TIME July 05, 2009
81. The Legacy of Franklin D. Roosevelt (F.D.R.)
C. Deal or No Deal? By AMITY SHLAES

81C-1-392
Seventy-five years ago, Harold Ickes tried to explain to a New York City audience the special bond between the President and the American people. Franklin Roosevelt, the Secretary of the Interior said, was "the leader you have been looking for for more years than you would like to remember." This was a President, Ickes told the crowd, who would fight for America's forgotten man the hungry, the senior citizens, the laborers even as he waged a wider offensive against the Depression.
As it turned out, F.D.R.'s tenacity did not suffice to get the economy back to where it had been before the Great Depression began, in 1929. Today we know that actions Roosevelt took to resolve the crisis may actually have perpetuated it. Especially during the period from 1935 to about 1939, Roosevelt's moves kept recovery at bay.
The first bleak years of the Depression were no fault of his. After the historic market crash of 1929, his predecessor, Herbert Hoover, through a misguided sense of charity, took steps that kept the economy down. By insisting that companies continue to pay high wages at a time when they could ill afford it, Hoover made employers slow to rehire. He signed into law a tariff, Smoot-Hawley, that set off a global trade war. He also joined Congress in pushing the top income tax rate from 25% to a confiscatory 63%.

A. 어휘
audience 청중. bond 紐帶(유대), 연분, 끈.
the Secretary of the Interior 내무부장관. the senior citizens 노인들.
wage 투쟁(전쟁)을 하다. offensive 공격, 攻勢(공세).
the Depression. 1930년대의 세계경제대공황. tenacity 고집, 끈기. suffice 충분하다.
resolve 해결하다, 결심하다. crisis 위기. actually 실제로는.
perpetuate 永續(영속)시키다. keep at bay 沮止(저지)하다. bleak 荒凉(황량)한.
fault 過誤(과오), 결점. crash 崩壞(붕괴), 충돌, 轟音(굉음). predecessor 전임자.
charity 慈善(자선). a misguided sense of charity 오도된 보호정책에 의해서.
step 조치. rehire 재채용하다. tariff 관세, 관세법.
signed into law a tariff 관세법률안에 서명하였다. Congress 국회.
income tax rate 소득세율. confiscatory 재산을 몰수하는.

81C-2-393
Meanwhile, events abroad triggered further damage. In 1931, while Roosevelt was still governor of New York, Britain shocked the U.S. by going off the gold standard, meaning that Britons could no longer demand gold in exchange for paper currency at their banks. Foreign governments and individuals then rushed to redeem their dollars for gold. A banking panic ensued. To lure back cash, the Fed pushed up interest rates. Such actions worked to cause a whole new round of bank failures.
In 1932, the year Roosevelt was elected to his first term, 24% of U.S. workers were jobless. As soon as he took office, in March 1933, Roosevelt made a number of positive moves. Brushing aside opposition from the financial glitterati, he created federal deposit insurance for banks. Knowing that they could retrieve their money even if the local thrift closed its doors so reassured small depositors that they were willing once again to leave their cash in banks. The following year, F.D.R. established the Securities and Exchange Commission, which, over the long run, bolstered U.S. competitiveness by promising clear rules for investors in American equities.
Roosevelt also reassured seniors by creating Social Security. During his first term, the stock market rallied strongly, affording snapshots of robust growth for short periods. By the fall of 1936, when he was running for re-election, unemployment had dropped to about 10%, from 20%. Perhaps the Depression was history. Voters rewarded the President with a stunning electoral sweep 46 of the 48 states.

A. 어휘
meanwhile 그 사이에, 그럭저럭하는 동안에. damage 損傷(손상).
governor 주지사. go off 중지하다. the gold standard 金本位制(금본위제).
Britons 영국인들. in exchange for ...의 교환으로, ...의 대신으로.
paper currency 紙幣(지폐). redeem ...지폐를 兌換(태환)하다. 을 되사다, 도로 찾다.
banking panic 금융공황. ensue 결과로서 생기다, 계속되다. lure 유인하다.
the Fed 연방정부. interest rate 이자율. term 任期(임기).
positive moves 긍정적인 행동(조치). brush aside 반대를 무시하다.
glitterati 저명인사들. financial glitterati 금융계의 유명인물들. deposit 예금.
insurance 보험. retrieve 회수하다, 복구하다. thrift 검약.
the local thrift 지역저축기관(은행). reassure 안심시키다, 재보증하다.
depositor 예금자. securities 有價證券(유가증권).
exchange 換(환). cf. foreign exchange 外國換(외국환). commission 위원회.
over the long run 장기간에 걸쳐서. bolster 지원하다. competitiveness 경쟁력.
investor 투자자. equities 普通株(보통주). senior 노인.
Social Security 사회보장제도. stock market 증권시장.
rally 다시 회복하다, 재 결속하다. afford ...을 낳다, 산출하다, 가능하게 하다.
snapshot 速射(속사), 순간촬영사진. snapshots of 순간의 모습. robust 건장한, 격렬한.
stunning 깜짝 놀랄만한. sweep (선거에서) 壓勝(압승).