Politics of Boom and Bust
Chapter 32
Get ready for today’s lecture
• We must finish CH 32 today.
• We will start ASAP at 7:30am
Write down these questions:
You will need to answer them for class work.
• Describe the type of economy that existed in the U.S during the
1920s. (Include the government’s perspective on this.)
• How did the U.S return to simpler times? Provide examples.
• Provide examples as to how isolationism was exemplified during the
1920s and how the U.S tried to avoid future wars. Did this work out?
• What led to Black Tuesday?
LEQ TODAY!
• You will have the first 40 minutes of class to work on your LEQ. Get
started as soon as you walk in!!
• Start: 8:50am
• End: 9:30am
• LEQ pg. 398 #2
• We will start CH 32 right after.
• BEFORE you leave; turn in your AMSCO MC pg. 491 (1-8)
President Harding; Type of Leadership; Ohio Gang
Many Scandals (Synthesis; Ulysses S. Grant)
Era of the Republicans; Laissez-faire; some Progressive Era advancements erased;
Adkins v. Children’s Hospital (Child Labor) and Muller V Oregon (Women)
Post WWI Economy; Demobilized Economy; Peace Time from War Time (W.I.B Bernard Baruch)
Tariffs; Fordney-McCumber; RAISES  “Keep Euro goods OUT”  Issue?
Veterans Bureau (1921); V.A, Medical, Rehab, Compensation (later, Bonus Army)
Middle East Oil; Charles Hughes Secured for U.S.
Attempts to Keep Peace; Reduce Size of Navy; Washington Disarmament Conference (1921) (Ratio 5;5;3)
Four Power Treaty; Japan, G.B, France, U.S; Big stick in Pacific “Policing Power”
Kellogg-Briand Pact; “Promise to never go to war”; 62 nations
Scandal; Several…Albert Fall and the Teapot Dome Scandal
Harding Dies; V.P Silent Cal (Calvin Coolidge) wins again in 1924
Creditor Nation; Charles Dawes  Dawes Plan
Election of 1928; Herbert Hoover; “A chicken in every pot, a car in ever garage.”
Self Reliance, Individualism; Product of Rags to Riches
Agricultural Marketing Act; Farm Board ; Federal Farm Loan Act (1916)
Hawley-Smoot Tariff; 60% (1930)  Global
End of the Golden 1920s; October 29, 1929 Black Tuesday; Holders lost >$40m Bank Runs
Causes; Overproduction, Over-Speculation, Credit, Stock, producing more than buying, unequal distribution of wealth
Breadlines, move to find work, birth rates less, okies  farmers and the dustbowls
Hoovervilles, Hoover Flags, Hoover Blankets
Hoover’s Reply; “Depressions are like storms…” ; laissez-faire; Is it fair to blame him?
Volunteerism vs. Legislation; Issue?
Reconstruction Finance Committee; Trickle Down Economics & Hoover Dam; $2.25B
Bonus Army March; How does this affect Hoover?
Foreign Issues; 1931; Japanese Aggression with China  Manchuria, Shanghai
League of Nations?  Voted Out  Worse
U.S Response; Remain Isolated
Latin America; “good neighbor policy” PIONEERED for FDR
Election of 1932; ready for a change…