Franklin Roosevelt beamed and nodded at his advisers as they crowded around with enthusiastic plans for the second four years of the New Deal. He beamed and chatted on with the Press who quizzed him at its conferences. Yes, he thought something should be done to regulate the influx of foreign funds ("hot money," he called it) whose sudden withdrawal might cause a stockmarket panic. No, he still did not think any new taxes would be necessary. Yes, he would not be surprised if John Gilbert Winant, who resigned during the campaign, should...

Want the full story?

Subscribe Now


Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!