In troubled times, it is important to remember that hardships and panics have happened in other times. As the financial chaos of our own time continues to churn, I find it helpful to return to the great words and thoughts from thinkers, activists, and politicians whose life and works I have studied. This morning's news of possible plans to use money allocated to the Treasury under the "bailout bill" to infuse capital directly into the country's banks immediately made me think of President Franklin Delano Roosevelt's first "fireside chat" - the first in series of communications delivered via radio by FDR to an anxious citizenry. The topic of that first chat was "The Banking Crisis", and FDR used it to explain to the public why he had declared a national bank holiday (closed all banks for a period of weeks) while the Government took immediate steps to protect citizens' assets. Listen here to the Fireside Chat and to read the full transcript. If you can listen, please do so - you will be hearing the voice of a true leader in a time of crisis. The voice I hope to hear come January is Senator Hillary Rodham Clinton's, when she is done discharging her promise to campaign for the Democratic Presidential nominee and her unmatched and voluntary assistance to the election of downticket Democrats across the country. I hope she is offered the opportunity to serve as Senate Majority Leader. I hope she is offered a cabinet position in the administration of the next President, regardless of who that President is. I have no idea if Senator Clinton will find it best for her and for the country to accept either of these posts. But it would be exceedingly foolish for any Presidential administration not to try to capitalize on her sophisticated knowledge of financial affairs by attempting to put her in a position of prominence and power, just as it would be foolish for a Democratic Senate not try to capitalize on her excellent and proven legislative skills. (If you have not signed the letter urging Democratic Senators to affirm their support for Senator Clinton as Senate Majority leader, please go here for information on how to do so.)
Given the two Party's nominees we may or may not not be in a position to elect a President this year with the extraordinary abilities of Franklin Delano Roosevelt Jr. But we are in a position to support a major political figure whose abilities I believe are on par with his, Senator Hillary Rodham Clinton. (To contribute to Senator Clinton's 2012 campaign fund, please go here.)
Below appear some quotations particularly apropos for today (emphases added).
"My friends:
I want to talk for a few minutes with the people of the United States about banking -- to talk with the comparatively few who understand the mechanics of banking, but more particularly with the overwhelming majority of you who use banks for the making of deposits and the drawing of checks.
I want to tell you what has been done in the last few days, and why it was done, and what the next steps are going to be. I recognize that the many proclamations from State capitols and from Washington, the legislation, the Treasury regulations, and so forth, couched for the most part in banking and legal terms, ought to be explained for the benefit of the average citizen. I owe this, in particular, because of the fortitude and the good temper with which everybody has accepted the inconvenience and hardships of the banking holiday. And I know that when you understand what we in Washington have been about, I shall continue to have your cooperation as fully as I have had your sympathy and your help during the past week."
"It needs no prophet to tell you that when the people find that they can get their money -- that they can get it when they want it for all legitimate purposes -- the phantom of fear will soon be laid. People will again be glad to have their money where it will be safely taken care of and where they can use it conveniently at any time. I can assure you, my friends, that it is safer to keep your money in a reopened bank than it is to keep it under the mattress.
The success of our whole national program depends, of course, on the cooperation of the public -- on its intelligent support and its use of a reliable system."
"We have had a bad banking situation....
I do not promise you that every bank will be reopened or that individual losses will not be suffered, but there will be no losses that possibly could be avoided; and there would have been more and greater losses had we continued to drift. I can even promise you salvation for some, at least, of the sorely presses banks. We shall be engaged not merely in reopening sound banks but in the creation of more sound banks through reorganization.
It has been wonderful to me to catch the note of confidence from all over the country. I can never be sufficiently grateful to the people for the loyal support that they have given me in their acceptance of the judgment that has dictated our course, even though all our processes may not have seemed clear to them.
After all, there is an element in the readjustment of our financial system more important than currency, more important than gold, and that is the confidence of the people themselves. Confidence and courage are the essentials of success in carrying out our plan. You people must have faith; you must not be stampeded by rumors or guesses. Let us unite in banishing fear. We have provided the machinery to restore our financial system, and it is up to you to support and make it work.
It is your problem, my friends, your problem no less than it is mine.
Together we cannot fail"
There is no way a howard dean, nancy pelois, harry reid dnc along with a barack obama white will allow hillary clinton ANY power other than what she already has. If obama wins there is no leadership future other than as senator of ny for sen. clinton. Hell will freeze over at least three times before barack h. obama allows Sen. Clinton's voice to be the one Americans hear and take comfort from regardless of how stupid, selfish, narrowminded and arrogant that decision may be.
There are many reasons why obama should not be president, this is just one more.
Posted by: ainnj | October 09, 2008 at 01:58 PM
note: that should read above "a barack obama white house"...
Posted by: ainnj | October 09, 2008 at 02:32 PM
It is interesting that FDR addresses the American people as "my friends" which we also hear from McCain. I really like how he lays this out clearly and step by step. Wish we had this going today. I wish we could have McCain and HRD get a bi-partisan commitment to support an HOLC as a commitment on the bailout funds. McCain has taken a definite step probably at great risk to his Republican base. But he needs to lead all of us through why that economic package works and Obama's does not. I wish Hill and Bill could help him.
Posted by: Jangles | October 09, 2008 at 04:17 PM
Sigh. Another reason not to vote for Obama - Obama is attacking McCain on HOLC.
We really need Hillary:
http://cspanjunkie.org/?p=687
Posted by: Wonk the Vote | October 09, 2008 at 04:25 PM