How we cite our quotes: (Sentence)
Quote #1
Primarily this is because the rulers of the exchange of mankind's goods have failed, through their own stubbornness and their own incompetence, have admitted their failure, and abdicated. (18)
The opening of Roosevelt's first inaugural address is meant to reassure people that despite the country's current predicament, it is still in good shape. Specifically, he speaks of America's richness in natural resources. There is plenty for us to use and improve, he says, but "the rulers of the exchange" had let these go to waste for the sake of profit.
Quote #2
Practices of the unscrupulous money changers stand indicted in the court of public opinion, rejected by the hearts and minds of men. (19)
Of course, this is the only court that really matters to Roosevelt at this point. The indictment by the public paved the way for FDR to take drastic and dramatic action against the banks. He reined in their ability to speculate and enacted federal deposit insurance so that banking runs would be a thing of the past.
Quote #3
Stripped of the lure of profit by which to induce our people to follow their false leadership, they have resorted to exhortations, pleading tearfully for restored confidence. (22)
Now that Roosevelt has his target, he refuses to let go. The banks had led the American public astray and were hopelessly begging for people and their money to return. FDR (accurately) paints himself as the only one with the capabilities to lead them to safety.
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.