Franklin and Eleanor (FDR Bio, part 1)
Image by Tony Fischer Photography
(FDR Biography, Part One)
Franklin D. Roosevelt was born in Hyde Park, New York on January 30, 1882, the son of James Roosevelt and Sara Delano Roosevelt. His parents and private tutors provided him with almost all his formative education. He attended Groton (1896-1900), a prestigious preparatory school in Massachusetts, and received a BA degree in history from Harvard in only three years (1900-03). Roosevelt next studied law at New York’s Columbia University. When he passed the bar examination in 1907, he left school without taking a degree. For the next three years he practiced law with a prominent New York City law firm. He entered politics in 1910 and was elected to the New York State Senate as a Democrat from his traditionally Republican home district.
In the meantime, in 1905, he had married a distant cousin, Anna Eleanor Roosevelt, who was the niece of President Theodore Roosevelt. The couple had six children, five of whom survived infancy: Anna (1906), James (1907), Elliott (1910), Franklin, Jr. (1914) and John (1916).
Roosevelt was reelected to the State Senate in 1912, and supported Woodrow Wilson’s candidacy at the Democratic National Convention. As a reward for his support, Wilson appointed him Assistant Secretary of the Navy in 1913, a position he held until 1920. He was an energetic and efficient administrator, specializing in the business side of naval administration. This experience prepared him for his future role as Commander-in-Chief during World War II. Roosevelt’s popularity and success in naval affairs resulted in his being nominated for vice-president by the Democratic Party in 1920 on a ticket headed by James M. Cox of Ohio. However, popular sentiment against Wilson’s plan for US participation in the League of Nations propelled Republican Warren Harding into the presidency, and Roosevelt returned to private life.
While vacationing at Campobello Island, New Brunswick in the summer of 1921, Roosevelt contracted poliomyelitis (infantile paralysis). Despite courageous efforts to overcome his crippling illness, he never regained the use of his legs. In time, he established a foundation at Warm Springs, Georgia to help other polio victims, and inspired, as well as directed, the March of Dimes program that eventually funded an effective vaccine.
With the encouragement and help of his wife, Eleanor, and political confidant, Louis Howe, Roosevelt resumed his political career. In 1924 he nominated Governor Alfred E. Smith of New York for president at the Democratic National Convention, but Smith lost the nomination to John W. Davis. In 1928 Smith became the Democratic candidate for president and arranged for Roosevelt’s nomination to succeed him as governor of New York. Smith lost the election to Herbert Hoover; but Roosevelt was elected governor.
Following his reelection as governor in 1930, Roosevelt began to campaign for the presidency. While the economic depression damaged Hoover and the Republicans, Roosevelt’s bold efforts to combat it in New York enhanced his reputation. In Chicago in 1932, Roosevelt won the nomination as the Democratic Party candidate for president. He broke with tradition and flew to Chicago to accept the nomination in person. He then campaigned energetically calling for government intervention in the economy to provide relief, recovery, and reform. His activist approach and personal charm helped to defeat Hoover in November 1932 by seven million votes.
The Depression worsened in the months preceding Roosevelt’s inauguration, March 4, 1933. Factory closings, farm foreclosures, and bank failures increased, while unemployment soared. Roosevelt faced the greatest crisis in American history since the Civil War. He undertook immediate actions to initiate his New Deal. To halt depositor panics, he closed the banks temporarily. Then he worked with a special session of Congress during the first "100 days" to pass recovery legislation which set up alphabet agencies such as the AAA (Agricultural Adjustment Administration) to support farm prices and the CCC (Civilian Conservation Corps) to employ young men. Other agencies assisted business and labor, insured bank deposits, regulated the stock market, subsidized home and farm mortgage payments, and aided the unemployed. These measures revived confidence in the economy. Banks reopened and direct relief saved millions from starvation. But the New Deal measures also involved government directly in areas of social and economic life as never before and resulted in greatly increased spending and unbalanced budgets which led to criticisms of Roosevelt’s programs. However, the nation-at-large supported Roosevelt, elected additional Democrats to state legislatures and governorships in the mid-term elections.
Another flurry of New Deal legislation followed in 1935 including the establishment of the Works Projects Administration (WPA) which provided jobs not only for laborers but also artists, writers, musicians, and authors, and the Social Security act which provided unemployment compensation and a program of old-age and survivors’ benefits.
Roosevelt easily defeated Alfred M. Landon in 1936 and went on to defeat by lesser margins, Wendell Willkie in 1940 and Thomas E. Dewey in 1944. He thus became the only American president to serve more than two terms.
(Part Two of this biography is posted under the photo of their grave)
source: FDR library
photo: FDR collection, Hyde Park
According to Hong Kong’s HK Equity Fund, the United Kingdom’s seemingly strengthening economic recovery may force the Governor of the Bank of England, Mark Carney, to begin considering raising interest rates more quickly as unemployment in the country edges closer to a key level he said could warrant such action.
Mr Carney told investors in August that unemployment in the UK would need to improve to 7% before the Bank would consider raising rates which have been at an all-time low of 0.5% since March 2009.
The Bank of England’s own forecasts suggested that wouldn’t occur until 2016 but according to an HK Equity Fund researcher, “Mr. Carney’s attempt to manage investors’ expectations over the Bank’s long-term interest rate policy has never really been taken seriously because they generally expected unemployment to improve long before 2016. It looks like they were right”.
The UK’s economic recovery has gathered pace according to a slew of data including stronger-than-expected services, construction and industrial production data and is in stark contrast to the euro zone, which is still hampered by anemic growth. The European Central Bank last week cuts its key rate to 0.25% from 0.5% in response to a cut in its growth forecast and a strengthening euro currency.
HK Equity Fund says it views the UK’s economic recovery as a false dawn and warns that the country is not yet ready to accommodate higher interest rates despite a warm reception for the government’s Funding for Lending and Help to Buy schemes both of which are aimed at stimulating demand for real estate.
“Higher rates will put a lot of over-stretched homeowners with large mortgages over the edge,” concluded the HK Equity Fund analyst.
About HK Equity Fund
HK Equity Fund established a presence in Hong Kong in 1995. Today their Hong Kong office is their main hub in the Asia-Pacific region. All of HK Equity Fund’s business groups have operations in the city, making this their largest office in the region outside Australia. From Hong Kong they offer corporate finance and advisory, institutional cash equities and research, equity derivatives and structured products, debt financing and funds management, and environmental financial products, futures, metals OTC hedging and fixed income trading services.
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HK Equity Fund Limited
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