Roosevelt's Response

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President Roosevelt at the dedication of Hoover Dam (constructed between 1931 and 1935).

Franklin Delano Roosevelt rose from the ranks of the New York Legislature. He realized early in his career that to develop long-term federal support programs that countered "more than a century of buccaneering, laissez-faire American capitalism," the country would have to realize an economic downturn. He couldn't have imagined that the downturn would be so dramatic, although "F.D.R. appreciated the irony that it was the Depression that made it possible for him to realize those larger objectives.”

It is widely considered that few of the New Deal programs had sustained economic impact. Although a few, including the FDIC (Federal Deposit Insurance Corporation), Securities and Exchange Commission (SEC), and the Federal Housing Administration (FHA) would lay the foundation for economic growth in the post-World War II era and beyond.

Kennedy, David M. 2007. "FDR's Lessons for Obama," Timewww.time.com/time/specials/packages/printout/0,29239,1906802_1906838_1906745,00.html