![]() Then until 1944 FDR spoke to America as the depression gave rise to World War II.Īrchived from iTunes at. Roosevelt himself declared a four-day “bank holiday” almost immediately upon taking office and made a national radio address on Sunday, March 12, 1933, to explain the banking problem. To stop the run on banks, many states simply closed their banks the day before Roosevelt’s inauguration. And they made clear the unpredictable relationship between public perception and general financial health-the extent to which the economy seemed to work as long as everyone believed that it would. The panics raised troubling questions about credit, value, and the nature of capitalism itself. FDR gave one of his first fireside chats to explain the federal governments changes to the banking industry in order to instill confidence in the reforms. The president used the address to explain the ongoing bank holiday and ask Americans for their. The sense of connection with the president was immediate. FDRs first fireside chat was delivered on March 12, 1933. Millions of Americans lost their money because they arrived at the bank too late to withdraw their savings. The first Fireside Chat, updating the electorate on what the federal government was doing to address the banking crisis of 1933, came just eight days into Roosevelt’s first administration, direct from the White House to half a million listeners. ![]() Banks never have as much in their vaults as people have deposited, and if all depositors claim their money at once, the bank is ruined. Between 19, 4,000 banks closed for good by 1933 the number rose to more than 9,000, with $2.5 billion in lost deposits. ![]() Roosevelt took office in 1933, one in four Americans was out of work nationally, but in some cities and some industries unemployment was well over 50 percent. ![]()
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