Morale is nice and all, but it was economically harmful in the short and long term, at least according to recent publications on the subject.
You have to go back to the summer of 1931. That whole year and a half following was a just scary. . Hoover had totallylost the confidence of the country, and Roosevelt just got people pulling together. Think about the first year after 9/11. Unlike the guy we have now, FDR was a leader.