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23.4, 23.5, 24.1 The State, The Economy & Business

23.4, 23.5, 24.1 The State, The Economy & Business. 1920s. Ohio (R) Had “look” but little experience “Ohio Gang” Plagued by scandals… Died while in office. (1921-1923). Warren G. Harding “Return to Normalcy”. Served Harding, Coolidge and Hoover Gov’t s/b run like a business

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23.4, 23.5, 24.1 The State, The Economy & Business

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  1. 23.4, 23.5, 24.1The State, The Economy & Business 1920s

  2. Ohio (R) Had “look” but little experience “Ohio Gang” Plagued by scandals… Died while in office (1921-1923) Warren G. Harding “Return to Normalcy”

  3. Served Harding, Coolidge and Hoover Gov’t s/b run like a business Cut federal budget Cut taxes.. Mostly benefited high income & businesses Sec. of Treasury Andrew Mellon

  4. Vermont (R) “The Business of America is Business” Very small gov’t Agenda Appreciated experience of wealthy; let them make economic decision 1923-1929 Calvin Coolidge“Silent Cal”

  5. Iowa (R) Sec. of Commerce Business would act in interest of public Nat’l Trade Assoc – cooperation between businesses = increased efficiency and decrease competition… 200 largest co. owned 50% of corp. wealth Herbert Hoover

  6. US largest creditor globally NY Financial Capital Anti-Amer. Sentiments overseas; US wants some of it’s loans repaid… Dawes Act War Debts &Reparations

  7. Dawes Plan

  8. renunciation of war as an instrument of national policy Ineffective… Keeping Peace: Kellogg-Briand Pact

  9. The New Negro & Harlem

  10. Finding meaning and self-identity for AA Celebration of AA artists, writers, and musicians Represented social and cultural change of 1920’s Writers Langston Hughes Zora Neale Hurston Harlem Renaissance

  11. The Savoy

  12. The Cotton Club

  13. Ella Fitzgerald & Louis Armstrong

  14. Wanted separate society for blacks Promoted businesses Advocate of returning to Africa “Black is Beautiful” Marcus Garvey

  15. Herbert Hoover (R) vs. Alfred Smith [(D) and Catholic] “We in America are nearer to the final triumph over poverty than ever before.” “A chicken in every pot and two cars in every garage” Wins by a landslide*- life was good in the 1920s A. Election of 1928

  16. Hooverville Nation

  17. The Bull Market • Dreams of becoming Rich via Stocks • Speculation • Buying on Margin • Corporations invest in market instead of research

  18. BLACK TUESDAY!OCTOBER 29, 1929 • What happened? • “The bottom fell out of the market!” • loss of confidence in market = some investors sell • prices dropped = thousands sell their shares • Savings lost =$30 Billion/16 million shares • How does Hoover and Mellon respond?

  19. Causes of the Depression • Overproduction • Farmers in debt • Low wages; high debt • Unequal distribution of income • Trickle-effect…

  20. soup kitchens and bread lines(psychological effects)

  21. “Business as usual” Did not want to go into deficit spending! Work hard; gov’t should not give handouts Negotiated w/businesses and unions Reconstruction Finance Corporation (RFC) & Emergency Relief Act (ERA) emergency financing to large businesses trickle-effect Hoover’s Presidency during the Depression

  22. Shantytowns/Hoovervilles

  23. Who were they and what did they want? Want bonus now not in 1945 ($500/$1000) Patman Bill rejected Bonus Army Camp

  24. Hoover’s actions with the Bonus Army seals his fate: Franklin D. Roosevelt becomes the newly elected president Election of 1932

  25. Bank Holiday Closed banks before bank runs bankrupt them Emergency Banking Relief Act = Inspected by gov’t to ensure they were secured Restores confidence to the people Day One

  26. 1. Agricultural Adjustment Act Gov’t will pay subsidy Lower production = _____ prices Set prices at pre-depression rate Commercial farmers benefited most Sharecroppers and tenant farmers lost jobs and homes (AA) 2. Later ruled unconstitutional Helping America’s Farmers

  27. Helping Industry: • National Industrial Recovery Act • Self-regulating: established fair practice codes and regulations • Allowed for unions = increase in membership • Considered unconstitutional - Why?

  28. Critics Gov’t too big Socialistic Not doing enough Huey Long Second New Deal Jobs, retirement, housing Social Security Act Pension Unemployment benefits Disability insurance Farmers/domestic workers not covered Critics and the Second New Deal

  29. National Labor Relations Act AKA Wagner Act • Legalized unions = increase in unions • Fair labor practices

  30. New Deal in the South & West • Does little for sharecroppers and tenant farmers • Does help with modernizing the regions • Tennessee Valley Authority • Rural Electrification Administration

  31. Lack of water, overproduction, and windy conditions added fuel to the fire Resulted in a westward migration Dust Bowl(1933-1936)

  32. Dust Bowl(1933-1936)

  33. “Okies”

  34. New Deal and the Dust Bowl • Resettlement Administration • Crop and seed loans • Gave direct aid to sharecroppers and tenant farmers • Conservation techniques: water, soil • Crop rotation

  35. Southwest Farmers Who was the worst affected?

  36. Court-packing Deal • Wanted to set a retirement age for SCJ • Goal? • backfired

  37. Social Reformer Anti-lynching Health ins Child labor Discrimination Advantage/influence? Anna Eleanor Roosevelt

  38. FDR cautious Gains Mary M. Bethune Robert Weaver PWA CIO Setbacks: eligibility requirements for PWA (noncitizens) People of Color and the New Deal

  39. Roosevelt Recession • Initially worked • Tried reducing deficit by cutting programs and constricting credit = recession • Stock collapse again • Decreased industrial output • Farm prices decrease • Unemployment up 20% • Ultimately, what ends the depression?

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