1 / 13

Boom & Bust

Boom & Bust. Lecture 32. Republicans Return. Warren Harding wins election of 1920 End of Progressivism; return to laissez-faire (gov hands off) Anti-Trust laws ignored; labor unions attacked Muller AND Adkins cases: women don’t need protective laws USA becomes isolationist

lucky
Download Presentation

Boom & Bust

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Boom & Bust Lecture 32

  2. Republicans Return • Warren Harding wins election of 1920 • End of Progressivism; return to laissez-faire (gov hands off) • Anti-Trust laws ignored; labor unions attacked • Muller AND Adkins cases: women don’t need protective laws • USA becomes isolationist • Refuses to join League of Nations • Disarmament Treaties give false sense of security • Kellogg-Briand Pact outlaws war (except in self-defense) • Higher tariffs keep out European Goods

  3. Harding’s Scandals • Worst President since Grant • Col. Charles Forbes – Head of Veteran’s Bureau • Embezzles $200 million • Teapot Dome • Albert Fall: Head of the Dept. of Interior • Sells Gov’t oil reserves after taking $100,000 bribe • Attorney General – Nation’s Cop • Selling pardons

  4. “Silent Cal” • Harding dies of pneumonia • VP Calvin Coolidge becomes 30th POTUS • Continues pro-business policies and isolationism • Cleans corruption from the White House • Frustrated Farmers • Had seen prosperity during WW1 • Overproduction leads to falling prices • Coolidge vetoes laws that would help farmers

  5. International Debts • USA loaned $10 billion to Allies • USA wants repayment of war loans • GB & France say already paid in “Wall of flesh” • Cycle of Debt • USA wants repayment from GB/France • GB/France wants reparations from Germany • Germany allows hyperinflation to pay reparations • Dawes Act: reschedules German reparation payments • Allows USA to loan money to Germany to stabilize economy

  6. Election of 1928 • Candidates • Dem: Al Smith, Governor of New York • Catholic, “wet”, liberal • Reps: Herbert Hoover (Who but Hoover?) • Protestant, “dry”, conservative • Radio influences campaign • Helps Hoover more than Smith

  7. Boom & Bust • Black Tuesday – Oct 29, 1929 • Stock market crashes; loses $40 billion in paper profits • Causes of the Crash • Massive speculation in stock market • Overexpansion of credit & Overproduction of farms/factories • Hawley-Smoot Tariff prevents foreign trade • Effects of the Crash • Massive unemployment (1 in 4) • Business & Bank failures • Wages/Hours cut • Breadlines, Soup Kitchens, Hoovervilles

  8. Hoover battles depression • Hoover believes Gov’t should be hands-off • Gov’t hand-outs would destroy America • Eventually forced to change in policies • Focused on relief to banks/business; not people • Bonus March • 20,000 WW1 veterans march to D.C. • Demand early payment of their WW1 bonus • Hoover order the army to evacuate the veterans • Violence erupts; Hoover’s popularity plummets

  9. War on the Horizon • Japan invades Manchuria, China - 1931 • USA shocked but refuses to get involved • League of Nations protests but powerless without USA • Stimson Doctrine – Paper Bullets • USA will not recognize territory acquired by force • Japan bombs Shanghai - 1932 • USA boycotts Japanese goods • Will not get involved in armed intervention

More Related