How The Kennedys Went From “New Money” To “Old Money”
The Rise of Joseph P. Kennedy: From Humble Beginnings to American Aristocracy
Early Life and Ambitions
- The story begins in Boston, Massachusetts, circa 1912, introducing a young Joseph P. Kennedy Sr., who dreams of elevating his family from humble roots to wealth.
- As the son of Irish immigrants, Kennedy is determined to transform his lineage into esteemed members of the elite class amidst the struggles and aspirations of early 20th-century America.
Bootlegging and Financial Foundations
- Despite controversies, Kennedy successfully turns a bootleg liquor business into a cornerstone for establishing the family's wealth and influence.
- With Prohibition in 1919, he capitalizes on America's demand for liquor by allegedly creating a network of bootlegging operations that yield significant profits.
Strategic Investments
- In the Roaring Twenties, Kennedy ventures into Wall Street with keen investment instincts, making profitable moves before the stock market crash in 1929.
- He sells stocks at high prices before the crash and buys back at lower rates during the Great Depression, significantly increasing his wealth.
Real Estate Ventures
- Throughout the late 1920s and early 1930s, Kennedy expands his real estate portfolio by acquiring notable properties like the Somerset Hotel in Boston and buildings in New York City.
- His purchase of Manhattan's iconic building at 14 Wall Street exemplifies his strategic investments that contribute to financial growth.
Transitioning from New Money to Old Money
Hollywood Influence
- In addition to real estate, Kennedy enters Hollywood by controlling several movie studios including FBO Studios which later becomes part of RKO Pictures.
Vision for Political Legacy
- Beyond financial success, Joseph P. Kennedy Sr. aims for political legacy through education; he invests heavily in prestigious institutions for his children.
The Next Generation: JFK's Ascendancy
- After Joseph Jr.'s death during WWII disrupts plans for family leadership, John F. Kennedy emerges as a charismatic political figure ready to fulfill their ambitions.
JFK's Political Journey
Electoral Successes
- JFK wins a seat in Congress in 1946 marking the start of an illustrious political career that elevates the family's status from wealthy businessmen to political dynasts.
Presidential Victory
- On November 8, 1960, JFK becomes President after defeating Richard Nixon; this victory symbolizes Joseph P. Kennedy Sr.'s dream realized.
Wealth as Power
Role of Financial Resources
- The family's wealth enables them to influence media narratives and fund campaigns effectively against established old money elites throughout their rise.
Emulating Old Money Traits
Education and Social Integration
- The Kennedys strive to integrate into elite society through Ivy League education and leisure activities reminiscent of old money families' traditions.
Strategic Marriages
- Marrying into established old money families serves as a strategy for social legitimacy; JFK’s marriage to Jacqueline Bouvier exemplifies this approach.
Crafting an Image
Jackie’s Role
- As First Lady, Jackie Kennedy cultivates an image reflecting sophistication through fashion choices and cultural initiatives enhancing their status among elites.
Camelot Imagery
- Post-assassination references likening JFK’s presidency to Camelot further solidify their narrative as embodying noble ideals associated with old money families.
Resilience Amidst Tragedy
Family Challenges
- The "Kennedy curse" includes numerous tragedies such as assassinations but showcases their dignified responses akin to traditional old money resilience.
Continuing Legacy
- Despite personal losses or scandals like Ted Kennedy's Chappaquiddick incident , they maintain commitment towards public service ensuring lasting influence within American society .
Modern Perception
Evolving Identity
- Today , while perceived as new money due its origins , strategic alliances have led them towards being viewed more closely aligned with old-money characteristics .