All aspects of American society suffered during the Great Depression. By 1932, there were thirteen million people unemployed. There was no security for the millions who lost all of their savings in the bank failure or stock market crash. Volunteer organizations attempted to help the needy, but their resources were simply not adequate (Madaras and SoRelle 218). Hope seemed non-existent. Americans had never seen such a severe depression. They could not look to history for guidance. The New Deal was Roosevelt’s attempt to restore the economy. His willingness to act decisively and experiment with new policies set him apart from previous presidents. He often said, “I have no expectation of making a hit every time I come to bat. What I seek is the highest possible batting average”(Tindall and Shi 1238).

Capitalism is effective only if consumers and investors have confidence. The depression destroyed the confidence of both the investors and the consumers. The consumers lost trust in the banks due to the dramatic bank failure rate; the investors did not have the confidence to maintain and keep their businesses productive. The New Deal did not restore the economy to the levels of 1929, but it was an extreme political and psychological accomplishment. Roosevelt played a huge role in helping to restore the economy during the Great Depression. He interacted with the people; he convinced them that things were not as bad as they seemed.

In the first years of Roosevelt’s term he worked hard to empower the federal branch. The New Deal set the precedent for 20th century liberalism. The first order of business for the Roosevelt administration was financial reform. Banking is a crucial aspect of capitalism and Roosevelt was very aware of this fact. On his second day in office, Roosevelt called Congress to meet in a special session. The outcome was the Emergency Banking Relief Act, which permitted stable banks to reopen and provided managers to those who remained in trouble. The Glass-Steagall Act separated commercial and investment banking and created the Federal Deposit Insurance Corporation. These actions all helped restore banking confidence within American people. Roosevelt ensured that it was safer to “keep your money in a reopened bank than under t

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