Thank you. In fact, I'd argue that there are strong parallels between the period from late 1929-1932 and late 2001-2004, in that following a grand catalyst, the nation rallied behind a president, only to have that support deteriorate amid failure. Allow me to elaborate.
Rarely in history, do you see an Unraveling immediately transition into crisis. You are far more likely to witness transitional periods or turning cusps. In this circumstance, what you have is a pre-regency, in which a society, attempts to build consensus and struggles to find answers to an ongoing crisis. It is during this period that the influence of institutions, which had prevailed during the Unraveling, weakens and approach their nadir. In some cases, the weakness of these institutions will directly contribute to the crisis turning itself.
Despite common belief, the stock market crash in 1929 was not the sole factor that triggered the Great Depression. In fact, going by the standards of the day, that crash was a relatively small downturn. Indeed, the Dow Jones Industrial Average recovered from the crash as early as 1930. Such periodic downturns are merely a result of the boom-bust cycles that are often common during Unravelings (e.g. The crash of 1987, The Recession of the Early-90s, The Dot Com bust, etc.) In this circumstance, this bust was due to the over speculation of credit, which reached record highs during the late 1920s. Rather, the Depression was a sharp recession that was severely exacerbated by the weakness of economic institutions. The reckless use of the home mortgage and credit, Public Bank Failures, the Smoot-Hawley Tariff Act, an inadequate Federal Reserve System, topped by a severe drought and dust storm that ravaged the agricultural heartland, all turned a sharp 1930 recession into a perilous 1933 depression.
However, it will have to take some time before Society realizes that it is their own institutions which are contributing to the crisis. As is common in 3rd/4th turning cusps, society will at first, not demand that these institutions be reformed. Granted while life may seem to be unfolding for some, no special action may need to be taken yet. On the contrary, the public will rally behind these institutions, thinking that the crisis will demand their immediate and undisputed support in order to make a quick recovery. Take for instance, the period briefly following the 1929 crash. Soon after the stock market crash, support for Hoover actually increased. He was able to maintain wages and established a Federal Farm Board that tried to raise farm prices. He accelerated federal funding for construction projects, and contacted all forty-eight state governors to make a similar appeal for expanded public works. In addition, he went to Congress with a $160 million tax cut, coupled with a doubling of resources for public buildings and dams, highways and harbors. Due to his prompt and apparently effective action, Hoover gained widespread public support.” No one in his place could have done more," concluded the New York Times in the spring of 1930. "Very few of his predecessors could have done as much."
Parallels can be made to Bush's initial response to 9/11. Following the attacks, he addressed the nation, promising a strong and speedy response to the attacks. He promised to capture Osama Bin Laden, vowed to destroy Al Qaeda, initiated a Global War on Terrorism, established The Department of Homeland Security, managed to get the Patriot Act passed with little difficulty, rapidly overthrew the Taliban and Saddam with (...initially) acceptable casualties by the public's standards. All the meanwhile, he enjoyed significant bi-partisan and international support, and his approval ratings skyrocketed, reaching a high of 88% in the month that followed the 9/11 attacks. Even when the War in Iraq and Afghanisthan became increasingly bleak from 03' to 04', Bush maintained approval ratings well above his current levels (in the upper 40s % – lower 50s % range) and won a decisive re-election.
Yet in both of these instances, hubris got the best of the President – ultimately backfiring against them. In February, Hoover announced—prematurely—that the initial shock had passed and that employment was on the mend. However, unemployment shortly soared from five million in 1930 to over eleven million in 1931. Similarly, Bush declared an end to all major combat operations in Iraq, from the flight deck of the USS Abraham Lincoln, in front of a huge banner that read "Mission Accomplished." Following this, however, troop levels escalated as an Sunni-led insurgency ensued, further exacerbated by the Shiite/Sunni sectarian violence we are witnessing today.
When these institutions fail to make due on their earlier promises, and are unable to formulate effective solutions, public confidence in government institutions will reach unprecedented lows, as the crisis worsens. For instance, Hoover's popularity dwindled once the Public felt he was unable reverse the economic decline. Initial widespread support devolved into rampant discontent and frustration. Many Americans began blaming Hoover personally for the Great Depression. By 1932, during the height of the Depression, Hoover became one of the most mocked Presidents in US history – the name Hoover would become synonymous with failure. Areas that housed those left unemployed and homeless by the Depression (often in cardboard shacks) began to appear all across America, and were referred to as Hoovervilles. Automobiles pulled by mules were known as “Hoover Carts.” As one woman remarked, Hoover promised to put people back on their feet - he did, "he put them to walking." In retrospect, President Truman would later refer Hoover as an engineer who “backed the train all the way into the waiting room and brought us to panic, depression, and despair.”
This discontent would culminate into the Bonus Army riots. Thousands of WW1 veterans and their families demonstrated and camped out in Washington, D.C., during June 1932,seeking immediate payment of a "bonus" granted by the Adjusted Service Certificate Law. Shots were fired by the police in a futile attempt to attain order, and two protesters were killed while many officers were injured. Hoover subsequently sent U.S. Army forces to disperse the demonstration. Troops carried rifles with unsheathed bayonets and tear gas were sent into the Bonus Army's camps. In the ensuing clash, hundreds of civilians were injured, and over 1,000 men, women, and children were exposed to the tear gas. The visual image of U.S. soldiers marching against poor veterans gave the impression that the government could not deal with the crisis. This event destroyed whatever public support remained for Hoover.
Likewise, popular support for Bush diminished following his re-election victory, as the Iraq War intensified, gas prices rose rapidly, and Bush failed to make good on the goals he promised earilier during his campaign bid (e.g. Social Security). The last straw came during Hurricane Katrina. Here, Bush proved unable to protect the nation’s own citizens when they needed him the most. The response to the worst natural disaster in the nation’s history was woefully pitiful. Criticism of the government’s response was rampant in the media, as reports continued to show hunger, deaths, and lack of aid. The nation was stunned by televised images of people looting in desperation. Even more troubling were the images of visibly shaken residents who remained in New Orleans without water, food or shelter. Several citizens died from thirst, exhaustion, and violence days after the storm itself had passed. The treatment of people who had evacuated to registered facilities such as the Superdome was also scrutinized. In the aftermath of the disaster, the government was accused of making things worse, instead of making things better; perhaps even deliberately, by preventing help by others while delaying its own response. A survey conducted on September 2, 2005, showed that 67% of the public blamed the Federal government for the crisis, with 44% blaming President Bush's leadership directly. The poor response to the hurricane caused Bush's approval rating to plummet to 42% – which was at that point, the lowest of his presidency. Since then, Bush has never been able to recover from this event. In fact, the developing sectarian violence in Iraq has caused even more significant damage to his influence. Currently, his approval rating is 32% - the lowest since Richard Nixon’s just prior to his resignation.