Alan C. Collins’s long out-of-print The Story of America in Pictures gives a panoramic history of the nation — from the early Indian buffalo hunts through the inauguration of John F. Kennedy — in captioned black-and-white drawings, paintings, engravings, photographs and political cartoons. And it suggests how much we’ll lose if books disappear: You might have to download hundreds of images (or bookmark as many sites) to compile a visual record as rich as using only the Internet
The caption for a photograph of the inauguration of FDR that appears in The Story of America in Pictures says in part:
“The New Deal arrived March 4, 1933, when Franklin Delano Roosevelt was inaugurated. As with Lincoln, his term began during a national crisis with the added burden that 12,000,000 were unemployed throughout the land. The country was in the midst of a banking panic which the Republicans have since claimed might have been averted had the incoming president not refused to cooperate in efforts to stem it. With every bank in the country closed, general panic was averted by Roosevelt’s use of the radio to carry into America homes his assurance that the banks would reopen shortly, and a new phase of national life would be entered that would lead out of the economic quagmire.”
Since reading this passage, I’ve been asking friends: Did you know that all the banks in the country were closed on the day FDR was inaugurated? I didn’t. And despite the many parallels that columnists have drawn between the present and the 1930s, I haven’t found anyone else who did, either. What does this say about our historical literacy? What else have we forgotten about the Depression?
© 2009 Janice Harayda. All rights reserved.
Back in October, Martin Mayer described his five favorite books on financial meltdowns to the Wall Street Journal. One that has since remained timely: Irvine H. Sprague’s Bailout (Basic Books, 1986). Mayer told the Journal:
“Bailout is a superbly honest first-person account of the big bank traumas of the 1980s, written by a long-term director of the Federal Deposit Insurance Corporation. Irvine H. Sprague lived through it all – the collapse of Commonwealth Bank of Detroit, First Pennsylvania of Philadelphia, Penn Square of Oklahoma City, Seafirst of Seattle, Commonwealth of Chicago. … He wrote the book, he says, to show how banking regulators make decisions, and after reading Bailout we do in fact know more about how the sausage got to be sausage. He leaves us with a question: ‘Should megabanks continue to receive favored treatment?’”
Mayer also recommended Charles P. Kindleberger’s Manias, Panics, and Crashes (Basic Books, 1978), Stephen Fay’s Beyond Greed (Viking, 1982), Roger Lowenstein’s When Genius Failed (Random House, 2000) and James Grant’s The Trouble With Prosperity at online.wsj.com/article/SB122367719361224329.html. And Steve Fraser deals with financial crashes and panics as part of his brief and well-written new history of Wall Street Wall Street: America’s Dream Palace (Yale University Press, 2008) www.oneminutebookreviews.wordpress.com/2008/10/27/.
© 2008 Janice Harayda. All rights reserved.