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Words from the Past | 10/10/2008 8:40 am

What Would FDR Tell Us Today? 6 Roosevelt Quotes for Today's Economic Panic

Photo Essay

The last time our great nation faced an extreme economic crisis, it paved the way for one of the greatest statesmen in the history of the Republic to emerge. Franklin Delano Roosevelt, who was born to great personal wealth and power, would turn out to be the leader that the times required. His words, given in historic speeches to multitudes and in “fireside chats” on the radio resonated with a nation facing a moment much like the one we are dealing with today.

On this precarious morning-after, our brilliant Editor-in-Chief, Deborah Barrow, reached back into history to give us some perspective and hope.-Joni Evans

30 Reader Comments (so far…) Sign In or Register to comment

Andy C
These times are so different than it was back in the day. We trusted our leaders to do the right thing; we trusted them to lead us; we thought they cared about us and we had hope. Now we face our politicians with skepticism, knowing in all likelihood that it’s all talk and we plan for a future in spite of them. Sadly, Roosevelt could not get elected today.
By Andy C on 10/10/2008 9:00 am
Chris Broersma
Sad, but true, Andrea. We tend to pick apart every personal facet of our candidates, and don’t produce the good orators we use to either.
By Chris Broersma on 10/10/2008 11:18 pm
Bonnie Oliver
Andrea - I cannot agree. I believe that Franklin Roosevelt could be elected today as could any of our past Presidents who had the ability to connect with the common man and woman. I don’t think people trusted the politicians in the past anymore than we trust them now. The only difference is that we generally find out if we elected a scoundrel or a rascal to the White House but we may never know about our elected members to Congress unless they are caught with their proverbial “hand in the cookie jar”. I realize that many here at wOw think that Senator Obama provides that leadership and ability to connect to the ordinary American but he does not. We are afraid of what his possible Presidency will bring to the country and we have justifications for our doubts. However, FDR was greatly admired by my parents and grandparents. They were not afraid that he would make an incorrect decision; they were confident that if a decision he made was found to be flawed, that he would then change the decision until he found something that would help put people back to work and to boost their confidence with their banks and government. He was so right when he said that “the only thing we have to fear is fear itself”. Of course, we all now know that it was America’s entry into World War II that actually brought the Great Depression to an end. But it was FDR talking to the folks as partners and as Americans that gave so many people the hope to carry on and work for better times. Oh, yes. A man like FDR would certainly win the Presidency in 2008 as he did in 1932.
By Bonnie Oliver on 10/11/2008 1:49 am
Lorraine Bates
I realize that many here at wOw think that Senator Obama provides that leadership and ability to connect to the ordinary American but he does not.” Many ordinary Americans would disagree with you.
By Lorraine Bates on 10/15/2008 11:52 am
James the Game
FDR’s words still ring true, “The only thing we have to fear is fear itself”. Because fear is what is fanning the flames right now on Wall Street and abroad. Panic caused the big run on banks in the Great Depression. What I admired about Franklin Roosevelt is the programs he created through is New Deal initiative that helped bring the U.S. out of the depression. Such as the Home Owners Loan Corp. Hillary Clinton recently suggested that the Treasury Department buy the mortgages of homeowners in financial trouble and replace them with more affordable loans. John McCain then picked up on that and proposed during Tuesday’s debate that $300 billion be authorized to do just that.
By James the Game on 10/10/2008 9:42 am
Sandbee (FB) 54
If he had stayed with that and not made the change on Wednesday, giving the mortgage companies full repayment on the bad loans it might have been okay. But what he is now proposing puts all of the burden back on the tax payers who are paying their own mortgages and will be paying these as well. The institutions that made the bad loans should have to bear some of the responsibility.
By Sandbee (FB) 54 on 10/10/2008 10:28 am
James the Game
That’s essentially correct, so far as I can tell. I’m no financial guru, but desperate times bring desperate measures. And what Barack Obama needs to do is a little out-of-the-box thinking right now. McCain, desperately behind in the polls, is throwing darts with a blind fold. The thing is, there’s a chance one could always hit the bullseye.
By James the Game on 10/10/2008 1:57 pm
C jay
(If this reply to you, James, doesn’t ‘land’ in the right place, it’s not my fault!) … your recollection that McCain “picked up that” during Tuesday’s dabate was accurate; however, he had just voted otherwise, in the Senate ‘BAILOUT’ bill. Thus, he was violating an emergency act of Congress, or had no recollection of what he signed, if he remembered signing that bill. I nearly threw the remote at the TV set. I will not watch this debate. It’s not worth my time, or immune system. Pausing for afternoon tea.
By C jay on 10/14/2008 3:59 pm
James the Game
Remember, don’t attack the messenger (the TV set)!
By James the Game on 10/14/2008 4:13 pm
phyllis Doyle Pepe
Andrea: All times are different from other times because change is always taking place. During Roosevelt’s reign there were many who viewed his policies with distain, but he had the masses in the palm of his hand; he knew how to reach them and how to make them feel they were in safe and capable hands. He was for many a wise father that would guide them through the depression and through the war. In collaborating with Stalin, he made common cause with an indisputably evil figure. Yet this pact with the devil destroyed the murderous Hitler while vaulting the United States to a position of unquestioned global economic supremacy. Yet, he has been criticized for being taken in by Stalin. Today we have a choice once again to vote a new president into office and I, for one, feel a great surge of hope in giving Obama that chance. I think he cares deeply about doing the best job possible for this country and its people; I trust that he will follow through. I don’t say this lightly, nor do I say this blindly. I say this out of conviction. I have seen many presidents come and go; I think he will make an extraordinary one. He will blunder as all presidents do, but he will learn from the blunders just as Kennedy did with the Bay of Pigs and that mistake happened early on his watch. If I’m wrong about all this then I’ll eat crow for years to come––the feathers preventing me from spouting off ever again.
By phyllis Doyle Pepe on 10/10/2008 9:54 am
Joan Brown
I wasn’t around in FDR times. I don’t know how he was. I do know that we have things so messed up. Anyone that has a brain I would think they would say, “You messed things up. Government is not here to bail you out. Figure it out!”
By Joan Brown on 10/10/2008 10:57 am
Patty E
Joan, are you saying that ‘we the people’ messed up’? That we are responsible for the failure of enforcing the laws and rules on the books, for the SEC, for instance? Or that ‘we’ voted in this President? and that it really wasn;t a Supreme court decision? and that ‘we’ gave Coprations tax incentives, instead of the GOP Congress, to move out of the counrtry? or that ‘we’ the people are the ones that are responsilbe for concocting the bizarre predatory lending scheme? Or that ‘we’ the people declared war on Iraq? Please clarify.
By Patty E on 10/10/2008 11:09 am
Joan Brown
What I meant was that the United States as a whole messed things up. The government, the greedy corps., and yes the regular people. No one used their brains when the housing market went on the uprise. People bought houses that should never have purchased houses. The Government in it’s overspending and pork that is attached to all the bills and borrowing from other countires. The greedy corps out there that have huge salaries and take lavish vacations then go bankrupt. I think we all had a hand in this mess. I just hope we can get to a spot where everyone will be back to normal. (Whatever, that may be.)
By Joan Brown on 10/10/2008 9:41 pm
Joan Brown
Did Obama read my comments. Geeze, almost word for word. Guess I wasn’t THAT far off!!
By Joan Brown on 10/14/2008 12:16 am
The Wine Warrior
BRUSSELS (Reuters) - Former President Jimmy Carter said on Friday the “atrocious economic policies” of the Bush administration had caused the worst global financial crisis since the Great Depression of the 1930s. Carter told reporters on a stopover in Brussels that “profligate spending,” massive borrowing and dramatic tax cuts since President George W. Bush took office in 2001 were behind the market turmoil and economic crisis. “I think it’s because of the atrocious economic policies of the Bush administration,” said the 84-year-old Democrat, who served in the White House from 1977-1981 during a period of high inflation and energy crisis. Whoever wins next month’s U.S. presidential election would inherit economic problems that would force them to postpone implementing some of their proposed reforms, he said. “The economic situation is an entrenched problem. It is going to take years to correct what has been done economically,” Carter said, adding he hoped Democrat Barrack Obama would win and immediately improve Washington’s image in the world. Eight years ago, the United States had a budget surplus, low inflation and a stable, strong economy, he said. Carter said he was astonished that the United States now owed China “in the neighborhood of $1 trillion.” Deregulation and what he called a withdrawal of supervision of Wall Street had encouraged irresponsible elements in the U.S. financial system, enabling banks to borrow 30 times their value. Carter was on his way back from a private peace mission to Cyprus with fellow elder statesmen Lakhdar Brahimi of Algeria and Archbishop Desmond Tutu of South Africa, intended to give a push to talks between the Greek Cypriot and Turkish Cypriot leaders on a settlement to reunite the divided island. (Reporting by Paul Taylor; editing by Sami Aboudi) © Thomson Reuters 2008 All rights reserved
By The Wine Warrior on 10/10/2008 11:57 am