Another Time
Nov. 8th, 2008 01:31 am75 Years Later, a Nation Hopes for Another F.D.R.
By JOE NOCERA
“We are facing the greatest economic challenge of our lifetime, and we’re going to have to act swiftly to resolve it.”
So said Barack Obama on Friday in his first postelection news conference, a pretty good sign that the president-elect had been brushing up on his presidential history. Seventy-five years ago, the last time the country was this close to economic abyss, Franklin D. Roosevelt delivered his famous inaugural, the one where he uttered those immortal words, “The only thing we have to fear is fear itself.”
But as a Newsweek columnist, Jonathan Alter, who wrote “The Defining Moment,” a book about Roosevelt’s first election and early presidency, pointed out to me the other day, that great line was buried in most news stories about the speech. Stories focused instead on another phrase F.D.R. used: “action, and action now.” In 1933, after three years of incompetence from the administration of Herbert Hoover, that is what Americans most yearned to hear. And on Friday, when Mr. Obama vowed, within the first five minutes of his remarks, to “act swiftly,” he too was offering the same message to a country every bit as receptive. More