List as many “forgettable” List as many “forgettable” Presidents as you can. Presidents as you can.

Why are the three Presidents Why are the three Presidents of the 1920s considered to of the 1920s considered to be “forgettable”?be “forgettable”?

What other time periods in What other time periods in U.S. History have U.S. History have “forgettable” Presidents?“forgettable” Presidents?

The Politics of Boom & The Politics of Boom & BustBust

1920 - 19321920 - 1932 APUSH Chapter 32APUSH Chapter 32

All the presidents of All the presidents of the 1920s were the 1920s were

RepublicanRepublican

Warren G. Harding Warren G. Harding 1921-1923 1921-1923 (died in office)(died in office)

Calvin Coolidge Calvin Coolidge 1923-19291923-1929

Herbert Hoover 1929-1933Herbert Hoover 1929-1933

The 1920 ElectionThe 1920 Election

““Return to Return to NormalcyNormalcy””was was Harding's Harding's campaign campaign slogan slogan

Warren G. Harding Warren G. Harding p. 747p. 747

Elected 1920Elected 1920 Plagued by Plagued by

self-doubt self-doubt High Tariffs High Tariffs p. 751p. 751 Scandal ridden Scandal ridden

administrationadministration ““Teapot Dome”Teapot Dome”

SpiritSpirit p. 293 p. 293

Harding is considered one of the worst Harding is considered one of the worst Presidents in U.S. HistoryPresidents in U.S. History

The Ohio GangThe Ohio Gang

President President Harding’s CabinetHarding’s Cabinet

Secretary of the Secretary of the Treasury:Treasury:- Andrew Mellon- Andrew Mellon

Secretary of the Secretary of the Interior:Interior:-Albert Fall -Albert Fall

Head of the Head of the Veteran’s Bureau:Veteran’s Bureau:- Charles Forbes- Charles Forbes

Members of Harding’s cabinet - these old Members of Harding’s cabinet - these old friends from Ohio who were extremely corruptfriends from Ohio who were extremely corrupt

Forbes embezzled close toForbes embezzled close to$200 million from Veteran’s Bureau $200 million from Veteran’s Bureau construction projectsconstruction projects

The Teapot Dome The Teapot Dome ScandalScandal Gov’t Oil reserves in Gov’t Oil reserves in

WY & CAWY & CA Secretary of the Secretary of the

Interior, Interior, Albert FallAlbert Fall accepted a bribe to accepted a bribe to lease government lease government land to oil executivesland to oil executives

One of these areas One of these areas was called “Teapot was called “Teapot Dome” in WyomingDome” in Wyoming

Fall was sent to Fall was sent to prisonprison

Was President Harding aware of the amount Was President Harding aware of the amount of scandal in his administration? of scandal in his administration? Did he ever find out? Did he ever find out?

Calvin Coolidge Calvin Coolidge “Silent Cal” “Silent Cal” – p. 753– p. 753

Forced corrupt Forced corrupt officials to resign officials to resign

Believed in little Believed in little gov’t interference gov’t interference in the economy in the economy

Fiscal conservativeFiscal conservative Anti-Union Anti-Union Increase in Increase in

Americans income Americans income

““The business of America The business of America is businessis business. The man who builds a factory . The man who builds a factory builds a temple. The man who works builds a temple. The man who works there worships there.” – Calvin Coolidge there worships there.” – Calvin Coolidge

What does President What does President Coolidge Coolidge believe American believe American prosperity prosperity rests on?rests on?

Kellogg-Briand Pact Kellogg-Briand Pact p. 750p. 750

Signed by 62 nations in 1928 Signed by 62 nations in 1928 Prohibited the use of war as Prohibited the use of war as

"an instrument of national "an instrument of national policy.”policy.”

How was this flawed? How was this flawed? How would this contribute to How would this contribute to

growing American growing American Isolationism after WWI?Isolationism after WWI?

Unraveling the Debt Knot Unraveling the Debt Knot p. 757p. 757

Dawes PlanDawes Plan::

Rescheduled German war Rescheduled German war reparations & opened the way for reparations & opened the way for more private loans to Germany. more private loans to Germany.

Who was Germany supposed to Who was Germany supposed to make reparation payments to? make reparation payments to?

Does the U.S. Does the U.S.

ever really get ever really get

their $ back?their $ back?

Long term effects?Long term effects?

Herbert Hoover Herbert Hoover Elected President in 1928Elected President in 1928 Self-made millionaire Self-made millionaire Rejects planned economy Rejects planned economy

supports laissez-faire supports laissez-faire Gains power during an Gains power during an

age of incredible age of incredible prosperity prosperity

Agricultural Marketing Agricultural Marketing Act Act

Hawley-Smoot TariffHawley-Smoot Tariff increased duties from increased duties from 38.5 % to nearly 60%38.5 % to nearly 60%

Hoover’s fortunes will be Hoover’s fortunes will be

tied directly to the US economytied directly to the US economy

End of Prosperity End of Prosperity B/c of booming 1920's B/c of booming 1920's

economy, $ were economy, $ were plentiful, so banks plentiful, so banks were quick to make were quick to make loans to any investorloans to any investor

The booming economy The booming economy suggested a never suggested a never ending era of ending era of prosperity prosperity – – false sense false sense of securityof security

Stock prices Stock prices continued to increase continued to increase – why? – why?

What was “What was “buying on buying on the marginthe margin”?”?

Investors only had to Investors only had to pay for 10% of the pay for 10% of the stock's actual value stock's actual value at time of purchaseat time of purchase

Hoover tries to slow speculation Hoover tries to slow speculation

through the Federal Reserve Boardthrough the Federal Reserve Board

Buying stocks on “the margin” Buying stocks on “the margin” p. 744p. 744

What does it What does it mean to buy on mean to buy on the margin? the margin?

Investors only Investors only had to pay for had to pay for 10% of the 10% of the stock's actual stock's actual value at time of value at time of purchasepurchase

How is this risky? How is this risky? What affect will What affect will

this have on the this have on the future of the future of the United States?United States?

BlackBlack Tuesday Tuesday 10-29-192910-29-1929

1920's had been a period 1920's had been a period of good economic times of good economic times

beginning in Oct. 1929, beginning in Oct. 1929, investors’ confidence investors’ confidence dropped, leading to a dropped, leading to a market collapsemarket collapse

all tried to sell at once all tried to sell at once and bottom fell out of and bottom fell out of market = market = panic panic sellingselling… (many … (many bankruptcies as banks bankruptcies as banks called in loans)called in loans)

Tues. Oct. 29th, 1929Tues. Oct. 29th, 1929 -- NYC Stock market NYC Stock market crashed, causing a crashed, causing a depression that would depression that would last until the 1940s.last until the 1940s.

Over 16 million shares of stock were Over 16 million shares of stock were

Sold on Black Tuesday.Sold on Black Tuesday.

The crash had a huge ripple effect on theThe crash had a huge ripple effect on the

economy…economy…

Ragged Individualists Ragged Individualists

By 1932 12 million By 1932 12 million Americans are Americans are joblessjobless

5k banks close 5k banks close ““Firing not hiring”Firing not hiring” Breadlines, soup Breadlines, soup

kitchens kitchens Birth rate sharply Birth rate sharply

declines declines What are Hoovervilles? What are Hoovervilles?

Hoover Blankets? Hoover Blankets?

Hoover Flags? Hoover Flags? Spirit Spirit p. 298p. 298

What caused the Great What caused the Great Depression? Depression? P. 762P. 762

1.1. Overproduction Overproduction

2.2. Underconsumption Underconsumption 3.3. Stock market speculation - fueled Stock market speculation - fueled

by buying on the marginby buying on the margin

1.1. Overexpansion of credit Overexpansion of credit

2.2. High tariffs – Hawley-Smoot High tariffs – Hawley-Smoot

3.3. Major drought on the Great Plaines Major drought on the Great Plaines

4.4. Inactivity of President HooverInactivity of President Hoover p. 766p. 766 Spirit Spirit p. 306 - 308 p. 306 - 308

What made the Great Depression worse?What made the Great Depression worse?

The Bonus Army The Bonus Army p. 766p. 766 Thousands of WWI Thousands of WWI

veterans descend on veterans descend on Washington D.C. & Washington D.C. & demand promised demand promised bonus for military bonus for military serviceservice

Vets refuse to leave Vets refuse to leave & set up & set up Hoovervilles all over Hoovervilles all over D.C. D.C.

Gov’t response?Gov’t response? What did this What did this

signify?signify?