Business Owner, Saul Bellow, Kerns Goodwin discussed on Kickass News

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It's very hard for its to even conceptualize what that must have been like, just how dire was it. I mean, it was really the bottom of the recession that was taking place at that point that became the great depression in February and March. Before he was inaugurated, people had been trying to take their money out of the banks because the banks were collapsing and longlines things were getting violent, and then some of the banks had had to close and some were staying open and the system was chaotic, so hit the first day he gets into office. He decides he's going to call a Bank. Holiday how wise to call it a Bank holiday. I mean, it's really a terrible thing that all these banks are closing, but then he realizes, I'll have to get a law passed in the congress to figure out which banks are are week, which ones need government shoring up. And then a week later, they'd open them to the people. And the extraordinary thing he does that week is not only does he get the emergency banking law passed very quickly, both sides of the aisle supporting it. But he then realizes I have to explain to the public why these banks had run out of money and why it would be safe to put your money back in. So that's his first fireside chat, the ones that become his his signature in the presidency. He talks to the people as if he's really in their living room, explaining things to them. So he explains that when you put your money in the Bank, it just doesn't sit in a vault. They use it to give mortgages and loans to keep the economy running and that what happened in this instance, some of these banks used it to invest in the stock market, the stock market crash, so they didn't have the money on hand. The other. Thanks really was strong, but they may not have had the cash on hand. They had the acids because everything was being taken out. So he says, I sure you it's better for you to to bring it into the Bank rather than keep it under your mattress. So then the banks open on Monday morning and there's a fear. Maybe they'll take even more money out and they see long lines. They're bringing their money back. They're bringing satchels or money back in. So it seemed to save the system and then it created for him what would become as I say, his way of talking to the people, he had the most intimate relationship with the people. I think of any of these presidents, you know, when when he was giving one of his fireside chats on the radio and had the perfect voice for the radio, that conversational style, he would start my friends and Saul bellow said, you could walk down the street on a hot Chicago night. If he was giving one of these fireside chats and see hymns, see all the people sitting by their radios in their living room or kitchens and keep walking out here is voice and not miss a word of what he was saying. And then there was a construction worker who came home was leaving home. Early one night and the partner said, where are you going said? Well, my president's coming to speak to me in my living room. It's only right. I be there to hear him when he comes so that that was it. And that went even when he died. People said that they felt lonely because they had lost their friend and one person said, you know, one one person dies and one hundred thirty million feel lonely. It was an extraordinary relationship he developed. It's funny when you talk about how he explained what was going on with the banking system at almost Ryan's me of, you know, Jimmy Stewart as George Bailey and it's wonderful life. The money's not here the rise in Joe's house. Thought about that. That's exactly right. I have to go back and look at that, but I remember that now that you say it, we're gonna take a quick break, and then I'll be back with more with doors Kerns Goodwin when we come back in just a minute. Folks. I've been a small business owner for many years now and I've come to learn what every small business owner.

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