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Lesson From the Great Depression

October 10th, 2008
By ROBERT STEIN

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We have been here before, and we can learn from the past.

On March 4, 1933, Franklin D. Roosevelt took the oath of office and told Americans, “(T)he only thing we have to fear is fear itself…nameless, unreasoning, unjustified terror which paralyzes needed efforts to convert retreat into advance…

“Values have shrunken to fantastic levels, taxes have risen, our ability to pay has fallen, government of all kinds is faced by serious curtailment of income, the means of exchange are frozen in the currents of trade, the withered leaves of industrial enterprise lie on every side…the savings of many years in thousands of families are gone.”

But FDR came to the White House ready to take action, and he did. When the next president moves into the White House in January, it may be too late to start.

Read the rest of this entry.



This entry was posted on Friday, October 10th, 2008 at 12:25 pm and is filed under USA, Wall Street, Capitalism, Elections, Economy, Money/Finance, 2008 Elections, History. Responses are currently closed, but you can trackback from your own site.

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