Substacks
December 8, 2023 Heather Cox Richardson
You all are in trouble, because I am home tonight from ten weeks on the road and am taking the night for myself, writing about one of the Very Cool Things I learned in my travels. I expect there will be more stories along these lines in the next several weeks.
Ninety years ago today, on Friday, December 8, 1933, in the first year of President Franklin Delano Roosevelt’s administration, the Advisory Committee to the Treasury on Fine Arts met for four hours in Washington, D.C., with museum directors from all over the country and leaders from the art world. For the past nine months, the administration had been building a “New Deal” for the American people, using the government to help ordinary Americans in the midst of the Great Depression.
Together with the Democrats in Congress, the administration had launched the Civilian Conservation Corps that put young men to work planting trees, fighting fires, and maintaining wilderness trails. The Federal Emergency Relief Administration provided work and cash relief for unemployed workers; the Agricultural Adjustment Administration boosted farm prices by reducing agricultural surpluses, while the Farm Credit Act made it easier for farmers to borrow. The Civil Works Administration put more than 4 million unemployed Americans to work building 44,000 miles of new roads, 1,000 miles of new water mains, and building or improving 4,000 schools.
Now it was time to help artists. Inspired by the 1920s public art movement in Mexico in which young artists were paid to decorate public buildings, FDR’s former classmate George Biddle suggested to the president that artists could be hired to “paint murals depicting the social ideals of the new administration and contemporary life on the walls of public buildings.”
This idea dovetailed with the goal of the administration to tap into the skills of ordinary Americans in rebuilding the country by making sure people had work. After all, FERA administrator Harry L. Hopkins said, artists needed “to eat just like other people.” He promised $1,039,000 to be disbursed by the Treasury “for the purpose of alleviating the distress of the American artists” while decorating public property with world-class art.
At the Washington, D.C., meeting, the attendees discussed how to “carry…forward the world of encouraging the fine arts as a function of the Federal Government.” Their first speaker was First Lady Eleanor Roosevelt, who “expressed her sympathy with the idea of the Government’s employing artists,” and all the other speakers followed suit. The following Monday, the Public Works of Art Project (PWAP) opened its doors, and artists lined up outside government offices to apply. By Saturday, December 16, artists were receiving checks. When the project ended four months later, 3,749 artists had been on the payroll, producing more than 15,000 paintings, sculptures, and public murals.
The pilot project for the PWAP was Coit Tower in San Francisco’s Telegraph Hill neighborhood, located in the city’s Pioneer Park. The 210-foot Art Deco tower of unpainted concrete had been completed and dedicated in honor of volunteer firefighters on October 8, 1933 (perhaps not coincidentally, the date of the Great Chicago Fire of 1871). When the building was finished, it had 3,691 square feet of blank concrete wall space.
By January 1934, thanks to the PWAP, twenty-six San Francisco artists and nineteen of their assistants were transforming that blank space into frescoes and murals depicting California life. Several of the artists had worked in Mexico with muralist Diego Rivera as part of the socially conscious mural movement of 1920s Mexico and adopted his techniques, creating frescoes in which the colors became part of the wall as they dried. To keep the colors at Coit Tower uniform, one artist-assistant ground the color pigments for all the different frescoes.
But while they admired Rivera’s art, the New Deal artists, for the most part, focused not on revolution, as he did, but on the possibilities of the country’s new approach to government. Roosevelt was backing artists, and they backed him, painting not about revolution but about restoring healthy social and economic conditions in the United States.
By the time the PWAP got under way, the exciting artistic experiments of the early twentieth century that had brought Picasso’s cubism, for example, had begun to seem foreign and alienating, and artists had begun to turn toward representational art in a national style. The government’s requirement that the public art be about the “American scene” in American style for American people built on that shift. Artists in the PWAP painted either as “Regionalists,” who painted rural America, or “Social Realists,” who painted the cities. The Regionalists tended to celebrate the nation, while Social Realists—most of whom came from New York City—tended to critique it, but both groups found intelligence, power, and beauty in the ordinary people and the ordinary scenes they painted.
Coit Tower showed San Francisco’s people: striking workers, farmers, cowboys, travelers reading newspapers, news stenographers, chauffeurs, a rich man being held up at gunpoint, car accidents. People of color and women were underrepresented but not entirely ignored in this celebration of the possibilities of American life under the administration’s new policies (one mural had an oil can in a corner to illustrate the government oiling the machinery of the economy for the mechanics in the next panel).
The murals in Coit Tower, and the PWAP that supported them, were such a roaring success that the federal government would shortly launch four more projects to fund artists (including writers), most famously under the Works Progress Administration that operated from 1935 to 1942. Although to a modern eye, many of the fine artists’ depictions of Indigenous Americans and racial and gender minorities are eye-poppingly racist, these colorful presentations of the lives and histories of ordinary Americans that decorated libraries, schools, courthouses, bathhouses, and post offices, honoring community and hard work—and, in the edgier paintings, jabbing at stockbrokers, bankers, and industrialists—celebrated a hopeful, new, progressive America.
For many Americans, who had never had access to fine art and were astonished to see fine art in local buildings, the medium was its own message: they realized their neighbors had talent they had never imagined.
President Joe Biden has deliberately echoed FDR’s policies of the New Deal in his economic program, promising to build the economy from the middle out and the bottom up, even as Republicans have insisted the only way to build the economy is to concentrate wealth on the “supply side” by cutting taxes. Today, there was more evidence that Biden’s policies are paying off for ordinary Americans. The November jobs report showed the economy added almost 200,000 more jobs in November, making the total since Biden took office more than 14 million, while the unemployment rate has stayed below 4% for 22 months in a row and wage growth is strong.
As Harvard professor Jason Furman notes, the U.S. is now 2 million jobs and 2 million employed above the pre-pandemic projections of the Congressional Budget Office. Dan Shafer of The Recombobulation Area observed, “If these numbers were happening during a Republican presidency, the usual business community folks would be celebrating in the streets. But when there’s a D next to the president’s name, it’s tumbleweeds.” Today, on the Fox News Channel, personality Maria Bartiromo noted that “the economy is a lot stronger than anyone understands.”
The president also echoed the New Deal’s promotion of internal improvements today when he announced an investment of $8.2 billion in new funding for ten major passenger rail projects across the country to deliver the nation’s first high-speed rail projects. High-speed rail between California and Nevada, serving more than 11 million people annually; Los Angeles and San Francisco; and the Eastern Corridor, will create tens of thousands of union jobs, build communities, and promote climate-friendly transportation options.
In a speech in Las Vegas, Nevada, announcing the rail plan, Biden called out his predecessor, who “always talked about infrastructure week. Four years of infrastructure week, but it failed. He failed,” Biden said. “On my watch, instead of having infrastructure week, America is having infrastructure decade.”
“Trump just talks the talk. We walk the walk,” he said. “Look. He likes to say America is a failing nation. Frankly, he doesn’t know what the hell he’s talking about. I see shovels in the ground, cranes in the sky, people hard at work rebuilding America together.”
[Image of Coit Tower painting of striking workers, taken while I was in San Francisco.]
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Notes:
https://livingnewdeal.org/history-of-the-new-deal/what-was-the-new-deal/timeline/
https://babel.hathitrust.org/cgi/pt?id=mdp.39015010432469&view=1up&seq=21&skin=2021
https://npgallery.nps.gov/NRHP/GetAsset/NRHP/07001468_text
https://www.npr.org/2013/02/17/172002686/armory-show-that-shocked-america-in-1913-celebrates-100
https://www.smithsonianmag.com/arts-culture/1934-the-art-of-the-new-deal-132242698/
Steven M. Gelber, “Working to Prosperity: California’s New Deal Murals,” California History 58 (Summer 1979): 98-127.
Twitter (X):
jasonfurman/status/1733122455944704283
DanRShafer/status/1733232973854416930
jasonfurman/status/1733122453834956958
Acyn/status/1733260741505884179
On Monday, Donald Trump took the oath of office — the first person to be sworn in as president while simultaneously hawking an eponymous meme coin.
Trump launched $TRUMP, a crypto token, on Friday night. Meme coins are crypto tokens tied to a celebrity or joke. The first and most famous is DOGE coin, a cryptocurrency centered around a famous image of a Shiba Inu dog. $TRUMP features an image of Trump during the assassination attempt last summer.
While meme coins are nominally tied to digital “artwork,” they function primarily as a speculative asset. Since many meme coins attempt to capitalize on online trends, they are known for extreme volatility. Hailey Welch, an online personality known as the “Hawk Tuah girl,” launched the “Hawk” meme coin in December. The Hawk coin’s value exploded shortly after launch, reaching a market cap of $490 million. But the price quickly collapsed. Today, the total value of all the 999 million Hawk coins is less than $30,000. You can buy 338 Hawk coins for less than one cent.
Trump is leveraging the prestige of the presidency and the global coverage of the inauguration to boost the price of $TRUMP. By Sunday evening, the price of one $TRUMP coin soared to over $75, putting the value of the 200 million $TRUMP coins in circulation at nearly $15 billion. By Monday afternoon, $TRUMP had lost about 40% of its value.
The primary beneficiary of this speculative activity is Trump himself. In a move that raised red flags even among crypto enthusiasts, 80% of all $TRUMP coins are reserved for a company owned by Trump. At its peak, the value of these coins exceeded $50 billion, making $TRUMP, which did not exist a few days ago, the dominant source of Trump’s wealth. The $TRUMP coins owned by Trump are currently locked, meaning they cannot be sold, but will be released in tranches over the next three years.
In 2016, Trump’s net worth was estimated to be about $3 billion. Before the launch of the $TRUMP, that had increased to around $7 billion, largely due to the public listing of Truth Social’s parent company, Trump Media & Technology Group. Truth Social loses millions of dollars every quarter and has few users, but Trump’s fans keep its stock price elevated.
So Trump has a huge financial incentive to keep the price of $TRUMP elevated until he can sell his coins. For Trump, there is nothing but upside. He received the coins for free — whatever he can sell them for will be a windfall. Trump’s supporters, however, could suffer huge financial losses. By Monday afternoon, a single $TRUMP coin cost $40. People who buy these coins looking to turn a big profit could instead find themselves with massive losses.
A vehicle for corrupt foreign influence
$TRUMP does not only create problems for reckless Trump fans. It means that the White House is for sale. Anyone seeking to curry favor with Trump — including foreign governments — now has a vehicle to transfer a virtually unlimited amount of money to Trump by driving up the price of $TRUMP coins.
As with all crypto transactions, anyone can purchase $TRUMP anonymously. The only record involves a digital wallet with no public owner. This means a foreign entity could make a large purchase of $TRUMP coins — perhaps boosting $TRUMP’s value before Trump sold some of his holdings — and no one would know. It creates an unprecedented and completely opaque method to bribe the President of the United States.
“While it’s tempting to dismiss this as just another Trump spectacle, the launch of the official Trump token opens up a Pandora’s box of ethical and regulatory questions,” Justin d’Anethan, an independent crypto analyst, told Reuters.
This week, we started a new publication, Musk Watch. NPR covered our launch HERE. It features accountability journalism focused on one of the most powerful humans in history. It is free to sign up, so I hope you’ll give it a try and let us know what you think.
Crypto companies under federal investigation boost $TRUMP
Thousands of meme coins are launched every month. The failure rate for meme coins is estimated at over 97%. With so much competition, it is hard to make a significant number of people become aware of a meme coin. Trump, as the President of the United States, solves that problem. But even once people discover a meme coin, it needs to be easy to buy and sell in order to sustain interest.
It is possible to buy and sell crypto assets without an intermediary. But most people buy and sell crypto through a handful of popular exchanges, which make the process easy and allow you to use cash and other assets to fund purchases.
Exchanges like Coinbase, Kraken, and Robinhood can greatly increase awareness and demand for a meme coin. At the same time, they are not going to list every new meme coin that is issued — especially since many of them are scams.
But Coinbase, Kraken, and Robinhood all have made $TRUMP available to their users, dramatically increasing the number of buyers, and sending its price higher. And they aren’t just quietly listing $TRUMP. They are promoting $TRUMP to their user base.
Improving your relationship with the president is a good idea for any business. But these companies have even stronger motivations. Coinbase is currently being prosecuted by the SEC for “operating its crypto asset trading platform as an unregistered national securities exchange, broker, and clearing agency.” The SEC is also prosecuting Kraken for similar alleged activities. Robinhood has not been charged but received a “Wells Notice” from the SEC last May, indicating enforcement action is coming.
The crypto industry is reportedly hoping that, under the Trump administration, the SEC will either end their prosecutions and investigations or offer a favorable settlements.
More broadly, these companies are counting on the Trump administration to allow them to operate legally. The $TRUMP coin allows Trump to make billions from a more permissive regulatory environment. It transforms the presidency from a public trust into a tool for personal enrichment.
Yesterday, we saw the second inauguration of Donald Trump. Unsurprisingly, he did it his way. He danced onstage with the Village People the night before he took the oath of office. He moved the ceremony inside the Capitol because of the cold. He gave tech CEOs choice seating in the rotunda. And he delivered a speech that at times felt less like an inaug…
It’s Tuesday, January 21. I’m Olly Wiseman and this is The Front Page, your daily window into the world of The Free Press—and our take on the world at large. It’s good to be back.
Today we answer the big questions about the transfer of power in Washington. Among them: Will Trump fight lawfare with lawfare? Will TikTok survive? Is neoliberalism dead? Is Trump cool? Does that even matter? Are we at war with Panama now? And: that hat.
But first: the second inauguration of Donald Trump. Unsurprisingly, he did it his way. He danced onstage with the Village People the night before he took the oath of office. He moved the ceremony inside the Capitol because of the cold. He gave tech CEOs choice seating in the rotunda. And he delivered a speech that at times felt less like an inaugural address and more like a State of the Union / campaign speech mashup. Ignoring unifying inaugural speech traditions stretching back to George Washington, he trashed his political opponents and touted new policies that would bring about a “golden age.”
His proposals were a Trumpian mix of serious (action on immigration and inflation) and, well, strange. It’s the Gulf of America now, and we’re “taking back” the Panama Canal, baby!
His promised day-one executive orders included:
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Declaring a national emergency at the U.S.-Mexico border, unlocking federal funding for a border wall, reinstating the “remain in Mexico” policy for asylum seekers, and designating drug cartels as “global terrorists.”
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Cutting regulations around oil and gas production by declaring another national emergency, this one on energy. (“We will drill, baby, drill.”)
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Ending the environmental rules he calls “Biden’s electric vehicle mandate.”
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Establishing an “external revenue service” to collect tariffs.
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And ending the “government policy of trying to socially engineer race and gender into every aspect of public and private life.” (You read about Trump’s repudiation of gender ideology in the federal government first in The Free Press on Sunday.)
Later in the day, Trump signed these orders. He also pardoned members of the mob who stormed the Capitol on January 6, 2021, and withdrew the United States from the World Health Organization. Trump’s January 6 pardons went further than his closest allies appear to have anticipated. Earlier this month, J.D. Vance said that those who committed violence during the riot “obviously” should not be pardoned. But Trump has commuted the sentences of members of the Proud Boys and Oath Keepers and granted “a full, complete and unconditional pardon to all other individuals convicted of offenses related to events that occurred at or near the United States Capitol on January 6, 2021.”
Back to Trump’s speech. If there was a theme, it was that his own astonishing political comeback portends a national revival, one that he’ll deliver.
“I stand before you now as proof that you should never believe that something is impossible to do,” he said. “In America, the impossible is what we do best.”
Trump went further. His comeback, and his country’s, he claimed, weren’t just linked but were providential. Recalling the attempt on his life in Butler, Pennsylvania, in July, he said: “I felt then, and believe even more so now, that my life was saved for a reason. I was saved by God to make America great again.”
Gone was the grim “American Carnage” theme of his first inaugural speech. He spoke of the many challenges that “will be annihilated by this great momentum that the world is now witnessing in the United States of America.”
It is a promise both populist and popular, a reminder of why Trump won.
It is also, as my colleague Peter Savodnik argues in his column today, the death knell of neoliberalism and the end of cool.
Here’s Peter: Trump’s critics, “the so-called progressive elites, are howling at the idea that this chump, who is so very unserious, is The One who will restore our seriousness. They miss the point. Only the brawling, bumbling ringleader of the great circus that is today’s Republican Party could break open our sclerotic overclass and lay it bare for the whole republic to see not simply its emptiness but its rot.”
Read Peter’s article, “Trump Is Uncool. And That’s a Good Thing.”
Joe Biden’s Unpardonable Last Act
Another promise Trump made was to “rebalance” the scales of justice. “The vicious, violent, and unfair weaponization of the Justice Department of our government will end,” he said in his inaugural address. This would normally sound like a partisan gripe, if it weren’t for the final presidential acts of his predecessor, writes Eli Lake in The Free Press.
Just moments earlier, Joe Biden had issued sweeping preemptive pardons for his siblings and their spouses. The outgoing president did the same for some of his successor’s high-profile opponents, including Anthony Fauci and Liz Cheney. The level of clemency is without precedent, writes Eli, and inconsistent with Biden’s 2020 promise to uphold the rule of law. Indeed, four years ago Biden expressed his concern that Trump would pardon his own political cronies.
Trump now faces a choice: continue Biden’s erosion of norms, or end the cycle of lawfare. Which will it be?
Read Eli’s full report on Biden’s final act as president—and how Trump might respond.
TikTok on the Clock
The first big internal MAGA dustup of Trump’s second term centers on TikTok, the Chinese-owned social network. Congress passed legislation that forced either the ban or the sale of the app, but on Sunday Trump gave TikTok an eleventh-hour reprieve announcing his intent to keep the app alive for 90 days. Hours after going dark, the short-video platform blinked back on.
This was welcome news to the crowd at a TikTok-sponsored inauguration party Sunday evening. Free Press reporter Olivia Reingold was on the scene and spoke to influencers who say: “We the people are for TikTok.” Read her full dispatch here.
Meanwhile, Joe Lonsdale, a prominent Silicon Valley supporter of Donald Trump, argues that the new president’s TikTok maneuvers undermine the rule of law. Now that Congress and the Supreme Court have weighed in, it doesn’t matter what Trump thinks of the TikTok ban. “The law must take effect,” writes Joe. “Because in our republic, it is the Congress that writes the law. If President Trump disagrees, he can try to change Congress’s mind.”
Read Joe Lonsdale’s op-ed: “Mr. President, Don’t Abandon the Rule of Law to Save TikTok.”
Fashion Police: Inauguration Edition
Okay, now the important stuff: the outfits. Suzy Weiss answers some of the really pressing inauguration questions: How did Melania pull off a hat that obscured half her face? Was there a hidden message in Trump’s choice of tie? And Lauren Sanchez’s white lace corset under a blazer: inappropriate or awesome? (Answer: both.) Read Suzy’s full fashion report here.
(Of course, the best-dressed crowd in D.C. this past weekend came to the party we threw. Read about that here.)
More Notes on the Inauguration. . .
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Did the inauguration really need to be inside? Freezing temperatures forced proceedings indoors for the first time in forty years. But America’s ruling class wasn’t always so sensitive. As my colleague Chuck Lane points out, yesterday’s weather, frigid as it was, couldn’t hold an icicle to the 30-below wind chill at Ulysses S. Grant’s second inauguration on March 4, 1873. Chuck describes the frosty scene at that evening’s inaugural ball, held in a hangar-like temporary pavilion, in his book The Day Freedom Died: The Colfax Massacre, the Supreme Court, and the Betrayal of Reconstruction: “Dignitaries gamely shuffled across the dance floor in their overcoats, as horn and tuba players squeaked out music through the frozen valves of their instruments. Dozens of birdcages dangled from the ceiling; the canaries inside were supposed to accompany the orchestra. But the cold was so intense that the birds shivered, tucked their beaks under their wings, and then began to drop dead.”
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In the beginning—i.e., last Friday—there was the $TRUMP meme coin. It’s kinda sorta like Bitcoin, only Trumpier. On the day it was issued, as traders anticipated the new president’s inauguration, it rose from $10 to $75, giving it a total value of more than $10 billion—billions, we should point out, backed by nothing but Trump’s considerable celebrity. It was yet another signal that his administration would embrace crypto. Then came the $MELANIA meme coin. Weirdly, its arrival caused the $TRUMP coin to drop down to $40. Then $TRUMP rose again in anticipation of the inauguration. Then, both the $TRUMP and $MELANIA coins fell by 30 percent as he gave his inaugural address. Strange. Or maybe not. The volatility of meme coins is a given—that’s kinda the point for traders—and anticipation is always a more powerful driver than the actual event. What does the future hold for $TRUMP and $MELANIA? Probably more extreme volatility. But maybe people will figure out the coins’ value is built on air and they’ll collapse—at which point, maybe the president might decide to regulate crypto after all.
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Indicted New York mayor Eric Adams ditched MLK Day celebrations in his city to attend the president’s inauguration. It’s the latest act of Adams’ MAGA charm offensive, which has included a trip to Mar-a-Lago and a shift in his position on immigration, saying he is open to a rollback of sanctuary city policies. Many speculate Adams—who faces federal bribery and fraud charges—is angling for a pardon. Whatever Adams’ next chapter, his eyebrows will still be flawless.
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Carrie Underwood improvised an a cappella performance of “America the Beautiful” after technical difficulties nixed her backing track. “You know the words—help me out here,” the country singer said, before launching into the patriotic anthem. . . and nailing it.
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