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Schwartz unravelled the origin of the Depression in ''A Monetary History of the United States 1867–1960'' (Princeton: Princeton University Press, 1963), 282–284, 288.</ref> In 1933, Franklin Roosevelt, the newly elected Democratic president, wisely allowed a banking panic to run its course. A recovery of historic proportions followed. Liberalism and Roosevelt's "New Deal" got the credit, but the deleveraging of the banking system was almost certainly a more significant factor.

Schwartz unravelled the origin of the Depression in ''A Monetary History of the United States 1867–1960'' (Princeton: Princeton University Press, 1963), 282–284, 288.</ref> In 1933, Franklin Roosevelt, the newly elected Democratic president, wisely allowed a banking panic to run its course. A recovery of historic proportions followed. Liberalism and Roosevelt's "New Deal" got the credit, but the deleveraging of the banking system was almost certainly a more significant factor.

Roosevelt was overwhelmingly reelected in 1936 with a huge Congressional majority. In 1937, America suffered under its most left-wing government ever. There was a wave a labor unrest as the unions attempted to use "sit-down" strikes to gain control of industry. The largest of these strikes was against General Motors in Flint, Michigan. The strikes sent the economy reeling, and there was a "Roosevelt Recession" in 1937-1938. At the end of 1937, the southern Democrats defected from Roosevelt's coalition to form a "Conservative Coalition" with Republicans. The Coalition was at first led by Senator Josiah Bailey of North Carolina, who issued a "[[Conservative Manifesto]]" in December 1937. When a bill to enlarge the U.S. Supreme Court with additional justices nominated by Roosevelt was defeated, the planned "Second New Deal" had to be aborted. Despite Roosevelt's mismanagement of the economy, the Democrats blaming Hoover for economic trouble long after the former president had left the political stage. However, the Conservative Coalition continued to dominated Congress until 1961.

Roosevelt was overwhelmingly reelected in 1936 with a huge Congressional majority. In 1937, America suffered under its most left-wing government ever. There was a wave a labor unrest as the unions attempted to use "sit-down" strikes to gain control of industry. The largest of these strikes was against General Motors in Flint, Michigan. The strikes sent the economy reeling, and there was a "Roosevelt Recession" in 1937-1938. At the end of 1937, the southern Democrats defected from Roosevelt's coalition to form a "Conservative Coalition" with Republicans. The Coalition was at first led by Senator Josiah Bailey of North Carolina, who issued a "[[Conservative Manifesto]]" in December 1937. When a bill to enlarge the U.S. Supreme Court with additional justices nominated by Roosevelt was defeated, the planned "Second New Deal" had to be aborted. Despite Roosevelt's mismanagement of the economy, the Democrats continued to blame Hoover for economic trouble long after the former president had left the political stage. However, the Conservative Coalition continued to dominated Congress until 1961.

==References==

==References==