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HARDING AS PRESIDENT

HARDING AS PRESIDENT

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HARDING AS PRESIDENT

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  1. HARDING AS PRESIDENT • FOREIGN POLICY • League of Nations • 5 Power Treaty—Brit, Jap, US, Fr, Italy • 4 Power Treaty-US,Brit, Fr, Japan • 9 Power Treaty-observe “open door” in China

  2. HARDING—Domestic Policy • Decrease taxes • Increased tariffs • Veto bonus bill ($ to vets) • War debt—installment plan • Scandals—”Teapot Dome”, Ohio Gang • Harding picks 4 justices to SC

  3. 1924 Election • Rep-Coolidge • Dem-Davis • Progressives-LaFollette • Issues: city vs. country • Winner—Coolidge—”cool Cal”

  4. Coolidge as PresidentForeign Policy • Dollar diplomacy • Good neighbor

  5. Coolidge—Domestic Policy • Decreased taxes • Help industry • Decrease Gov’t spending • No gov’t regulation • Veto of McNary Haugen Bill • Gov’t buy surplus farm products & set prices high

  6. THE 1928 ELECTION • REPUBLICAN • HOOVER • “RAGS TO RICHES” • INDUSTRY, THRIFT & SELF RELIANCE—RUGGED INDIVIDUALISM • DEMOCRATIC • AL SMITH—NY • “WET, IRISH CATHOLIC, CITY GUY” • RESULT: HOOVER WINS • WHY? • “HOOVERCRATS”

  7. HOOVER’S PRESIDENCY • WHO IS NOT GETTING THE MONEY??? • HOOVER’S “FIXES” • 1-AGRICULTURAL MARKETING ACT, JUNE 1929 • FEDERAL FARM BOARD • FARM COOPS • 2-GRAIN STABILIZATION CORPS. 1930 • COTTON STABLIZATION CORPS • 3-TARIFF • CAMPAIGN PROMISE • 1930 HAWLEY SMOOT • 38% TO 60% • IMPACT

  8. Coming of the Great Depression • Stock market speculation • “Black Thursday” Oct. 24, 1929 • Prices drop rapidly-----sell off------prices drop even more • JP Morgan & others--$30 mil in market • Hoover—”Fundamental business of the country is on a sound and prosperous base”

  9. GREAT DEPRESSION • Oct. 24, 1929—Black Thursday • Decreased prices----sell off----further decline in prices • OCT. 29, 1929 BLACK TUESDAY • IMPACT?? • BY END OF 1929 STOCKHOLDERS LOST 40 BIL IN “PAPER” VALUE • CAUSES OF THE GREAT DEPRESSION OVERPRODUCTION OVEREXPANSION OF CREDIT DECREASE OF WORLD TRADE-tariffs & war debt *DROUGHT IN MISSISSIPPI VALLEY 1930 TECHNOLOGICAL UNEMPLOYMENT TOO MUCH MONEY IN TOO FEW HANDS—Unequal distribution of wealth Bad Banking structure Limited Economic “Intelligence”

  10. Affects on different groups • Wealthy—”cushion” of cash • Middle class—wages drop • Can’t pick up the slack of investment • Business—less investment—close factories • Holding Corps/Trusts/Banks—no payback of debt; lost $ in market • Poor—lower wages or layoffs • DOWNWARD SPIRAL OR SNOWBALL AFFECT

  11. HOOVER’S POLICIES • 1 RECONSTRUCTION FINANCE CORP. • “TRICKLE DOWN ECONOMICS” • 2-NORRIS-LAGUARDIA ANTI INJUNCTION ACT 1932 • 3-USE CHARITIES—NOT GOV’T ASSISTANCE *1930 MIDTERM CONGRESSIONAL ELECTIONS BONUS ARMY

  12. 1932 ELECTION • DEMOCRAT FDR • REPUBLICAN HOOVER • NEW DEAL VS. “PROSPERITY IS JUST AROUND THE CORNER” • RESULTS: • DEMS TAKE PRES AND CONGRESS • AFRICAN AM VOTERS SHIFT TO DEM PARTY • FIRST 100 DAYS OF FDR’S PRESIDENCY • 3 R’S—RECOVERY, RELIEF AND REFORM