text: As the story approaches the end of the 1930s, Shlaes's most interesting subtext comes to the fore: the evolution of FDR's 1940 challenger Wendell Willkie. In the early chapters Willkie is seen as a nave utility executive with reformist sympathies who thought he could cut deals with FDR, only to be bitterly disappointed when he was ground up along with the rest of the malefactors of great wealth. He couldn't say he wasn't warned. Insull told Willkie in 1934: "Mr. Willkie, when you are older you will know more."