Long Depression
In the United States, economists typically refer to the Long Depression as the Depression of 1873–1879, kicked off by the Panic of 1873, and followed by the Panic of 1893, book-ending the entire period of the wider Long Depression. The National Bureau of Economic Research dates the contraction following the panic as lasting from October 1873 to March 1879. At 65 months, it is the longest-lasting contraction identified by the NBER, eclipsing the Great Depression's 43 months of contraction. In the United States, from 1873 to 1879, 18,000 businesses went bankrupt, including 89 railroads. Ten states and hundreds of banks went bankrupt. Unemployment peaked in 1878, long after the initial financial panic of 1873 had ended. Different sources peg the peak U.S. unemployment rate anywhere from 8.25% to 14%.
United States Congress
The Great Depression ushered in President Franklin Roosevelt and strong control by Democrats and historic New Deal policies. Roosevelt's election in 1932 marked a shift in government power towards the executive branch. Numerous New Deal initiatives came from the White House rather than being initiated by Congress. The Democratic Party controlled both houses of Congress for many years. During this time, Republicans and conservative southern Democrats formed the Conservative Coalition. Democrats maintained control of Congress during World War II. Congress struggled with efficiency in the postwar era partly by reducing the number of standing congressional committees. Southern Democrats became a powerful force in many influential committees although political power alternated between Republicans and Democrats during these years. More complex issues required greater specialization and expertise, such as space flight and atomic energy policy. Senator Joseph McCarthy exploited the fear of communism and conducted televised hearings. In 1960, Democratic candidate John F. Kennedy narrowly won the presidency and power shifted again to the Democrats who dominated both houses of Congress until 1994.