more than seven thousand financial institutions had gone under between 1920 and 1929 (providing evidence of underlying economic weakness well before the fateful October 1929 crash), more than nine thousand additional bank failures occurred in the three years between the stock market crash and the end of Hoover’s term as president in 1933. (Chalberg 21)Reacting to the ineffectiveness of Hoover’s administration to deal with the state of affairs, Roosevelt was elected to office in 1932 on his “New Deal” platform. During his campaign, however, it was hard to tell exactly what Roosevelt’s New Deal policy was. He lashed out against the Hoover administration for high tariff policies, but by the end of the campaign, no real difference separated the candidates on the tariff issue. In his speeches he said he would increase aid to the unemployed, but he would slash federal spending (Leuchtenburg 10). One of the New Deal administrators reflected subsequently: “Given later developments, the campaign speeches often read like a giant misprint, in which Roosevelt and Hoover speak each other’s lines” (qtd. in Leuchtenburg 11). However, Hoover’s handling of the economic crisis and many other issues virtually assured Roosevelt of the Presidency. In his inaugural speech, Roosevelt said “This nation asks for action, and action now…. We must act and act quickly” (qtd. in Schlesinger 1). This address was also where his famous quote “The only thing we have to fear is fear itself” was uttered (qtd. in Freidel 93) The first part of the New Deal happened in the first three months of his presidency, which became know as the hundred days. The first objective of the new administration was to get the banks on a more firm footing. On his very first night in office, Roosevelt directed his Secretary of the Treasury to draft an emergency banking bill, and gave him only five d...
