It is arguable that the 1933 banking panic may have ended up worse than it might otherwise have been due to the political changeover between the election of November 9, 1932, and March 4, 1933 inauguration of the new President. During these 120 days the political situation exhibited a state of limbo, in that neither the outgoing Hoover nor the incoming Roosevelt were willing to undertake clear, decisive leadership without approved joint action.

Perhaps too, the incoming administration was quite content to maintain a low profile and keep to a policy of taking over the situation at the lowest point possible in the crisis. Sullivan argues for this possibility, see page 104 (Prelude to Panic) for instance. A moot point perhaps but politics can be like that.