hen Barack Obama took office, he faced the biggest combination of crisis and opportunity that any incoming president had since Franklin Delano Roosevelt. In 1932 the Great Depression had ravaged the country and was only getting worse. Even as he prepared to move into the White House, a fresh wave of banking panic swept through the nation, and it was clear that if Roosevelt was to save American democracy, he needed to put forward a sweeping set of reforms, which is exactly what he did via two major rounds of policy initiatives in 1933 and 1935.
