01:12:47,028 not just in the building of the dam 1183 01:12:47,113 --> 01:12:49,072 but then in the management of the dam. 1184 01:12:49,157 --> 01:12:52,116 Hoover dam was in some ways the perfect new deal project. 1185 01:12:52,202 --> 01:12:54,994 It brought light to people, it brought hope to people. 1186 01:12:55,080 --> 01:12:57,163 And it also brought confidence. 1187 01:12:57,248 --> 01:12:58,623 We could do new things. 1188 01:12:58,708 --> 01:13:02,543 We could achieve things again, we could overcome fear. 1189 01:13:02,629 --> 01:13:04,212 (upbeat guitar music) 1190 01:13:04,255 --> 01:13:07,256 - [narrator] remarkably absent from the dam's opening 1191 01:13:07,342 --> 01:13:11,386 is the man who built it, henry kaiser. 1192 01:13:11,471 --> 01:13:15,306 Fdr has already sent him off to oversee more projects 1193 01:13:15,392 --> 01:13:19,477 like the oakland bay bridge and the grand coulee dam. 1194 01:13:19,562 --> 01:13:22,563 Two jobs worth a quarter billion dollars alone. 1195 01:13:23,691 --> 01:13:25,900 It's a massive investment in america, 1196 01:13:27,529 --> 01:13:31,739 which fdr pays for by significantly raising taxes 1197 01:13:31,783 --> 01:13:33,908 on america's richest titans. 1198 01:13:34,911 --> 01:13:37,912 (ominous music) 1199 01:13:37,956 --> 01:13:39,914 - the roosevelt administration needed to find ways to 1200 01:13:39,958 --> 01:13:41,249 fund the new deal. 1201 01:13:42,544 --> 01:13:44,419 One of those was a wealth tax. 1202 01:13:46,256 --> 01:13:49,924 - Roosevelt had the audacity to raise the wealth tax 1203 01:13:50,009 --> 01:13:52,468 up to as much as 75%. 1204 01:13:52,554 --> 01:13:56,931 And he scared the bejesus out of industrial titans. 1205 01:13:59,727 --> 01:14:02,437 (flames crackle) 1206 01:14:04,107 --> 01:14:06,774 (ominous music) 1207 01:14:13,324 --> 01:14:15,116 - morgan is so angry with roosevelt 1208 01:14:15,201 --> 01:14:16,617 that it becomes personal 1209 01:14:16,661 --> 01:14:20,288 and he can't stand to read or hear anything about fdr. 1210 01:14:29,883 --> 01:14:31,132 - [butler] wait. 1211 01:14:38,308 --> 01:14:41,309 - [man] in fact, there's a story that morgan's servants 1212 01:14:41,394 --> 01:14:44,812 are instructed to cut out all references to fdr 1213 01:14:44,898 --> 01:14:45,646 in the paper. 1214 01:14:50,445 --> 01:14:51,486 - [butler] thank you. 1215 01:14:52,989 --> 01:14:55,865 - Morgan himself saw fdr as a class traitor, 1216 01:14:55,950 --> 01:14:58,993 as a charlatan, as a left wing hack 1217 01:14:59,037 --> 01:15:02,830 who betrayed his own class in order to help the masses. 1218 01:15:04,626 --> 01:15:06,334 This to him was a cardinal sin. 1219 01:15:07,670 --> 01:15:10,338 (ominous music) 1220 01:15:16,346 --> 01:15:19,514 (footsteps click) 1221 01:15:19,599 --> 01:15:21,349 - [narrator] for du pont, whose reputation 1222 01:15:21,434 --> 01:15:24,519 has already been destroyed by fdr, 1223 01:15:24,562 --> 01:15:26,854 the wealth tax is the last straw. 1224 01:15:29,651 --> 01:15:31,943 He calls on other titans of industry 1225 01:15:32,028 --> 01:15:33,361 to do something about it. 1226 01:15:38,159 --> 01:15:43,079 - Gentlemen, we have been vilified 1227 01:15:43,164 --> 01:15:44,872 for all the country's ills. 1228 01:15:46,793 --> 01:15:47,875 We've become pariahs 1229 01:15:50,755 --> 01:15:52,713 and it's all because of this president. 1230 01:15:56,970 --> 01:15:58,386 So, 1231 01:16:01,891 --> 01:16:04,725 we all know what we have to do. 1232 01:16:06,771 --> 01:16:09,772 - All of these guys hated fdr. 1233 01:16:09,857 --> 01:16:12,984 He was raising 75% taxes on them. 1234 01:16:13,069 --> 01:16:18,864 He was a fan of labor unions, and he openly talked 1235 01:16:18,908 --> 01:16:21,617 about how he hated the banks. 1236 01:16:21,703 --> 01:16:23,244 They thought he was a socialist. 1237 01:16:25,164 --> 01:16:26,247 - [narrator] together, they form 1238 01:16:26,291 --> 01:16:28,457 the american liberty league. 1239 01:16:28,543 --> 01:16:31,544 It's a bold move with one clear mission. 1240 01:16:31,588 --> 01:16:34,422 Stop fdr from getting reelected. 1241 01:16:34,465 --> 01:16:37,258 - Many different industry leaders, even competitors 1242 01:16:37,343 --> 01:16:39,510 within the auto industry came together 1243 01:16:39,596 --> 01:16:41,596 in the liberty league because they shared a concern 1244 01:16:41,681 --> 01:16:43,598 about the way roosevelt was using his political 1245 01:16:43,683 --> 01:16:46,267 power to limit what they wanted to do. 1246 01:16:48,896 --> 01:16:50,938 Nothing brings competitors together better 1247 01:16:51,024 --> 01:16:52,106 than a common enemy. 1248 01:16:53,484 --> 01:16:55,943 - [narrator] they back a candidate to run against fdr, 1249 01:16:55,987 --> 01:16:57,528 alf landon. 1250 01:16:57,614 --> 01:17:00,906 They know if elected, landon would do what they want. 1251 01:17:00,950 --> 01:17:03,618 So they bankroll his entire campaign. 1252 01:17:05,038 --> 01:17:06,454 - Let's drink. 1253 01:17:06,497 --> 01:17:08,956 - [narrator] with du pont fronting almost a third of it. 1254 01:17:10,126 --> 01:17:13,461 By election night, they hope it's enough. 1255 01:17:17,925 --> 01:17:21,427 - [fdr] this baseball park is a good place 1256 01:17:21,512 --> 01:17:24,221 to talk about box scores. 1257 01:17:24,307 --> 01:17:26,807 (crowd cheers) 1258 01:17:30,355 --> 01:17:34,357 from where I stand, it looks as if the game 1259 01:17:34,442 --> 01:17:37,234 was pretty well in the bag. 1260 01:17:37,320 --> 01:17:39,820 (crowd cheers) 1261 01:17:41,240 --> 01:17:42,740 - [reporter] president roosevelt was cheery as ever 1262 01:17:42,825 --> 01:17:45,159 when he went into the booth to record his own vote 1263 01:17:45,244 --> 01:17:48,245 and a few hours afterwards, his optimism was justified. 1264 01:17:48,331 --> 01:17:50,831 Broadway went mad as the former president was 1265 01:17:50,917 --> 01:17:52,667 returned again with the biggest majority ever 1266 01:17:52,710 --> 01:17:54,168 known in american politics. 1267 01:17:54,253 --> 01:17:57,213 (crowd cheers) 1268 01:17:57,298 --> 01:17:59,840 in an election of 42 million votes, 1269 01:17:59,884 --> 01:18:02,009 the president wins the most overwhelming victory 1270 01:18:02,095 --> 01:18:05,221 in the country's history and the greatest popular election 1271 01:18:05,306 --> 01:18:06,847 in the history of the world. 1272 01:18:11,521 --> 01:18:14,021 (ominous music) 1273 01:18:15,233 --> 01:18:17,149 - [narrator] fdr has been reelected president 1274 01:18:17,235 --> 01:18:18,025 in a landslide. 1275 01:18:20,154 --> 01:18:22,363 He carries all but two states. 1276 01:18:23,574 --> 01:18:26,867 The liberty league's efforts are for nothing. 1277 01:18:26,911 --> 01:18:29,662 - The liberty league failed for one very simple reason. 1278 01:18:29,706 --> 01:18:32,123 Roosevelt's policies were working. 1279 01:18:32,208 --> 01:18:35,126 The liberty league had a very weak argument. 1280 01:18:35,211 --> 01:18:36,627 What were they defending? 1281 01:18:36,671 --> 01:18:39,714 Going back to herbert hoover? Who would support that? 1282 01:18:41,050 --> 01:18:43,759 - [narrator] fdr's reelection means four more years 1283 01:18:43,845 --> 01:18:46,053 of fighting with the white house. 1284 01:18:47,473 --> 01:18:51,392 At this point, the titans and fdr are bitter adversaries. 1285 01:18:52,979 --> 01:18:54,895 But what none of them realize is 1286 01:18:57,275 --> 01:19:00,568 the real enemy is 4,000 miles away. 1287 01:19:01,779 --> 01:19:03,696 He's building up his army and 1288 01:19:03,781 --> 01:19:06,240 is growing more powerful every day. 1289 01:19:12,457 --> 01:19:14,874 (dramatic music) 1290 01:19:15,543 --> 01:19:18,753 (airplane engine hums) 1291 01:19:23,551 --> 01:19:25,593 - [narrator] since the devastating loss of his son, 1292 01:19:29,348 --> 01:19:31,432 charles lindbergh has been in hiding. 1293 01:19:34,854 --> 01:19:38,606 But now he's back in the pilot seat, testing a new plane. 1294 01:19:44,489 --> 01:19:45,279 For hitler. 1295 01:19:50,661 --> 01:19:53,537 - Charles lindbergh had been living in europe 1296 01:19:53,623 --> 01:19:55,790 since the early thirties. 1297 01:19:55,833 --> 01:19:58,125 Lindbergh had had it with the press 1298 01:19:58,169 --> 01:20:01,796 after his child was kidnapped and murdered. 1299 01:20:03,216 --> 01:20:04,965 - [narrator] hitler has spent the last five years 1300 01:20:05,009 --> 01:20:06,801 building a massive military. 1301 01:20:09,263 --> 01:20:12,139 His luftwaffe air force is the crown jewel 1302 01:20:13,559 --> 01:20:15,476 and he wants the world to know. 1303 01:20:16,938 --> 01:20:19,480 - While living in europe, lindbergh was invited 1304 01:20:19,565 --> 01:20:22,942 to come to germany by herman goehring, 1305 01:20:22,985 --> 01:20:24,151 head of the luftwaffe. 1306 01:20:26,239 --> 01:20:28,531 - [narrator] lindbergh is the first american to see 1307 01:20:28,616 --> 01:20:31,325 the german war machine up close. 1308 01:20:34,330 --> 01:20:37,540 (ominous music) 1309 01:20:37,625 --> 01:20:40,334 - this is part of his legacy. 1310 01:20:40,419 --> 01:20:43,087 Charles lindbergh went from being an american hero 1311 01:20:43,172 --> 01:20:45,005 to a friend of the nazis. 1312 01:20:47,593 --> 01:20:49,844 - [narrator] to hitler, the american hero 1313 01:20:49,929 --> 01:20:53,347 is the perfect pawn to deliver germany's message. 1314 01:20:55,852 --> 01:20:59,979 - Hitler hopes that lindbergh would be incredibly impressed 1315 01:21:00,022 --> 01:21:02,398 with the progress that the germans had made 1316 01:21:02,483 --> 01:21:04,650 in terms of aircraft production. 1317 01:21:04,735 --> 01:21:06,861 And he proved to be right. 1318 01:21:07,947 --> 01:21:10,698 (dramatic music) 1319 01:21:13,536 --> 01:21:16,203 (cameras click) 1320 01:21:20,084 --> 01:21:22,042 - [narrator] upon returning to america, 1321 01:21:22,128 --> 01:21:24,545 lindbergh brings a dire warning. 1322 01:21:26,007 --> 01:21:27,548 - The messerschmidt is not like any other plane. 1323 01:21:27,592 --> 01:21:28,924 It's in a different league. 1324 01:21:29,010 --> 01:21:31,552 And trust me, I have flown the best. 1325 01:21:31,637 --> 01:21:32,887 - What makes it so good? 1326 01:21:34,974 --> 01:21:37,850 - It's fast, 380 miles an hour. 1327 01:21:37,894 --> 01:21:39,727 The fastest in the book. 1328 01:21:39,812 --> 01:21:42,396 It can fly higher than any other plane, 20,000 feet. 1329 01:21:44,609 --> 01:21:46,317 - [man] how many do they have? 1330 01:21:46,402 --> 01:21:50,321 - Around 5,000, but they are building more. 1331 01:21:50,406 --> 01:21:51,238 Bombers, too. 1332 01:21:52,825 --> 01:21:56,660 If there was a war, no country in europe 1333 01:21:56,746 --> 01:21:58,913 would stand a chance against germany. 1334 01:22:02,293 --> 01:22:05,753 Come to think of it, neither would america. 1335 01:22:11,010 --> 01:22:14,011 - Lindbergh was incredibly impressed by the new bombers, 1336 01:22:14,096 --> 01:22:16,722 the new fighters that germany had developed. 1337 01:22:16,766 --> 01:22:20,267 He did exactly what hitler wanted him to. 1338 01:22:20,311 --> 01:22:22,645 He basically told the rest of the world 1339 01:22:22,730 --> 01:22:24,772 that he thought germany was invincible. 1340 01:22:26,525 --> 01:22:29,193 - [narrator] by 1937, hitler's army 1341 01:22:29,278 --> 01:22:31,195 is a half a million strong 1342 01:22:31,280 --> 01:22:35,783 and is on track to quadruple in size in less than two years. 1343 01:22:35,826 --> 01:22:37,993 And there's more bad news. 1344 01:22:38,079 --> 01:22:41,038 Japan has just invaded china 1345 01:22:41,123 --> 01:22:44,291 and also has built up a huge army. 1346 01:22:45,461 --> 01:22:47,086 - Suddenly you have two super power armies 1347 01:22:47,171 --> 01:22:49,797 and it's obvious they're on the March. 1348 01:22:52,677 --> 01:22:55,302 - [reporter] in tokyo, there is widespread rejoicing. 1349 01:22:55,388 --> 01:22:58,639 Now, say the japanese generals, it is our turn. 1350 01:23:00,393 --> 01:23:03,602 Japan marches in china against... 1351 01:23:03,646 --> 01:23:06,981 - [narrator] fdr realizes war is inevitable. 1352 01:23:08,442 --> 01:23:12,319 - As he saw japan going to war against china, 1353 01:23:12,405 --> 01:23:13,988 roosevelt thought, okay, this is trouble. 1354 01:23:14,073 --> 01:23:17,408 The united states will suffer 1355 01:23:17,493 --> 01:23:20,995 if the japanese gain control of east asia. 1356 01:23:21,080 --> 01:23:24,665 As germany rearmed for war, he saw how 1357 01:23:24,709 --> 01:23:27,376 the united states would inevitably get involved, 1358 01:23:27,461 --> 01:23:29,670 drawn into a war in europe. 1359 01:23:30,881 --> 01:23:32,840 - [narrator] but there's a huge problem. 1360 01:23:34,051 --> 01:23:36,510 During the depression, fdr has been focusing 1361 01:23:36,554 --> 01:23:38,679 on rebuilding america's economy 1362 01:23:38,723 --> 01:23:42,391 and infrastructure and spent virtually no money 1363 01:23:42,476 --> 01:23:44,852 on its own military. 1364 01:23:44,895 --> 01:23:48,355 - America's situation, as far as being prepared 1365 01:23:48,399 --> 01:23:51,442 for fighting a modern war, was pretty abysmal. 1366 01:23:51,527 --> 01:23:54,778 We had maybe the 18th largest military in the world. 1367 01:23:54,864 --> 01:23:56,947 Holland had a bigger military than we did. 1368 01:23:57,033 --> 01:23:59,366 Hungary had a better military than we did. 1369 01:24:01,370 --> 01:24:03,871 - [narrator] fdr knows he must quickly build up 1370 01:24:03,914 --> 01:24:05,581 america's military. 1371 01:24:05,666 --> 01:24:10,377 Tanks, ships, planes, munitions 1372 01:24:11,881 --> 01:24:14,923 on an industrial scale never before attempted 1373 01:24:15,009 --> 01:24:16,216 in american history. 1374 01:24:18,012 --> 01:24:19,511 - America's going to need to build hundreds 1375 01:24:19,555 --> 01:24:22,890 of factories and hire millions of workers. 1376 01:24:24,060 --> 01:24:25,726 And there are really only a few people 1377 01:24:25,811 --> 01:24:27,770 in the country equipped in that moment to be able 1378 01:24:27,855 --> 01:24:28,645 to do that. 1379 01:24:28,731 --> 01:24:29,980 Titans like ford, 1380 01:24:30,066 --> 01:24:31,648 du pont, 1381 01:24:31,734 --> 01:24:32,941 morgan, 1382 01:24:33,027 --> 01:24:34,276 chrysler 1383 01:24:34,361 --> 01:24:35,694 and boeing. 1384 01:24:35,738 --> 01:24:37,863 - I think there's an irony that roosevelt has 1385 01:24:37,907 --> 01:24:40,115 to turn to some of the people he vilified, 1386 01:24:40,201 --> 01:24:42,576 but that's how american capitalism works. 1387 01:24:43,788 --> 01:24:47,748 - [narrator] and now fdr needs these titans, 1388 01:24:47,833 --> 01:24:52,044 the very people he's condemned, to help 1389 01:24:52,129 --> 01:24:53,420 save the world. 1390 01:24:56,425 --> 01:24:59,259 Next time on the titans that built america. 1391 01:25:00,846 --> 01:25:02,096 (gun blasts) 1392 01:25:02,139 --> 01:25:03,305 as world war ii begins in europe, 1393 01:25:03,390 --> 01:25:05,766 fdr needs help preparing for battle. 1394 01:25:05,810 --> 01:25:08,143 - You're asking me to start producing munitions again? 1395 01:25:08,229 --> 01:25:10,062 - The president is asking, as well. 1396 01:25:11,148 --> 01:25:13,524 - The same president who labeled me the merchant of death. 1397 01:25:13,609 --> 01:25:15,442 - [narrator] after years of the great depression, 1398 01:25:15,528 --> 01:25:18,278 americans have no appetite for another crisis. 1399 01:25:18,322 --> 01:25:23,367 - You can tell fdr that ford makes cars, not planes. 1400 01:25:23,953 --> 01:25:25,452 If he wants planes, you can tell him 1401 01:25:25,496 --> 01:25:27,121 to go to a damn plane maker. 1402 01:25:28,749 --> 01:25:31,625 - [narrator] but a surprise attack at pearl harbor 1403 01:25:31,710 --> 01:25:32,835 (bomb blasts) 1404 01:25:32,920 --> 01:25:34,795 changes everything. 1405 01:25:34,839 --> 01:25:36,880 - Sir, please come quickly. 1406 01:25:36,966 --> 01:25:39,383 - [radio] the bombing of pearl harbor by enemy planes... 1407 01:25:39,468 --> 01:25:41,718 - [narrator] it will take america's industrial might 1408 01:25:41,804 --> 01:25:44,721 to build the greatest war machine on earth 1409 01:25:44,807 --> 01:25:46,348 and the stakes couldn't be higher. 1410 01:25:46,433 --> 01:25:48,142 - We're moving as fast as we can. 1411 01:25:48,185 --> 01:25:50,102 Every adjustment means a delay in the assembly. 1412 01:25:50,146 --> 01:25:52,020 - We have a problem with the m-3. 1413 01:25:52,106 --> 01:25:54,231 They're a complete disaster. 1414 01:25:54,316 --> 01:25:55,816 (dramatic music) 1415 01:25:55,860 --> 01:25:58,110 - [narrator] now the titans must put aside their differences 1416 01:25:58,154 --> 01:26:01,113 with each other and fdr and unite. 1417 01:26:01,198 --> 01:26:02,781 - Their goal is to create 1418 01:26:02,867 --> 01:26:06,869 a sustained nuclear chain reaction. 1419 01:26:06,954 --> 01:26:10,831 - [narrator] the fate of the world rests in their hands. 1420 01:26:10,916 --> 01:26:12,332 - It's only a matter of time. 1421 01:26:13,294 --> 01:26:16,003 (dramatic music)