I am certain that my fellow Americans expect that on my induction into the Presidency I will address them with a candor and a decision which the present situation of our Nation impels. This is preeminently the time to speak the truth, the whole truth, frankly and boldly. Nor need we shrink from honestly facing conditions in our country today. This great Nation will endure as it has endured, will revive and will prosper. So, first of all, let me assert my firm belief that the only thing we have to fear is fear itself—nameless, unreasoning, unjustified terror which paralyzes needed efforts to convert retreat into advance. In every dark hour of our national life a leadership of frankness and vigor has met with that understanding and support of the people themselves which is essential to victory. I am convinced that you will again give that support to leadership in these critical days. (1-7)

You've gotta credit FDR with getting directly to the point. And rightly so.

The "present situation of our Nation" was pretty much catastrophic; to say that the previous administration hadn't handled the Great Depression well enough was an understatement—along the lines of saying the Titanic had a rough sea voyage.

Unemployment had reached more than 20 percent, and shantytowns nicknamed "Hoovervilles"—in snide reference to incumbent president Herbert Hoover—popped up across the nation.

So Roosevelt gets to the point and states that he intends to be direct and open with the American people. Good call, FDR. In one move, he looks to calm those frustrated by their worsening conditions and show his intention to act swiftly and decisively.

The most memorable phrase in the 80-plus-line speech is right in the first five lines (go figure): "the only thing we have to fear is fear itself."

Assuring the American people is essential as the only thing worse than an economic downturn would be to add a genuine panic to the mix. Not only is this opener meant to calm the millions who heard it, it hints at the hands-on approach FDR plans to take with the mess he'd inherited.