The 1920s and the great depression
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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


I conservative supremacy

I. Conservative Supremacy


The 1920s and the great depression

Progressives became disaffected after of World War One


The 1920s and the great depression

Organized labor resented the administration's reaction to the strikes in 1919.


The 1920s and the great 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

“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.”


The 1920s and the great depression

Warren G. Harding wanted a return to “Normalcy.”


The 1920s and the great depression

Election of 1920


The 1920s and the great depression

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


The 1920s and the great depression

Taft Court, 1920s


The 1920s and the great depression

Adkins v. Children’s Hospital (1923)


The 1920s and the great depression

Andrew Mellon

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


Andrew mellon on taxation

Andrew Mellon on Taxation

“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


Revenue act of 1926

Revenue Act of 1926

  • Lowered Estate Taxes

  • Repealed the Gift Tax


Calvin coolidge on business

Calvin Coolidge on Business

  • “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 Growthand Affluenza


Henry ford

Henry Ford

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


The 1920s and the great depression

Assembly Line of the Ford Motor Company


The 1920s and the great depression

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


3 5 million automobiles purchased in 1923

3.5 Million Automobiles Purchased in 1923


The 1920s and the great depression

65% of the American families had an income under $2000.


The 1920s and the great depression

A refrigerator cost around $180.


The 1920s and the great depression

A radio cost around $75


The 1920s and the great depression

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


The 1920s and the great depression

Election of 1928


The 1920s and the great depression

Calvin Coolidge, Andrew Mellon and Herbert Hoover in 1928


Iii stock market crash

III. Stock Market Crash


The 1920s and the great depression

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

Hoover and his dog, King Tut


The 1920s and the great depression

“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


The 1920s and the great depression

“I have no fears for the future of our country. It is bright with hope.”


False prosperity

False Prosperity


Problems in the economy

Problems in the Economy

  • Declining Demand

  • Massive Debt

  • Unequal Distribution of Wealth


Effects of mellon s tax policy

Effects of Mellon’s Tax Policy

  • 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 1920s and the great depression

NYC Stock Exchange on Black Friday, October 29, 1929


The stock market crash

The Stock Market Crash


The 1920s and the great depression

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 1920s and the great depression

“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


The 1920s and the great depression

In 1930 Hoover and Congress cut personal and corporate income taxes.


Lack of investment

Lack of Investment


Unemployment

Unemployment


Bank closings

Bank Closings


Hoover acquires new meanings

“Hoover” Acquires New Meanings

  • Hoover Flag

  • Hoover Blanket

  • Hooverville


The 1920s and the great depression

Hut in a California Hooverville


The 1920s and the great depression

Resident in an Ohio Hooverville


The 1920s and the great depression

Hoover considered unemployment and poverty a local problem for cities and charities


The 1920s and the great depression

  • Local funds covered 4/5 of the cost of relief by 1932.

  • Relief payments in New York were $2.39 a week for a family.

  • Local agencies were running out of money.


The 1920s and the great depression

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


The 1920s and the great depression

“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


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