epidemic of bank closings that was hurting families nationwide. He closed the entire American banking system on March 6. On March 9 Congress passed the Emergency Banking Act, which Roosevelt used to effectively create federal deposit insurance when the banks reopened. At 10 p.m. ET that Sunday night, on the eve of the end of the bank holiday, Roosevelt spoke to a radio audience of more than 60 million people, to tell them in clear language "what has been done in the last few days, why it was done, and what the next steps are going to be". The result, according to economic historian William L. Silber, was a "remarkable turnaround in the public's confidence...The contemporary press confirms that the public recognized the implicit guarantee and, as a result, believed that the reopened banks would be safe, as the President explained in his first Fireside Chat." Within two weeks people returned more than half of the cash they had been hoarding, and the first stock-trading day after the bank holiday marked the largest-ever one-day percentage price increase. The term "fireside chat" was inspired by a statement by Roosevelt's press secretary, Stephen Early, who said that the president liked to think of the audience as a few people seated around his fireside.one of the things is that Listeners could see Roosevelt in his study, in front of the fireplace, and imagine they were sitting beside him. The term was coined by CBS broadcast executive Harry C. Butcher of the network's Washington, D.C., office, in a press release before the address of May 7, 1933. The phrase has often been credited to CBS journalist Robert Trout, but he said he was simply the first to use the phrase on the air. The title was picked up by the press and public and later used by Roosevelt himself, becoming part of American folklore. Presentation Roosevelt customarily made his address from the Diplomatic Reception Room of the White House. He would arrive 15 minutes before air time to welcome members of the press, including radio and newsreel correspondents. NBC White House announcer Carleton E. Smith gave him a simple introduction: "Ladies and gentlemen, the President of the United States." Roosevelt most often began his talks with the words, "My friends" or "My fellow Americans", and he read his speech from a loose-leaf binder. Presidential advisor and speechwriter Samuel Rosenman recalled his use of common