Citation: Landmark Document in American History

Speech delivered by Franklin Delano Roosevelt on March 4, 1933, at his

inauguration as 32nd president of the United States. His address,

coming at the height of the Great Depression, offered reassurance to the

nation and the promise of prompt, vigorous action. Stating that "the

only thing we have to fear is fear itself," Roosevelt castigated the

nation's bankers for their "stubbornness and . . . incompetence" in

the face of the economic crisis and broadly outlined his plan for

recovery. The greatest task, he stated, was to put people to work, to

be accomplished in part by the direct government employment. He called

for strict supervision of banking, credit, and investment, a sound

currency, and an end to speculation. In international relations he

proposed a good-neighbor policy.