The drop wasn’t immediate in that case; it came in the first full year after the election. Industrial production plummeted by 34.5%. The Dow Jones Industrial Average dropped by half, from almost 200 in early 1937 to less than 100 at the end of March 1938.
- 2013 Looks a Lot Like 1937 in Four Fearsome Ways – Bloomberg (bloomberg.com)
- In 4 Fearsome Ways, 2013 Looks A Lot Like 1937 (realclearpolitics.com)
- Obama’s Ominous FDR Precedent (commentarymagazine.com)
- Hard times: Images of the Great Depression still have the power to move and astonish (independent.co.uk)