Spot on!
The upper class hated FDR because, 1) he appointed and/or nominated people to top government jobs who knew the upper class' dirty methods and regulated accordingly, and 2) he saved the upper class from itself. They'll never forgive him for that.
In the 1600s, King Louis XIV gathered all power unto himself, and in exchange, spent lavishly on the nobility and gave the them special privileges. By the 1780s, the French treasury was becoming bankrupt (thanks in part to French military assistance in the American War of Independence), but the nobility continued to spend extravagantly while the lower classes were starving in the streets and in their shacks on rich estates. Louis XVI convened a special assembly and asked the nobility to tax itself. The nobility refused. We all know what followed.
The upper class has an extraordinary sense of its own worth and privilege -- at times, at the expense of common sense and self-survival.