Wild Eyed
That quote appeared in Time Magazine in June of 1933. Last year, on the floor of the Senate, Minority Leader Mitch McConnell claimed: “One of the good things about reading history is you learn a good deal. And we know for sure that the big spending programs of the New Deal did not work.”
However, statistics by the Bureau of Economic Analysis clearly demonstrates that it was Roosevelt’s New Deal spending that got us out of the Depression. In 1932, under Republican President Hoover unemployment was 23.6%. When Roosevelt took office in 1933, it was 24.9%. It dropped to 21.7% in 1934, 20.1% in 1935, and 17.0 by 1936. Our Gross Domestic Product had dropped to 56.4, when Roosevelt took office, but went up to 66, in 1934, then 73 in 1935, and in 1936 it reached 83.
The system that caused so much concern in 1933 was the Federal Deposit Insurance Corporation, also known as the FDIC, an institution that has successfully secured the bank deposits of generations of Americans for the past 76 years.
In a recent speech, President Obama referred to the Time Magazine quote of 1933. He concluded: “This is the central lesson not only of this crisis but of our history.... Because ultimately, there is no dividing line between Main Street and Wall Street. We will rise or we will fall together as one nation. And that is why I urge all of you to join me. I urge all of you to join me, to join those who are seeking to pass these commonsense reforms. And for those of you in the financial industry, I urge you to join me not only because it is in the interest of your industry, but also because it's in the interest of your country.”

