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The 1920s and the Great Depression. I. Conservative Supremacy II. Economic Growth and Affluenza III. Stock Market Crash IV. Onset of Depression. I. Conservative Supremacy. Progressives became disaffected after of World War One.

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The 1920s and the great depression
The 1920s and the Great Depression

I. Conservative Supremacy

II. Economic Growth and Affluenza

III. Stock Market Crash

IV. Onset of Depression





Americans are “tired of issues, sick at heart of ideals, and weary of being noble.”

- A Progressive Editor in 1920


Woodrow wilson
Woodrow Wilson and weary of being noble.”

“It is only once in a generation that a people can be lifted above material things. That is why conservative government is in the saddle two-thirds of the time.”



Election of 1920 and weary of being noble.”


Chief Justice William Howard Taft, who announced he had been “appointed to reverse a few decisions.”


Taft Court, 1920s “appointed to reverse a few decisions.”


Adkins v. Children’s Hospital (1923) “appointed to reverse a few decisions.”


Andrew Mellon “appointed to reverse a few decisions.”

“The government is just a business and can and should be run on business principles.”


Andrew mellon on taxation
Andrew Mellon on Taxation “appointed to reverse a few decisions.”

“One of the foundations of our American civilization is equality of opportunity, which presupposes the right of each man to enjoy the fruits of his labor after contributing his fair share to the support of the government which protects him and his property. But that is a very different matter from confiscating part of his wealth, not because the country requires it for the prosecution of a war or some other purpose, but because he seems to have more money than he needs.”


Tax reform under mellon
Tax Reform under Mellon “appointed to reverse a few decisions.”


Revenue act of 1926
Revenue Act of 1926 “appointed to reverse a few decisions.”

  • Lowered Estate Taxes

  • Repealed the Gift Tax


Calvin coolidge on business
Calvin Coolidge on Business “appointed to reverse a few decisions.”

  • “The chief business of the American people is business.”

  • “The man who builds a factory, builds a temple. . . the man who works there worships.”


Ii economic growth and affluenza
II. Economic Growth “appointed to reverse a few decisions.”and Affluenza


Henry ford
Henry Ford “appointed to reverse a few decisions.”

I want “to democratize the automobile. When I'm through everybody will be able to afford one, and about everyone will have one.”


Affordable automobiles
Affordable Automobiles “appointed to reverse a few decisions.”


Assembly Line of the Ford Motor Company “appointed to reverse a few decisions.”


Before the assembly line it took Ford workers 12 ½ hours to assemble a car; it took only 93 minutes on an assembly line. By 1927 Ford produced a car every 24 seconds.


Economic effects of automobiles
Economic Effects of Automobiles to assemble a car; it took only 93 minutes on an assembly line. By 1927 Ford produced a car every 24 seconds


3 5 million automobiles purchased in 1923
3.5 Million Automobiles Purchased in 1923 to assemble a car; it took only 93 minutes on an assembly line. By 1927 Ford produced a car every 24 seconds


65% of the American families had an income under $2000 to assemble a car; it took only 93 minutes on an assembly line. By 1927 Ford produced a car every 24 seconds.


A refrigerator cost around $180. to assemble a car; it took only 93 minutes on an assembly line. By 1927 Ford produced a car every 24 seconds


A radio cost around $75 to assemble a car; it took only 93 minutes on an assembly line. By 1927 Ford produced a car every 24 seconds


Calvin Coolidge considered the regulation of securities the business of the states, not the federal government.


Election of 1928 business of the states, not the federal government.


Calvin Coolidge, Andrew Mellon and Herbert Hoover in 1928 business of the states, not the federal government.


Iii stock market crash
III. Stock Market Crash business of the states, not the federal government.


Hoover warned of the evil of “putting the government into business,” and stressed the importance of free enterprise.

Hoover and his dog, King Tut


“Unemployment in the sense of distress is widely disappearing. . . . We in America today are nearer to the final triumph over poverty than ever before in the history of any land. The poor-house is vanishing from among us. We have not yet reached the goal, but given a change to go forward with the policies of the last eight years, and we shall soon with he help of God be in sight of the day when poverty will be banished from this nation.” - 1929



False prosperity
False Prosperity bright with hope.”


Problems in the economy
Problems in the Economy bright with hope.”

  • Declining Demand

  • Massive Debt

  • Unequal Distribution of Wealth


Effects of mellon s tax policy
Effects of Mellon’s Tax Policy bright with hope.”

  • Per capita disposable income rose about 9% in the 1920s,

  • The income of the wealthiest 1% rose 75%, accounting for most of the increase.

  • 5% of the population accounted for 1/3 of all personal income

  • The wealthy used most of their money to buy stocks instead of consumer goods.



The stock market crash
The Stock Market Crash bright with hope.”


The crash started a nationwide run on banks, destabilizing the country’s entire financial and economic system.


Iv onset of depression
IV. Onset of Depression the country’s entire financial and economic system.


“Let the slump liquidate itself. Liquidate labor, liquidate stock, liquidate the farmers, liquidate real estate . . . It will purge the rottenness out of the system.”

- Andrew Mellon



Lack of investment
Lack of Investment income taxes.


Unemployment
Unemployment income taxes.


Bank closings
Bank Closings income taxes.


Hoover acquires new meanings
“Hoover” Acquires New Meanings income taxes.

  • Hoover Flag

  • Hoover Blanket

  • Hooverville






Paris Breadline—in the spring of 1931 financial panic swept Europe, leading to a further sell off in the American stock market


“The depression has been deepened by events from abroad which are beyond the control either of our citizens or our government.”


V depths of depression
V. Depths of Depression which are beyond the control either of our citizens or our government.”


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