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View Diary: The Great Depression Pt. III (172 comments)

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  •  According to NBER (0+ / 0-)

    the first leg of the depression ended in March of '33, before FDR even took office, so we really have no way to know whether FDR's policies actually caused the growth rate or whether the economy was turning on its own anyways.  We do know that his policies have helped the economy over the last 70 years, but have essentially no way to say that his policies actually ended the depression (as opposed to say the confidence his election inspired).

    •  FDR's Emergency Banking Act was the turn (0+ / 0-)

      Roosevelt was sworn in on March 4, 1933.  Within the week he had declared a 4 day banking holiday, and then the banks reopened under the Emergency Banking Act.  That marked the turning point of the Depression as noted so nicely by the NBER.


      "When the going gets tough, the tough get 'too big to fail'."

      by New Deal democrat on Mon Jan 05, 2009 at 11:36:50 AM PST

      [ Parent ]

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