The US experienced two recessions between 1900 and 1909. The first began in September 1902 and lasted almost two years. At the time, Theodore Roosevelt was president and the Progressive movement was on the rise, promoting more government involvement in business.

The second recession lasted 13 months, starting in May 1907. At the time, Roosevelt was making waves by breaking up businesses considered large enough to hurt market competition.

Here, Roosevelt tours Hartford, Conn., in 1902.