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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

The Politics of Boom and Bust

APUSH

Ms. Weston

2/22/06

politics in the 1920s
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
harding as president
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
isolationism in foreign policy
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?
political scandals
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
silent cal coolidge
“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
debating debts
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
herbert hoover as president
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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