The First 100 Days or How History Repeats Itself.

The First 100 Days or How History Repeats Itself.

As we live through what everyone is calling "the worst economic crisis since the Great Depression of the 30’s," it is interesting to note that today, March 9, was the first of Roosevelt’s 100 days that he spent with Congress to get emergency legislation passed in order to save the country. Roosevelt hurled blame at businessmen and bankers: "Practices of the unscrupulous money changers stand indicted in the court of public opinion, rejected by the hearts and minds of men. . . . The money changers have fled from their high seats in the temple of our civilization." Governors had closed most banks in their states by March 4, 1933, and Roosevelt kept them closed until his legislation was passed in Congress. On March 9, Roosevelt sent to Congress the Emergency Banking Act, drafted in large part by Hoover's Administration; the act was passed and signed into law the same day. It provided for a system of reopening sound banks under Treasury supervision, with federal loans available if needed. Three-quarters of the banks in the Federal Reserve System reopened within the next three days. Billions of dollars in hoarded currency and gold flowed back into them within a month, thus stabilizing the banking system. By the end of 1933, 4,004 small local banks would be permanently closed and merged into larger banks.

All sounds a little too déjà vu, doesn't it? It highlights the point I am trying to make: History repeats itself over and over and over again. People used to ask me why I was majoring in history and why I went so far as to get a masters degree in the subject. They don't get it. If Americans had taken the time to read up and investigate the history of deregulation of the banking industry, perhaps some of our current troubles could have been avoided. Thus, it is astounding for me to hear that some high schools are moving away from the civics and history courses that used to be staples.

Those who have studied the Great Depression know that one thing Roosevelt had that we lack is bipartisan support from Congress for programs very similar to those President Obama is trying to push through. Every one of Roosevelt’s programs was passed by Congress with almost unanimous support, regardless of political affiliation. The economy slowly turned around towards the end of 1933 and returned to its pre-Depression level by 1937. The economy had a mild slump that year, but recovered and held steady until the beginning of World War II.

So, the question is: Did the lawyers and professionals now in Congress go to high schools where civics and history were required?