Obama's debut is quite different from FDR's. FDR took office in the midst of a total meltdown of the banking system and acted boldly to arrest it. In March 1933, the Dow was at 52. It climbed 75 percent in the first 100 days. By December 1, 1933 it was 99. Obama is temporizing with his financial crisis in favor of moving quickly on his big spending plans, and watching the Dow trip steadily downward by the day. It's as if FDR skipped the bank holiday and focused first on passing the CCC.
The brand-R talking point heads continually define FDR as a socialist who tried to nationalize everything and blew up the Constitution. The same brand-R talking point heads also describe Sultan Bush as a "conservative".
How did FDR handle the banking crisis in 1933? He closed all banks to stop the run, sent out inspectors to check solvency, and immediately re-opened the good banks with a federal guarantee behind them. The guarantee turned into FDIC.
Was this constitutional? Yes. The Federal gov't is given power "To coin Money, regulate the Value thereof..." Since the banking crisis was destroying the Value of Money, the gov't clearly had the authority to intervene.
How does Sultan Bush handle this banking crisis? He nationalizes the insolvent companies.
Now tell me again, who's the socialist?
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