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The Politics of Boom and Bust APUSH Ms. Weston 2/22/06 Politics in the 1920s Presidents of 1920s brought America out of post-war recession to great prosperity Did this through cooperation with big business End to Progressive reform, move to active government aid to business

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The politics of boom and bust l.jpg

The Politics of Boom and Bust

APUSH

Ms. Weston

2/22/06


Politics in the 1920s l.jpg

Politics in the 1920s

  • Presidents of 1920s brought America out of post-war recession to great prosperity

  • Did this through cooperation with big business

  • End to Progressive reform, move to active government aid to business

  • Much economic prosperity built on unstable foundation


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Harding as President

  • Often cited as worst president in American history

  • Biggest weakness was his inability to see corruption in his own administration (Ohio Gang)

  • Main goal was to help business

  • Reversed many Progressive rulings

  • Antitrust laws not enforced


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Isolationism in Foreign Policy

  • No Treaty of Versailles, no League

  • Disarmament

  • Holiday on construction of battleships

  • 1928—Kellogg Briand Pact—denounced war as an instrument of foreign policy

    • Useless policy—why?


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Political Scandals

  • Series of scandals under Harding

  • Teapot Dome Scandal—Government leased out priceless oil reserves to businesses for profit.

  • Harding’s popularity forever diminished, died in office in 1923


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“Silent Cal” Coolidge

  • Honesty, industry, frugality

  • Firm believer in laissez-faire, but also government aid to business

  • Got rid of corruption in Washington

  • Easily won re-election in 1924


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Debating Debts

  • Allies owe US money—resentful, and complain can’t pay back until Germany pays reparations

  • US refuses to forgive debts, but is willing to lend money to Germany to pay reparations to Allies, so Allies can pay back Americans (Dawes Plan)

  • Issue of debts created lots of ill will against Americans


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Herbert Hoover as President

  • Landslide victory in election of 1928

  • Ideal businessperson’s candidate

  • Democratic candidate Al Smith criticized for religion and being “wet”—Rum, Romanism and Ruin speech

  • Two accomplishments before Depression

    • Aid to farmers with Federal Farm Board

    • Hawley-Smoot Tariff—HIGHEST PROTECTIVE TARIFF EVER IN PEACETIME (NEARLY 60%)!!!


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