Chapter 32 the politics of boom and bust
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Chapter 32: The politics of boom and bust. The American Pageant. Election of 1920. Harding elected Return to normalcy "America's present need is not heroics but healing; not nostrums but normalcy; not revolution but restoration....". Harding as President.

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Chapter 32: The politics of boom and bust

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Chapter 32 the politics of boom and bust

Chapter 32: The politics of boom and bust

The American Pageant


Election of 1920

Election of 1920

  • Harding elected

  • Return to normalcy

  • "America's present need is not heroics but healing; not nostrums but normalcy; not revolution but restoration...."


Harding as president

Harding as President

  • Ranked as one of the worst presidents due to scandal and ineffectiveness

  • Cabinet ran presidency

  • Extramarital affairs and corruption in cabinet


Government after war

Government After War

  • Good for businesses bad for women

    • Self-regulation of businesses

    • Harding appoints 4 conservative supreme court justices

  • Adkins v. Children’s Hospital

    • Minimum Wage

    • 19th amendment – no special treatment for women


Chapter 32 the politics of boom and bust

  • Esch-Cummins Transportation Act of 1920

    • Railroads Private

  • Merchant Marine Act of 1920

    • Sold war fleet at low cost

  • Adjusted Compensation Act

    • Compensation for WWI vets


America s end to wwi

America’s End to WWI

  • Resolution passed in 1921 that formally declared WWI over

  • 3 years after war ended


Foreign policy post wwi

Foreign Policy Post WWI

  • Back to isolationism

  • Exception: drilling rights in Middle East

  • Washington Conference 1921-1922

    • 1st international conference in US

    • Russia not invited

    • 5 Power Naval Treaty (US, GB, FR, ITA, JAP)

      • Reduce naval armaments

      • Largely ignored

    • 4 Power Treaty

      • Status Quo in Pacific (US, GB, FR, and JAP)

    • 9 Power Treaty

      • Open Door in China


Kellogg briand pact pact of paris

Kellogg-Briand Pact (Pact of Paris)

  • Outlaw of War

    • Exempted defensive war

  • 62 nations signed


Economics after wwi

Economics after WWI

  • Fordney-McCumber Tariff Law

    • Raised tariffs from 27%-35%

    • What was the problem?


Farmer woes

Farmer Woes

  • End of war lessened need for goods

  • Increased supply -> Lowered prices

  • Volstead Act

    • Farmers exempt from Anti-trust laws

  • McNary-Haugen Bill

    • Gvt purchase and sale of crops

    • Vetoed 2x by Coolidge (Effect ?)


Teapot dome scandal 1922

Teapot Dome Scandal (1922)

  • Oil field reserve in WY

  • Albert Fall (Sec. of Interior) leased land to in exchange for cash ($404,000)

  • Exposed by Wall Street Journal

  • Given back to Navy in 1927

  • Fall fined $100,000 and spent 1yr in prison

  • Lack of trust in big business republicans


Coolidge takes over

Coolidge Takes Over

  • Harding dies of pneumonia and thrombosis in August 1923

  • Very quite and bland

  • Reduce taxes and debts

  • Economy Prospers


Election of 1924

Election of 1924

  • Republicans nominate Coolidge

    • “Keep Cool with Coolidge”

  • Democrats heavily divided and with no strong candidate chose John W. Davis

  • Robert Lafollette – Progressive Party


Whose platforms

Whose platforms?

  • #1

    • support for tax reductions and the limitation on government's role in American society;

    • tariff protection for American industry, as provided in the recently enacted Forney-McCumber Tariff

    • U.S. participation in international arms reduction program and membership in the World Court.


Whose platforms1

Whose platforms?

  • #2

    • a graduated income tax;

    • tough enforcement of antitrust laws;

    • public works projects to alleviate unemployment;

    • farm relief with more accessible credit and crop price subsidies;

    • a tariff reduction;

    • Philippine Island Independence

    • a referendum on the League of Nations


Whose platforms2

Whose platforms?

  • #3

    • public management and conservation of natural resources

    • government ownership of the railroads and power-generating resources

    • acknowledgement of workers' right to unionize and bargain collectively

    • elimination of child labor

    • dissolution of monopolies


Dealing with the war debt

Dealing with the War Debt

  • America’s desire for $$ from Great Britain and France...led to GB and FRA’s desire for $$ from Germany

  • Dawes Plan

    • France and Belgium would leave Ruhr area

    • Manageable reparation schedule

    • Relied on U.S Private loans (failed)

    • Replaced by Young Plan (failed)

      • Reducing the German obligation from the original $32.3 billion to $713 million


Dawes plan

Dawes Plan


Election of 1928

Election of 1928

  • Republican – Hoover

    • Individualism, free enterprise, and small government

    • Well liked

  • Democrats – Alfred E. Smith

    • Catholicism and being anti-prohibition hurt him


Hoover s farming policies

Hoover’s Farming Policies

  • Agricultural Marketing Act

    • Federal Farm Board

      • $500 million

      • Low cost loans to farmers

  • Grain and Cotton Stabilization Corps

    • Raise prices by buying surplus

    • failed

  • Hawley-Smoot Tariff

    • Raised tariffs 60%

    • Deepened worldwide depression


Inflation

Inflation

  • Government programs failed because of inflation

    • substantial rise in the general level of prices related to an increase in the volume of money and resulting in the loss of value of currency


Black tuesday

“Black Tuesday”

  • October 29th, 1929

  • Overproduction and Overexpansion


Hoover vs great depression

Hoover vs. Great Depression


Japan and china

Japan and China


The good neighbor policy

“The Good Neighbor Policy”


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