The late 1920’s saw seemingly everlasting increases in stock prices, the Hoover Boom Market; in September and October of 1929 the market stumbled and on October 29th, Black Tuesday the market tumbled and the nation fell into the Great Depression. President Hoover saw the “crash” as a “correction,” the “invisible hand” would intervene; the market and the economy would revive as it always had in the past; by November 1932 the nation was in a deep depression, unparalleled unemployment, and the economy continued to tumble,
On March 4th, 1933, Inauguration Day, FDR delivered his “We have nothing to fear but fear itself” speech – listen to excerpts here.
So, first of all, let me assert my firm belief that the only thing we have to fear is…fear itself — nameless, unreasoning, unjustified terror which paralyzes needed efforts to convert retreat into advance.
In the inaugural address FDR also threatened Congress,
“I am prepared under my constitutional duty to recommend the measures that a stricken nation in the midst of a stricken world may require. …
And while he “hoped” Congress would work with him he made it clear,
It is to be hoped that the normal balance of executive and legislative authority CONTINUE READING: Who’s Whispering in Biden’s Ear? (And who is he listening too …?) | Ed In The Apple