In Washington, Franklin D. Roosevelt is sworn in as president. He pledges to lead America out of the Great Depression in his inaugural address. "So first of all, let me assert my firm belief, that the only thing we have to fear is fear itself."1987. Also in Washington, President Ronald Reagan takes responsibility for the Iran-contra affair. He acknowledges his administration’s overtures to Tehran deteriorated into an arms-for-hostages deal.

"A few months ago, I told the American people I did not trade arms for hostages. My heart and my best intentions still tell me that's true. But the facts and the evidence tell me it is not."And 1902.

Birth of the AAA, as the American Automobile Association is founded in Chicago.

Today In History, March 4th, David Melendy, the Associated Press.