People are out of work. The stock market is crashing. And, in Hollywood, the film industry is holding its collective breath to figure out how it will survive
., but I'm actually referring to a moment almost exactly 87 years ago, the only prior time that Hollywood faced the possibility of a non-strike-related work stoppage.'s failure to prevent or respond to the Great Depression led to his decisive defeat by New York governor— 472 electoral votes to 59 — in the presidential election of Nov. 8, 1932.
subsequent "fireside chats" delivered over radio. Less remembered is that he also declared a "bank holiday," shutting down all banks from March 6, 1933 through March 13,1933.give the government sufficient time to assess the stability of all banks before reopening them. But, asthere was no way that such a task could be completed in that short period of time, and Roosevelt knew it.
The current coronavirus crisis is obviously one of a completely different nature, but the takeaways of the prior crisis are worth remembering and considering at a time when Americans are once again panicked.
established just six years earlier, ostensibly to guarantee harmonious dealings between the industry's various branches — would investigate to make sure that the cuts were truly necessary; that the cuts were applied to all employees' paychecks, including the chiefs'; and thatAs it turned out, the cuts did not prove necessary for the full period at all studios, and some studios honored their word by restoring regular pay and issuing back pay.
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