When FDR became president, one of the first things he did to restore confidence in the economy was ?

Question

was it the bank holiday where he closed down all the bank or was it the welfare program (creating jobs for the people)?

Answer 1

One would have to cite the Bank Holiday since it was a 'dramatic' gesture, a lot of flash & fire, nothing truly concrete accomplished but mainly a show of power, actually when one thinks about closing down banks it is not a reassuring sign but Rosevelt planted the idea in most everyone's mind that by closing the banks for a brief while would somehow allow time to reorganize. Actually what FDR did to shore up the economy was accomplished with less flash & fire, by pushing thrugh lesislation that freed up funding for several federal work, not welfare but work projects.
What is amusing for a man in a wheelchair is the fact that FDR was a lot like that nice guy who stops and helps to push your car out of the mud or ice. The sheer vitality of FDR's actions as oppossed to Hoover's paralyzed stance restored public confidence. FDR simply had the knack of making it seen as if things would be done and to his credit he followed through. Closing the Banks was a visible symbol but what put the economy back on track were the measures FDR pushed through Congress during the vaunted 'Hundred Days.'

http://www.huppi.com/kangaroo/First100days.htm
""""FDR's natural air of confidence and optimism did much to reassure the nation. His inauguration on March 4 occurred literally in the middle of a terrifying bank panic -- hence the backdrop for his famous words: "The only thing we have to fear is fear itself." The very next day, to prevent a run on banks, he declared a "bank holiday," closing all banks indefinitely until bankers and government could regain control of the situation. The term "holiday" was meant to give a festive air to what was actually a desperate situation, but such was FDR's desire to provide hope to the nation.

Congress was almost entirely compliant and gave the President everything he wanted. The Emergency Banking Bill, which strengthened, reorganized and reopened the most solvent banks, was passed overwhelmingly by Congress with little debate. On March 12, Roosevelt announced that the soundest banks would reopen. On March 13, deposits at those banks exceeded withdrawals -- a tremendous relief to a worried nation. "Capitalism was saved in eight days," said Raymond Moley, a member of the President's Brain Trust.

The bank holiday was a vivid example of the effectiveness of government intervention in an economic crisis. Hoover had allowed two previous bank panics to run their course, which contributed to over 10,000 bank failures and $2 billion in lost deposits. The bank holiday secured Roosevelt's political reputation, and convinced both Congress and the public that the New Deal was the right road to follow.

Roosevelt's strategy consisted of two parts: first, provide relief for those who needed it most, which often involved a redistribution of wealth from the rich to the poor. Second, provide long-lasting reform to the nation's economy, through reorganization and the creation of new agencies. Most of Roosevelt's policies can be described as "taking from one pocket to put in the other." Fixated with a balanced budget, and fretful when it was not, Roosevelt made sure that anything given to one sector of the economy was taken from somewhere else. He did not accept Keynes' recommendation to begin heavy deficit spending, and did not do so until the threat of World War II forced him to.

Roosevelt's legendary "First 100 Days" concentrated on the first part of his strategy: immediate relief. From March 9 to June 16, 1933, FDR sent Congress a record number of bills, all of which passed easily. These included the creation of the Federal Emergency Relief Administration, the Civilian Conservation Corps, the Reconstruction Finance Corporation, and the Tennessee Valley Authority. Congress also gave the Federal Trade Commission broad new regulatory powers, and provided mortgage relief to millions of farmers and homeowners.

The success of the First 100 Days was important, because it got the New Deal off to a strong and early start. Later, the conservative Supreme Court would declare much of the New Deal unconstitutional, and Roosevelt's political prestige would decline as his policies failed to resolve the Depression. If Roosevelt had not passed his agenda early, we would probably be without many New Deal programs we take for granted today. """"


Peace------------------------

Answer 2

He did nothing but speak to the american people about confidence, nothing that he actually did had an effect on the Great Depression.

Despite the democratic party propoganda about FDR, the US did not come out of the Depression until they entered WWII.

whale