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10.1 Politics of the 1920’s
Warren G. Harding • Wins 1920 election “Return to Normalcy” • The “Ohio Gang” • Scandals • Dies in office= Coolidge takes over
Scandal #1 • Appts. Colonel Charles Forbes as head of Veterans bureau • Caught selling medical supplies and keeping the money
Teapot Dome (Scandal #2) • Sec. of Interior Albert B. Fall • Leased U.S. oil land to private companies • Got bribes in return
Scandal #3 • Attorney General Harry Daugherty • Got bribes for allowing someone to gain a German company seized during the war
Calvin Coolidge • “Silent Cal” • Though government should not interfere with business • Wanted to continue prosperity
Andrew Mellon’s Policies • Sec. of the Treasury • Supply-Side or “Trickle Down” Economics • High taxes = less spending • Gains from low taxes are passed on everyone
Hoover’s Policies • Sec. of Commerce • Cooperative Individualism • Trade associations share info. w/ the gov’t. • Helps new industries- aviation & radio
Trade & Arms Control • Many want isolationism • Try to promote peace through economic policies and arms agreements
Examples • Dawes plan Ex. Of trade policy -Loaned Germany $ to pay reparations • Washington Conference -Produces 5 Power Naval Limitation Treaty • Kellogg-Briand Pact -”Outlaws” War
Henry Ford • Model-T “Tin Lizzie” • Assembly Line • Lower cost for people = more sales volume • $5 Day/Sociological Department Soc. Dept.
Welfare Capitalism • Companies giving workers benefits- stock purchasing, health insurance, pensions etc. • Decline in unions = open shops
The Farm Crisis “The Quiet Depression” • Fordney-McCumber Act – raises tariffs to protect American industries, but hurts farmers because of foreign retaliation • McNary-Haugen Bill- Gov’t. to buy up surpluses and sell them overseas for a loss (Coolidge vetoes twice never passes)