Having read the first few chapters of Arthur Schlesinger Jr's "The Coming of the New Deal", I realised that I wanted to read the first volume of Schlesinger's history of F.D.R.'s presidency before finishing the second. There's so much I'd like to know about that time of great economic hardship and visionary leaders. I'd like to dispel the myths and deepen my understanding. So, that's how I started reading "The Crisis of the Old Order: 1919-1933" (the volume that precedes "The Coming of the New Deal").
Prologue: 1933
The book begins with a masterful evocation of the gloom that had fallen over the nation, and the departing president in particular, as F.D.R.'s inauguration approached. An economic crisis had shuttered banks all across the nation and Herbert Hoover was deeply unhappy to see himself ousted from the presidency. A quarter of all Americans were unemployed. Hunger haunted the streets in the form of half-starved boys. Violence broke out as farmers overturned milk trucks flooding the ditches with milk. Mobs intimidated banks, insurance companies and judges for attempting to enforce debts. The specter of Communist revolution hung everywhere in the air.
Everyone was at a loss at what to do. Some warned that a balanced budget was crucial to thwart disaster. Others feared the death of capitalism. All looked to see what the new president would do to confront the impending economic disaster. And so, on the day of his inauguration, F.D.R. uttered those most famous of words "The only thing we have to fear is fear itself." He said, "The money changers have fled from their high seats in the temple of our civilization. There must be an end to a conduct in banking and in business which too often has given to a sacred trust the likeness of callous and selfish wrongdoing. This Nation asks for action, and action now..."
F.D.R's ringing words stirred the crowd. In this respect they are deeply reminiscent of President-elect Obama's speeches. They both called for change at a time when the bottomless greed of a few capitalist barons had wiped out the wealth of millions. Perhaps the one striking difference is that F.D.R. stated he would even go so far as to claim the enhanced executive powers of a Commander-in-Chief in times of war in order to combat the economic troubles. I doubt Obama intends to go so far and I pray he will not have to.
Prologue: 1933
The book begins with a masterful evocation of the gloom that had fallen over the nation, and the departing president in particular, as F.D.R.'s inauguration approached. An economic crisis had shuttered banks all across the nation and Herbert Hoover was deeply unhappy to see himself ousted from the presidency. A quarter of all Americans were unemployed. Hunger haunted the streets in the form of half-starved boys. Violence broke out as farmers overturned milk trucks flooding the ditches with milk. Mobs intimidated banks, insurance companies and judges for attempting to enforce debts. The specter of Communist revolution hung everywhere in the air.
Everyone was at a loss at what to do. Some warned that a balanced budget was crucial to thwart disaster. Others feared the death of capitalism. All looked to see what the new president would do to confront the impending economic disaster. And so, on the day of his inauguration, F.D.R. uttered those most famous of words "The only thing we have to fear is fear itself." He said, "The money changers have fled from their high seats in the temple of our civilization. There must be an end to a conduct in banking and in business which too often has given to a sacred trust the likeness of callous and selfish wrongdoing. This Nation asks for action, and action now..."
F.D.R's ringing words stirred the crowd. In this respect they are deeply reminiscent of President-elect Obama's speeches. They both called for change at a time when the bottomless greed of a few capitalist barons had wiped out the wealth of millions. Perhaps the one striking difference is that F.D.R. stated he would even go so far as to claim the enhanced executive powers of a Commander-in-Chief in times of war in order to combat the economic troubles. I doubt Obama intends to go so far and I pray he will not have to.
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