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When the depression hit, Franklin D. Roosevelt took immediate action by introducing a number of counter measures that helped to save the economy, and to give it the needed momentum for further development. Franklin D. Roosevelt came up with a Bank Holiday, which was effective in stopping large and small of collapsing, therefore, rescuing people’s savings in banks that was the cornerstone of the economy. After easing the situation with banks, FDR identified the major flaws that the American economic system was suffering from at that time, issues that made the Stock Market crash, and banks fail, and actually dealt with them by proposing several regulations that would allow controlling and stabilizing markets. Then Roosevelt decided to help the public sector of his country by introducing the public works programs for poor Americans, a measure that would help to stimulate the economy, and get it right on track. His Safety Net included programs not only for the unemployed, but had programs that made possible for people to keep their housing, relief programs that provided food and supplies to starving Americans, with finally implementing the Social Security to take care of retired and disabled Americans. The following implications had a profound effect on American society by improving its morality and self-confidence. Those regulations were passed, when Roosevelt’s actions were considered to be the interference in the self-adjustable system, with the Conservatives opposing them as being unconstitutional. The Conservatives considered the Constitution to be the law that could not, and should not be altered under any circumstances, as it would automatically change the initial intent of the democracy, whereas FDR viewed the Constitution as a living mechanism, capable of adjustments in times of need. And that is exactly due to Franklin D. Roosevelt’s bold policies that things started to turn around transforming the American power to superpower.
Eggertsson, Gauti B. Great Expectations and the End of the Depression. New York: Federal Reserve Bank of New York, 2005. Print.
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