How we cite our quotes: (Sentence)
Quote #4
Recognition of the falsity of material wealth as the standard of success goes hand in hand with the abandonment of the false belief that public office and high political position are to be valued only by the standards of pride of place and personal profit; and there must be an end to a conduct in banking and in business which too often has given to a sacred trust the likeness of callous and selfish wrongdoing. (31)
On the surface, Roosevelt's statement looks simple: being rich or powerful isn't something to be valued in and of itself. However, it is surprising how often people seem to defer to those with money and power just because they have money and power. In fact, FDR was born into a life where both were gifted to him. But he warns Americans that bankers should not be treated as above others just because they deal with money. It is this deference to wealth that Roosevelt tries to break by highlighting the morality of the American people.
Quote #5
Finally, in our progress toward a resumption of work we require two safeguards against a return of the evils of the old order; there must be a strict supervision of all banking and credits and investments; there must be an end to speculation with other people's money, and there must be provision for an adequate but sound currency. (45)
Here's where President Roosevelt unveils his master plan to fix the banks: stop speculating and provide cash protection. He killed two birds with one stone with the Glass-Steagall Act, a piece of legislation that limited interaction between commercial banks and securities firms while also ensuring accounts were insured for up to $2,500. This eliminated bank runs almost entirely and helped ease public panic.