When Roosevelt was inaugurated on March 4, 1933, the U.S. was at the nadir of the worst depression in its history. A quarter of the workforce was unemployed, and farmers were in deep trouble as prices had fallen by 60%. Industrial production had fallen by more than half since 1929. Two million people were homeless. By the evening of March 4, 32 of the 48 states – as well as the District of Columbia – had closed their banks.[156]
Historians categorized Roosevelt's program as "relief, recovery, and reform."Relief was urgently needed by tens of millions of unemployed. Recovery meant boosting the economy back to normal, and reform was required of the financial and banking systems. Through Roosevelt's series of fireside chats, he presented his proposals directly to the American public.[157] Energized by his own victory over paralytic illness, he used persistent optimism and activism to renew the national spirit.[158]

First New Deal (1933–1934)
Main article: New Deal
On his second day in office, Roosevelt declared a four-day national "bank holiday", to end the run by depositors seeking to withdraw funds.