Differences between the Great Depression and the Great Recession #1

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It was then that I issued the proclamation providing for the nation-wide bank holiday, and this was the first step in the Government’s reconstruction of our financial and economic fabric. The second step was the legislation promptly and patriotically passed by the Congress confirming my proclamation and broadening my powers so that it became possible in view of the requirement of time to entend (sic) the holiday and lift the ban of that holiday gradually. This law also gave authority to develop a program of rehabilitation of our banking facilities. I want to tell our citizens in every part of the Nation that the national Congress – Republicans and Democrats alike – showed by this action a devotion to public welfare and a realization of the emergency and the necessity for speed that it is difficult to match in our history.

Franklin Delano Roosevelt March 12 1933



WASHINGTON – As President Barack Obama was celebrating his inauguration at various balls, top Republican lawmakers and strategists were conjuring up ways to submarine his presidency at a private dinner in Washington.

The event – which provides a telling revelation for how quickly the post-election climate soured – serves as the prologue of Robert Draper’s much-discussed and heavily-reported new book, “Do Not Ask What Good We Do: Inside the U.S. House of Representatives.”

According to Draper, the guest list that night (which was just over 15 people in total) included Republican Reps. Eric Cantor (Va.), Kevin McCarthy (Calif.), Paul Ryan (Wis.), Pete Sessions (Texas), Jeb Hensarling (Texas), Pete Hoekstra (Mich.) and Dan Lungren (Calif.), along with Republican Sens. Jim DeMint (S.C.), Jon Kyl (Ariz.), Tom Coburn (Okla.), John Ensign (Nev.) and Bob Corker (Tenn.). The non-lawmakers present included Newt Gingrich, several years removed from his presidential campaign, and Frank Luntz, the long-time Republican wordsmith. Notably absent were Senate Minority Leader Mitch McConnell (R-Ky.) and House Minority Leader John Boehner (R-Ohio) – who, Draper writes, had an acrimonious relationship with Luntz.

For several hours in the Caucus Room (a high-end D.C. establishment), the book says they plotted out ways to not just win back political power, but to also put the brakes on Obama’s legislative platform.

Huffpo

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