Patrick Joseph Kennedy (1858–1929) was the son of poor Irish immigrants who married in Boston in 1849. Originally a saloon-owner in Boston who expanded to own a whiskey importation business, Patrick Kennedy made a good living in alcohol, and became the first family member to enter local politics. When Prohibition became law in 1920, importers like Patrick were allowed to keep the stores of liquor that they held. In fact Prohibition only banned the manufacture, sale and transportation of liquor, not drinking it.
In 1919 Patrick’s son, Joseph P Kennedy (1888-1969), had joined the prominent Hayden stock brokerage firm as an expert dealing in the unregulated stock market of the day. Joseph demanded to be paid, not only in salary and expenses, but in stock options. After succeeding as a stock trader, Joseph Kennedy became the youngest bank president in America at 25!
His fortune increased. While other major investors were pumping money into the stock market, Kennedy knew that stocks were wildly overvalued. He sold off most of his stock holdings before the 1929 Crash, and started shorting stocks, betting that their prices would go down. When everyone else lost their homes on Black Tuesday, Kennedy walked away even richer. Dodgy yes, but very clever.
When he left for Hollywood in the late 1920s, Joseph Kennedy bought a failing Hollywood movie studio and started pumping out cheap films. In 1928 Joseph Kennedy sold two of his small film studios, creating RKO Pictures. It was best known for allowing 24-year-old genius Orson Welles to make Citizen Kane, the film following treacherous American magnate Charles Foster Kane.
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The huge money that the Kennedys made from alcohol remained. In 1933, when it was clear that Prohibition would be overturned, Joseph Kennedy used his already substantial wealth and political connections to ensure exclusive contracts to import high-end Scottish spirits; they proved extremely lucrative. When Prohibition was lifted in Dec 1933, relieved Americans quickly bought up whiskey and gin. Note that when Joe Kennedy sold his liquor franchise a decade later, he earned $8.2 million ($100+ million today).
In 1932, multi millionaire Kennedy supported Franklin D Roosevelt in his bid for the Presidency. This was Joseph’s first major involvement in a national political campaign, to which he donated and raised large moneys.
In 1919 Patrick’s son, Joseph P Kennedy (1888-1969), had joined the prominent Hayden stock brokerage firm as an expert dealing in the unregulated stock market of the day. Joseph demanded to be paid, not only in salary and expenses, but in stock options. After succeeding as a stock trader, Joseph Kennedy became the youngest bank president in America at 25!
His fortune increased. While other major investors were pumping money into the stock market, Kennedy knew that stocks were wildly overvalued. He sold off most of his stock holdings before the 1929 Crash, and started shorting stocks, betting that their prices would go down. When everyone else lost their homes on Black Tuesday, Kennedy walked away even richer. Dodgy yes, but very clever.
When he left for Hollywood in the late 1920s, Joseph Kennedy bought a failing Hollywood movie studio and started pumping out cheap films. In 1928 Joseph Kennedy sold two of his small film studios, creating RKO Pictures. It was best known for allowing 24-year-old genius Orson Welles to make Citizen Kane, the film following treacherous American magnate Charles Foster Kane.
Joe and Rose Kennedy, center, with their 8 children at Hyannis Port, Mass
Ted Kennedy was born a year later in 1932
John F. Kennedy Presidential Library and Museum)
In 1932, multi millionaire Kennedy supported Franklin D Roosevelt in his bid for the Presidency. This was Joseph’s first major involvement in a national political campaign, to which he donated and raised large moneys.
Kennedy began his short public service career in 1934 as the head of the Securities and Exchange Commission under Pres Roosevelt. The ambitious Kennedy wanted something bigger eg Secretary of the Treasury. But Roosevelt knew the stubborn, foul-mouthed Kennedy probably wouldn’t follow orders, so he said no. When Kennedy later suggested an ambassadorship, Roosevelt reluctantly gave him the nod
Irish Catholic priest Father Charles Coughlin had become the most listened to Catholic spokesman on political and financial issues on radio. Having originally been a strong supporter of Roosevelt, in 1934 Coughlin broke with the president when Roosevelt bitterly opposed Coughlin's weekly anti-communist, anti-Semitic, far-right, anti–Federal Reserve and isolationist radio talks.
Roosevelt sent Kennedy and other prominent Irish Catholics to tone down Father Coughlin. But I cannot tell if A] Joe Kennedy secretly approved of Father Coughlin or B] Kennedy had any impact on Father Coughlin in any case. Only one report said that Joe Kennedy was given the position of Ambassador to Britain by President Roosevelt explicitly as a reward for silencing the inflammatory Catholic priest.
In 1938, war was looming in Europe. Hitler took Austria, and wanted Czechoslovakia. British PM Neville Chamberlain sought appeasement, as did Kennedy. Kennedy insisted that US involvement would lead to another Great Depression, or even utter devastation.
In May and June 1938, Kennedy had extensive discussions with the new German Ambassador to Britain, Herbert von Dirksen. In the midst of these unapproved discussions, Kennedy advised von Dirksen that the President was “the victim of Jewish influence and was poorly informed re Germany’s philosophy, ambitions and ideals”. Dirksen reported to the State Secretary of the German Foreign Ministry that Kennedy was Germany's best friend in London.
In Nov, the persecution of German and Austrian Jews continued into Kristallnacht. Kennedy continued to loudly advocate for appeasement, in London and at home, arguing that Britain would be destroyed otherwise. He tried to set up a personal meeting with Hitler, but it never materialised.
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Embassy aide Harvey Klemmer presented Kennedy’s summary of his anti-Jewish sentiment: “Individual Jews are alright, but as a race they stink. They spoil everything they touch. Look what the kikes did to the movies”. Even in May 1940, when Winston Churchill replaced Chamberlain, Kennedy’s disgraceful victim-blaming continued.
Back in the USA in late 1940, a paranoid Kennedy blamed Jewish Hollywood and its anti-German propaganda for pushing America towards war. He also blamed the problematic Jew-Media in New York and LA for trying to set a match to the fuse of the world”. Shortly after vaguely endorsing Roosevelt’s third term on radio, Kennedy resigned.
Now we have to explain how Joseph Kennedy’s public behaviour could have been so appalling.
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However in 1944 Kennedy would still not say or write anything about the fate of European Jews. “The Jews themselves should pay less attention to advertising their racial problem, and more attention to solving it. It’s chiefly their fault now.” The victory over the Nazis in 1945 was celebrated by most people as the triumph of good over evil. But even then, Kennedy believed that victory over Hitler had cost too much and accomplished too little.
Felled by a debilitating stroke in 1961, Joe Kennedy's body failed for 8 years. He died in 1969.
Irish Catholic priest Father Charles Coughlin had become the most listened to Catholic spokesman on political and financial issues on radio. Having originally been a strong supporter of Roosevelt, in 1934 Coughlin broke with the president when Roosevelt bitterly opposed Coughlin's weekly anti-communist, anti-Semitic, far-right, anti–Federal Reserve and isolationist radio talks.
Roosevelt sent Kennedy and other prominent Irish Catholics to tone down Father Coughlin. But I cannot tell if A] Joe Kennedy secretly approved of Father Coughlin or B] Kennedy had any impact on Father Coughlin in any case. Only one report said that Joe Kennedy was given the position of Ambassador to Britain by President Roosevelt explicitly as a reward for silencing the inflammatory Catholic priest.
In 1938, war was looming in Europe. Hitler took Austria, and wanted Czechoslovakia. British PM Neville Chamberlain sought appeasement, as did Kennedy. Kennedy insisted that US involvement would lead to another Great Depression, or even utter devastation.
In May and June 1938, Kennedy had extensive discussions with the new German Ambassador to Britain, Herbert von Dirksen. In the midst of these unapproved discussions, Kennedy advised von Dirksen that the President was “the victim of Jewish influence and was poorly informed re Germany’s philosophy, ambitions and ideals”. Dirksen reported to the State Secretary of the German Foreign Ministry that Kennedy was Germany's best friend in London.
In Nov, the persecution of German and Austrian Jews continued into Kristallnacht. Kennedy continued to loudly advocate for appeasement, in London and at home, arguing that Britain would be destroyed otherwise. He tried to set up a personal meeting with Hitler, but it never materialised.
Joseph Kennedy, U.S ambassador to Britain, flanked by sons Joseph Jr (L) and John (R),
aboard an ocean liner,1938
Washington Post
Embassy aide Harvey Klemmer presented Kennedy’s summary of his anti-Jewish sentiment: “Individual Jews are alright, but as a race they stink. They spoil everything they touch. Look what the kikes did to the movies”. Even in May 1940, when Winston Churchill replaced Chamberlain, Kennedy’s disgraceful victim-blaming continued.
Back in the USA in late 1940, a paranoid Kennedy blamed Jewish Hollywood and its anti-German propaganda for pushing America towards war. He also blamed the problematic Jew-Media in New York and LA for trying to set a match to the fuse of the world”. Shortly after vaguely endorsing Roosevelt’s third term on radio, Kennedy resigned.
Now we have to explain how Joseph Kennedy’s public behaviour could have been so appalling.
Read David Nasaw’s 2012 book, The Patriarch: The Remarkable Life and Turbulent Times of Joseph P Kennedy. Nasaw took each criticism of Kennedy one at a time. Perhaps Joseph’s tactics did border on insider trading and market manipulation in the 1920s, but the unregulated market meant that Joseph wasn’t trading illegally. Kennedy became a multi-millionaire during the 1920s bull market and even wealthier by taking short positions in 1929. Secondly Nasaw said there was no evidence whatsoever about Kennedy trading in illicit liquor. Thirdly Nasaw didn’t think that Kennedy was very anti-Semitic; rather he was raised to believe cultural myths about Jews, Catholics and Protestants alike. Joe Kennedy did accept the idea that there was “something in the genetic makeup, in the blood of Jews that makes them sinister, evil and destructive of Christian morality.” But, said Nasaw, Kennedy bought into ancient anti-Semitic myths and scapegoating; he did not cross the line into actual racism. [The difference escapes me].
Pres Roosevelt congratulates Joseph P. Kennedy as the new ambassador to UK Jan 1938.
Ass Justice Stanley Reed administered Kennedy’s oath.
Warfare History
Felled by a debilitating stroke in 1961, Joe Kennedy's body failed for 8 years. He died in 1969.