Biden Slips, Suggests FDR Was President When Market Crashed
Vice presidential candidate Joe Biden says today's leaders should take a lesson from the history books and follow fellow Democrat Franklin D. Roosevelt's response to a financial crisis.
"When the stock market crashed, Franklin D. Roosevelt got on the television and didn't just talk about the, you know, the princes of greed. He said, 'Look, here's what happened,"' Barack Obama's running mate recently told the "CBS Evening News.Except, Republican Herbert Hoover was in office when the stock market crashed in October 1929.
FDR was elected three years later when voters denied Hoover a second term. The Democratic challenger appealed to the "forgotten man" by promising a "new deal" to solve the Depression era.
Democrats usually like to remind the public that a Republican was president during the 1929 stock market crash. During the 2004 presidential election, John Kerry's campaign repeatedly cited Hoover as the last president until George W. Bush to oversee a loss of jobs during his time in office.
Biden was commenting on the stock market crash when he said leaders should explain the current economic crisis and how to solve it to the public.
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Randll Reese Besch - 9/26/2008
He should have done a little research to get it right. Hoovervilles were notorious. Rather like the Bushvilles springing up during the past 8 years are still mostly hidden from the CMSM.
Andy Ward - 9/24/2008
It seems reasonable to forget which president was in office. What I think is funny is that Roosevelt "got on the television", in 1929.
Anthony Brundage - 9/24/2008
Biden was not incorrect in citing Roosevelt responding as a leader to the stock market crash of 1929. FDR was, after all, governor of New York, where the financial crisis was centered, and he was therefore expected to offer an assessment and vigorous response. Biden's real gaffe was in portraying FDR as going on television to make his pronouncements. There were, of course, no commercial tlevision broadcasts for another ten years, and no substantial viewership for another twenty years.
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