December 9, 2008

Thanksgiving with FDR

.Like many Americans, I took to the air and road on Thanksgiving, and spent a wintry holiday with family in the Berkshire Mountains of Western Massachusetts. It is very quiet there this time of year; the wind blows cold, the brilliant sun seems to begin setting around 3:00pm, and shortly after 4pm the darkness and chill of night descend. One evening, while dining in the window booth of our favorite restaurant in Great Barrington, our waitress told us of a very meaningful trip she had just taken with her son, just across the State border. She had traveled to upstate New York to the former home and current Presidential museum and library of our 32nd president, Franklin Delano Roosevelt (F.D.R.). Her enthusiasm, especially regarding the museum’s new exhibit, led us to jump into our rented vehicle the next day and embark upon the 90 minutes or so drive to Hyde Park, New York.

F.D.R.’S FIRST HUNDRED DAYS

In honor of the 75th anniversary of the inauguration of F.D.R., the museum introduced an exhibit commemorating F.D.R.’s first 100 days last March, before our financial tsunami hit. Wandering through the exhibit, one is struck by the stunning similarity between the period of 1932-33, and now. Then, the lame duck President Hoover was facing the fallout from the great depression and today President Bush, also in the waning days of his presidency, similarly struggles with his legacy in a time of economic meltdown. In the early winter of 1932-33, a newly elected president faced and President elect Obama now faces the daunting challenge of restoring confidence and life in a severely ailing economy and nation. 

Shortly after F.D.R. is elected, President Hoover asks F.D.R. to work with him on the economic crisis, and to support his approach. The politically astute F.D.R., hesitant to be associated with the unpopular Hoover and his policies, responds in writing, that, “As a matter of constitutional fact, I would be wholly lacking in any attendant authority.” This is reminiscent, of course of President-elect Obama’s recent statement that America can only have one president at a time.

On March 4th 1933, F.D.R. is inaugurated and gives his famous speech, which contains one of the most inspirational and most oft quoted lines from any presidential speech ever given,  “The only thing we have to fear is fear itself.” Roosevelt is referring to the economic crises of confidence that has gripped the nation. In fact, on his first official day in office on March 5, 1933, he issues an order closing all U.S. banks in order to stop a run on the banks.

On March 12, 1933, F.D.R. gives his first “fireside chat” to the American people over the radio. I urge all of you to spend a couple of minutes (at least!) listening to F.D.R. reassure the public about the banking system, and outline how he will address the crisis (click here for fireside chat). He closes with, “It’s your problem no less then it is mine; together we cannot fail.” An American president spoke to the nation at large for the first time in history and, seemingly, overnight a new sense confidence, and a belief that help was on the way swept the land. There was an outpouring of letters (on display in the exhibit-fascinating to read.) to the new president thanking him for speaking to the people and giving them hope and imploring upon him to continue to do so. Thus, the  “fireside chat” tradition was born.

F.D.R. ASSASSINATION ATTEMPT IN MIAMI

Did you know that on February 2, 1933, a Miami bricklayer, after losing $200 at the dog races, attempted to assassinate President-elect F.D.R. as he delivered a speech in Bayfront Park? Guiseppe Zangra fired 5 rounds at F.D.R. with a 38-caliber pistol and missed, killing Chicago’s Mayor Anton Cermak instead. Only 5 weeks later, (talk about swift justice!) Zangra was electrocuted in Florida’s Raiford prison.

F.D.R. AND OUR WWII VET TOUR GUIDE

The theme of the museum and the exhibit dealt with the importance of confidence and inspiration and the avoidance of self-pity, in affecting positive change. F.D.R., as we all know was stricken with polio (at the age of 39) and barely had use of his legs. He never felt sorry for himself and of course went on to the Presidency (4 terms) and to leading America through the depression and World War II. Our museum tour guide, John told a story about F.D.R.’s mother visiting her son soon after he was stricken. F.D.R. had come down with flu like symptoms, walked up the stairs to his bedroom to lie down and never walked again. His mother, upon learning about the fate that had befallen her precious only child was absolutely distraught. However, once she visited F.D.R. and experienced the determination and optimism emanating from her son, her own spirits were lifted. In fact, although he was handicapped and faced great physical hardship daily, he was often sought out by others in need of inspiration and perspective.

John, our tour guide was a WWII vet in his mid-80’s. He spoke very slowly and was somewhat difficult to understand. I surmised that he had probably had a stroke at some point that affected his speech, but there he was leading tours. As we went through the tour with this man, this living history book who had himself experienced so much of what he was explaining to us, I forgot about his affect and realized that I just needed to slow down and appreciate what he was saying.

After the tour, we went over to thank John and he began to elaborate on his own history. He was born in the Bronx and, in fact, attended the same High School that my late mother attended (James Monroe High School.) He served in WWII on a naval carrier and was assigned the task of inspecting the newly manufactured aircraft arriving from the states. He told us that the workmanship of each aircraft was always exemplary, “every screw and control was always perfect,” and that he never had to reject any plane. His eyes lit up as he recounted   how the civilian factory workers back home would fill each new plane with candy, cigarettes and thank you messages for the young pilots who would eventually fly the aircraft.

When I thanked John for both his military service and his volunteer museum service, he began to cry. He said we shouldn’t be thanking him; that it is he who owes a debt of gratitude to the people of this country for allowing him to serve and for treating him so well. He told us that when he returned from the war, ordinary Americans insisted on picking-up his restaurant checks and on not charging him for things, when learning of his service. He said he was truly proud to be an American.

F.D.R.’S AND JOHN’S MESSAGE AND OUR OWN ECONOMIC CRISIS

F.D.R., as I mentioned, never felt sorry for himself when faced with severe physical limitations and pain. At the museum, you will find wheel chairs that he actually constructed himself and the 1936 Ford Phaeton with the specially designed hand control, that he so loved to drive.

As the nation faced the depression, Roosevelt correctly diagnosed a ‘crises of confidence’ and urged Americans to take their cash out from their mattresses and return it to the banks---and the people listened.

John, our tour guide, who lived through the depression, mentioned that he and his Bronx neighbors would often get together during those difficult times and have potluck dinners. Everybody would bring what he or she could to the dinner and no one went hungry. John’s message for today was that we should all roll-up our sleeves, work harder, and do our parts.

MY MESSAGE

I have written frequently about our sub-prime mortgage, banking, leadership, and consumer confidence problems and about TARP and the other stimulus remedies. I have stressed to you that eventually the stimulus programs, government guarantees, new job creation projects, etc., will begin to work.

The vital message from F.D.R. and John to me is that at some point during this economic crisis, ordinary Americans need to begin to step up and acknowledge that we are in this mess together and we are going to solve this problem together. Yes, this may mean rolling-up our sleeves and working harder, spending some money in the stores, cutting expenses, helping a friend in need, buying a depressed stock or piece of real estate. It means we should try to stop complaining about that which we cannot control and try instead to do something about that which we can.  “We the people” now need to do our parts as United States citizens, just as those of the “Greatest Generation” did theirs, so admirably, 75 years ago. 

Austin A. Frye, MBA, JD, CFP®

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