“World's Most Complete Neighborpedia”
Explore:   What's happening in your neck of the woods?

What can history teach us about the current financial crisis?

By the date of President Roosevelt's inauguration, 4 March 1933, we were in the depth of the Great Depression. The citizenry was panicked; there had been a run on the banks; and nearly all of the nation's banks had temporarily closed.

To paraphrase our present Secretary of the Treasury, Henry Paulson: There was a lack of liquidity.

I have included links below to 2 one page speaches given by FDR. He was a skilled communicator who spoke frankly and chose his words carefully. You'll appreciate the irony when you realize that these same words could be used today.

FDRs first inaugural speech 4 March 1933. "The only thing we have to fear is fear itself."

http://millercenter.org/scripps/archive/speeches/detail/3280

FDRs speech on the Banking Crisis 12 March 1933. He urged his radio audience to have faith in the banks and to support his plan.

http://millercenter.org/scripps/archive/speeches/detail/3298

I'm curious to know what President Elect, Barack Obama will say in his inaugural speech.

Posted Sunday Jan 04