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The Politics of Boom and Bust

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The Politics of Boom and Bust Politics in the 1920s Presidents of 1920s brought America out of post-war recession to great prosperity Did this through cooperation ... – PowerPoint PPT presentation

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Title: The Politics of Boom and Bust


1
The Politics of Boom and Bust
2
Politics in the 1920s
  • Presidents of 1920s brought America out of
    post-war recession to great prosperity
  • Did this through cooperation with big business
  • End to Progressive reform, move to active
    government aid to business
  • Much economic prosperity built on unstable
    foundation

3
Harding as President
  • Often cited as worst president in American
    history
  • Biggest weakness was his inability to see
    corruption in his own administration (Ohio Gang)
  • Main goal was to help business
  • Reversed many Progressive rulings
  • Antitrust laws not enforced

4
Isolationism in Foreign Policy
  • No Treaty of Versailles, no League
  • Disarmament
  • Holiday on construction of battleships
  • 1928Kellogg Briand Pactdenounced war as an
    instrument of foreign policy
  • Useless policywhy?

5
Political Scandals
  • Series of scandals under Harding
  • Teapot Dome ScandalGovernment leased out
    priceless oil reserves to businesses for profit.
  • Hardings popularity forever diminished, died in
    office in 1923

6
Silent Cal Coolidge
  • Honesty, industry, frugality
  • Firm believer in laissez-faire, but also
    government aid to business
  • Got rid of corruption in Washington
  • Easily won re-election in 1924

7
Debating Debts
  • Allies owe US moneyresentful, and complain cant
    pay back until Germany pays reparations
  • US refuses to forgive debts, but is willing to
    lend money to Germany to pay reparations to
    Allies, so Allies can pay back Americans (Dawes
    Plan)
  • Issue of debts created lots of ill will against
    Americans

8
Herbert Hoover as President
  • Landslide victory in election of 1928
  • Ideal businesspersons candidate
  • Democratic candidate Al Smith criticized for
    religion and being wetRum, Romanism and Ruin
    speech
  • Two accomplishments before Depression
  • Aid to farmers with Federal Farm Board
  • Hawley-Smoot TariffHIGHEST PROTECTIVE TARIFF
    EVER IN PEACETIME (NEARLY 60)!!!
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