Presidents in the 1920s
Harding – Republican – 1921-1923
- died in office in 1923
- scandal
o Teapot Dome
 Releasing rights for oil mining on government land
 Secretary of the Interior received bribes (land in Montana and money)
for letting certain companies have the rights to mine there
o Wrote letters to wife’s best friend about their affair
 Wife burned the letters after he died
o Had an affair with a younger woman, who later had his child
- Spoils System (NORMALCY)
o Harding had appointed his friends to be officials, instead of the more
qualified candidates
Coolidge – Republican – 1923 - 1929
- used to be in the KKK
- did not like labor unions (NORMALCY)
- believed in small government and some economy
Hoover – Republican – 1929 - 1933
All 3 Presidents had the same Secretary of the Treasury, Andrew Mellon
Economics
Normal
-
Laissez-Faire
Deregulation
Low income tax on wealthy
Low corporation tax – trickle down
economics
Higher protective tariffs
Lack of consumer protection
Little or no support for labor unions
or worker protection
Government wants to balance budget
Roaring
-
Advertising – you need something
Connect America together
Consumerism – keep up with
neighbors on new products
Buying on credit is okay for the
individual (layaway, installment
plans, not credit cards)
Foreign Policy
1920 - Rejection of the Treaty of Versailles; US does not join League of Nations
1921-1922 – Washington Naval Conference; disarmament (voluntarily giving up
weapons), reduced size of navy
1924 – Dawes Plan – conservative/traditional mindset –
not isolationist as US states it is… Dawes Plan ties US economy to the rest of the
world
1.
2.
3.
4.
US lends money to Germany
Germany pays war reparations to Great Britain and France
Great Britain and France is going to pay WWI loans to US
Eventually, Germany will pay US back money loans with interest after
many years
1928 – Kellogg-Briand Pact – all nations who signed pact pledged not to go to war
NOT REALISTIC – it only takes 1 country to go to war
1928 – Clark Memorandum – repudiates (takes back) ideas from the Monroe Doctrine
and the Roosevelt Corollary
No more interest in Latin America