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The Only Thing We Have to Fear is Fear Itself

In: Global Financial Meltdown

Author

Listed:
  • Colin Read

    (SUNY College at Plattsburgh)

Abstract

Franklin Delano Roosevelt (FDR) was the first economic commander in chief of the modern era. It is ironic that his first economic action once he was inaugurated on March 4, 1933 was to promptly shut down banks and financial markets for two weeks. Everyone needs a holiday once in a while, but this bank holiday was of absolute necessity. As discussed, there was a terrible run on the banks that threatened the industry, with half the banks in the United States wiped out between the years 1929 to 1933.

Suggested Citation

  • Colin Read, 2009. "The Only Thing We Have to Fear is Fear Itself," Palgrave Macmillan Books, in: Global Financial Meltdown, chapter 25, pages 194-200, Palgrave Macmillan.
  • Handle: RePEc:pal:palchp:978-0-230-59518-7_25
    DOI: 10.1057/9780230595187_25
    as

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