first time a nationwide bank holiday, to freeze the banking system in place, to finally pu a national system, a nationa response in place to shore u banking coast to coast, to giv americans everywhere assurance that they would not lose their money in the bank s. and after that, we woul never again, as a country, wai that long for a new presiden to take over after he had been elected in november. when fdr sprang into action in march 1933, when he stopped th national banking crisis tw days after he was sworn in, he also, at the same time invented a whole new thing t communicate with the america people, to explain to them wha he and his new administratio were doing and how it wa supposed to work, to stop th national run on the banks. fdr was sworn in march 4th he instituted that federal ban holiday on march 6th on march 12th, he gave his
interregnums before th inauguration of the ne president was in 1933. and that year, by the time w finally got around t inaugurated franklin delan roosevelt as the new president it was really, really obviou that year in 1933 that it wa passed time to make that change it was really, really obviou in 1933 that it was going to b a good idea to not wait unti march anymore. to instead let a new president takeover sooner. and the reason that was so obvious in 1933 is because whe fdr finally got inaugurate that year, finally got inaugurated in march, 1983, we were literally in the middle o a nationwide run on the banks. when he got inaugurated. this was in the middle of th great depression, of course, 1933 and during the term of the previous president, republican
but i m sorry, let me just stop you right there. 60 - seven how does this get an votes, any votes we are now, next week will b the tenth year anniversary o when lehman brothers crashed and signaled to the entire world that the collapse of 200 had started. and how it could be that after we got some dodd-frank protections in place, after we got ten years, nearly, o trying to rebuild, after the banks are more profitable than they ve ever been in history how could it be that thi congress is saying, i know wha let s do let s make it easier to make big banks to cheat america families let s make it easier for the to load up on risks. let s take 25 of the 40 larges banks in america, banks that sucked down 50 billion dollars in bailout money, and nobody
herbert hoover, who had disastrous presidency in economic terms, during hoover time in office, there had been a series of banking panics people making runs on banks. it happened in specific part of the country in 1930, and in 1931 but then in 1932, there was really big surge in bank failures in both the west an the midwest. and there started to be national panic in 1932, when that nationa panic was taking hold, individual states starte declaring bank holidays. that was the first one to do it but then other states including michigan, followed suit individual states starte declaring holidays, they started declaring all banks to be close on specific days, basically just to stop peopl from rushing in and pulling al of their deposits an collapsing more banks. but doing that in a piecemea way, doing that state by state sort of happenstance, random
wheels of industry and agriculture turning around a comparatively small part o the money you put into the ban is kept in currency. an amount what s in normal times is wholly sufficient t cover the cash needs of th average citizen. he was a good explainer that was a good explanation to the american people of what wa going on and he went on to explain that although most banks were wel run, not all banks were well run. he said some were run by bankers who were, in his words incompetent or dishonest and he said that, you know people losing confidence in th banks had caused people, understandably, to rush to get the money out of the banks that had created the present crisis, which had led him an it s brand spanking ne government to step in and take over to try and stabilize th whole this let me make it clear to you that the banks will take car of all needs when the people find they ca