• Turn in your 1920s political cartoon • Read this document and write down your thoughts on its relationship to the clash of values Bell ringer Give an example of each Fear of others • Racism • Ethnic Prejudice • Nativism Clash of values • New Morality • Fundamentalism • Social Issues (decline) Politics & Government • Weak government scarred with political scandal & unreliable leadership. 3 republican presidents of the 1920s o Scandal o Disconnected from average American o Favored business over citizens Ohio Gang “Harding’s Old Poker Buddies” Harding 29th President “Return to Normalcy” Albert Fall Andrew Mellon Harry Daugherty Charles Forbes Sec. of Interior Sec. of Treasury Attorney General Veterans Bureau Warren Harding • Promoted ISOLATIONISM after WWI • “Return to Normalcy” o Back to NORMAL life before the war. • Cabinet filled with corruption • One of the worst presidents in history • Americans distrust elected officials Teapot Dome Scandal Albert Fall ◦ Sec. Interior ◦ Secretly (illegally) leased land to private companies ◦ Lands were oil reserves for US Navy Teapot Dome, WY Elk Hills, CA ◦ 1st Pres. Cabinet member to go to Prison Andrew Mellon-Sec of Treasury “government should be run like a business” • Believed high taxes were bad because they limited money for individual o Spending o Investment o Savings • Huge tax cuts for Balance the budget Reduce government spending o Wealthiest Americans o Corporations • Tax burden placed on middle class • Business could invest tax cuts to promote business • Supply Side Economics business Cut taxes More Harding Scandal • Charles Forbes o Head of Veterans Bureau o Had illegal contracts and sold • government property • hospital medication • Kept money o BUSTED • Committed Suicide • Henry Daugherty • Attorney General • Used pvt Ohio banks to launder money. • Took bribes • Used power of immunity to keep from going to jail… Bottom Line….Americans start to distrust elected officials • Became President when Harding suffered a heart attack. • “Business of America is Business.” • 1924 Election o “Keep it Cool with Coolidge” o No war, reform or scandal o Few issues during good economy and no war. • Deregulation = o Business & Wall Street can do whatever they want. Calvin Coolidge Herbert Hoover • Sec. of Commerce o Promoted • Economic stability • Trade associations amongst businesses o Disconnected from average Americans o Disconnected about the realities of the Crash • To be continued …… Economics • Economic prosperity which promoted overproduction of goods, overspending, & incurring debt o o o o After WWI – economy not good. New Products & process helped spur economy Business deregulation---- Business producing People grow over confident because of jobs Growing Economy • Mass Production o o o o Large scale production Created Supply Reduced costs Machine manufactured • Assembly line o Divided operations into simple tasks • Model T o Tin Lizzie • Henry Ford o o o o Shortened Work Week Paid Vacations Increased worker wages 8 hour shifts o Business Philosophy • Lower cost of car=sale more cars. • 1908 = $850 • 1924 = $295 Growing Economy • High Sales = Imitators o Chrysler o General Motors • Spurred growth for other industries o Glass o Rubber o Petroleum • Created new business o Mechanic Garages o Gas Stations Growing economy • Airplanes o US Post office • Airmail o Lindbergh • Trans-Atlantic flight o Spirit of St. Louis o Commercial Airlines • Radio o NBC o CBS • News • Sports • Entertainment • Advertising o Mass Standardization of culture. More people liked the same things Consumer Credit • Over confidence in US economy led purchasing on credit. • Credit- buy now, pay later. • Big Purchases on credit o Car o Radio o Appliances • Electricity in homes boosted WANTS. o o o o o Electric razors Toasters Washing machines Radios Vacuum cleaners problems WhyThe over confident ? Americans find are employed themselves&in severemoney debt making Over confidence Businesses hire more means Americans workers to make are spending not more products Protective tariffs Foreign markets ensure placeAmericans tariffs on don’t buy Americanforeign goods goods Strong Economy saving Expensive Stocks rise causing So Businesses are Americans to making profits grow overconfident in the stock market Americans are purchases spending done on money on goods CREDIT.. Buy & services now, pay later So what happens????? Economy starts to slow Unemployed workers are no longer buying goods To maintain profits employers cut wages or fire workers To maintain profits employers cut wages or fire workers Unemployed workers are no longer buying goods Meaning, businesses are selling less products Workers are not only broke but in severe debt….Bank doesn't care that you were FIRED….Pay your bills or lose your home! Stock Market • Stock = shares “ownership in a company” • Gamble BUY LOW + SELL HIGH = Make A Lot of Money Stock Market • Bull Market = Long period of rising stock prices • Belief: Prices will continue to go up… • Problem: Creates overconfidence in the market (SPECULATION) • Mistake: People buy stocks on Credit (MARGIN)… Margin Call= borrowers had to repay loan at once Stock market crash of 1929 • Dates: October 29, 1929 • Also Known As: The Great Wall Street Crash of 1929; Black Tuesday What caused the Crash? Over Production of Goods Decline of agricultural prices. Mistakes by the federal reserve Crash Low Wages reduce consumer buying power High tariffs restrict foreign demands for American goods Over Production of Goods Low Demand for goods Cycle gets worse & worse No spending money Workers fired or reduced wages More job opportunities Better educational opportunities Escape Jim Crow laws in the south HARLEM, NEW YORK Harlem, NY became the largest black urban community Harlem suffered from overcrowding, unemployment and poverty However, in the 1920s it was home to a literary and artistic revival known as the Harlem Renaissance HARLEM, NEW YORK All owned by African Americans Businesses Restaurants Apartment Buildings Safety Racial Pride Voting THE HARLEM RENAISSANCE Explosion of Culture Artist Jazz Music Cotton Club Literature Migration of the Negro by Jacob Lawrence Missouri-born Langston Hughes was the movement’s best known poet Many of his poems described the difficult lives of working-class blacks Some of his poems were put to music, especially jazz and blues LANGSTON HUGHES What happens to a dream deferred? Does it dry up like a raisin in the sun? Or fester like a sore— And then run? Does it stink like rotten meat? Or crust and sugar over— like a syrupy sweet? Maybe it just sags like a heavy load. Or does it explode? LOUIS ARMSTRONG Jazz was born in the early 20th century In 1922, a young trumpet player named Louis Armstrong joined the Creole Jazz Band Later he joined Fletcher Henderson’s band in NYC Armstrong is considered the most important and influential musician in the history of jazz EDWARD KENNEDY “DUKE” ELLINGTON In the late 1920s, Duke Ellington, a jazz pianist and composer, led his ten-piece orchestra at the famous Cotton Club Ellington won renown as one of America’s greatest composers EXPANDING NEWS COVERAGE Radio- brought news, sports, entertainment into American homes. News Paper-y As literacy increased, newspaper circulation rose and masscirculation magazines flourished Mass Standardization Americans were hearing & believing the same things across the country. Pilot Charles Lindbergh Lindbergh made the first nonstop solo trans-atlantic flight He took off from NYC in the Spirit of St. Louis and arrived in Paris 33 hours later to a hero’s welcome Showed U.S. technological superiority and ingenuity. LINDBERGH’S FLIGHT WRITERS OF THE 1920s Writer F. Scott Fitzgerald coined the phrase “Jazz Age” to describe the 1920s Fitzgerald wrote This Side of Paradise and The Great Gatsby The Great Gatsby reflected the emptiness of New York elite society WRITERS OF THE 1920 Hemingway - 1929 Ernest Hemingway, wounded in World War I, became one of the best-known authors of the era In his novels, The Sun Also Rises and A Farewell to Arms, he criticized the glorification of war His simple, straightforward style of writing set the literary standard AMERICAN HEROES OF THE 20s Good Economy led to disposable income. Entertainment Babe Ruth was a larger than life American hero who played for Yankees Great Bambino Sultan of Swat Red Grange- All American football player “the Galloping Ghost” Jack Dempsey- Heavyweight champion of the world Tunney-Dempsey 1st fight broadcast over the radio ENTERTAINMENT AND ARTS Even before sound, movies offered a means of escape through romance and comedy First sound movies: Jazz Singer (1927) First animated with sound: Steamboat Willie (1928) By 1930 millions of Americans went to the movies each week