Have things changed very much when it comes to how tycoons operate in our country? Maybe not so much even though the forms of our technology have so radically changed over the past two centuries.
Consider Nicholas Biddle from two centuries ago. He controlled the Second Bank of the United States. In its time it was the closest thing to the Fed that our country had. Its network of relationships with correspondent banks across the country gave it huge power and influence. Astride it stood the formidable Nicholas Biddle. The power his position as president of the bank gave him rivaled that of the President of the United States, and more than a few in that time asserted that it even exceeded it. One of those was President Andrew Jackson. The confrontation between Biddle and Jackson over reauthorization of the bank by Congress convulsed our country in the early 1830s and became the centerpiece of Jackson’s re-election battle for his second term in office.