"Phantom of Fear": The Banking Panic of 1933
Jan 2014 · McFarland
Ebook
287
Pages
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About this ebook
In March 1933, in one of his first acts as president, Franklin Delano Roosevelt declared a bank holiday throughout the United States. Considered by many to be a bold step to curb the mounting bank crisis, the decree closed banks in all 48 states and overseas territories, putting money out of reach of citizens, businesses and all levels of government. This narrative history recounts and explains the economic, financial and political backgrounds of the banking panic, arguing that the holiday was not only unnecessary but actually damaging to the economy. The holiday did, however, provide Roosevelt with the momentum to push through a series of historic reforms that remade the federal government. This revisionist work not only reveals the circumstances around the panic but debunks numerous myths that have clung to it ever since.
About the author
Robert Lynn Fuller has taught history at colleges and universities in Virginia, Maryland, and South Carolina. He lives in Richmond, Virginia.
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