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The Roaring 20s

The Roaring 20s. The Political Landscape of the Boom-Time. 1920 Warren G. Harding wins presidential election(republican) “America's present need is not heroics but healing; not nostrums, but normalcy; not revolution, but restoration; not agitation, but adjustment; not surgery, but serenity....”.

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The Roaring 20s

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  1. The Roaring 20s The Political Landscape of the Boom-Time

  2. 1920 Warren G. Harding wins presidential election(republican) • “America's present need is not heroics but healing; not nostrums, but normalcy; not revolution, but restoration; not agitation, but adjustment; not surgery, but serenity....” Republicans in Power

  3. Harding appoints many old friends to positions within his cabinet • Known as the OHIO GANG • First arrest Charles Forbes for taking bribes • Fined $10,000 and two years in prison • Number of other arrest take place within the Ohio Gang Political Corruption

  4. Biggest scandal of Harding administration • Albert Fall, Secretary of the Interior • Personal spending far exceeds his pay • Senate begins investigating Albert • Investigation reveals Fall had rented two naval oil reserves to oil companies • In exchange for personal loans, cash, and cattle. • One reserve was located in Teapot Dome, Wyoming • Sentenced to one year in prison and $100,000 fine Teapot Dome Scandal

  5. Harding dies August 2nd 1923 before any of these scandals come to light • VP Calvin Coolidge take over the Presidency • Known as “Silent Cal” • “I have never been hurt by what I have not said.” • An acquaintance at a dinner party wagered whether she could make him say three words. His answer: "You lose." • First act is to fire any remaining Ohio gang • “His great task was to restore the dignity and prestige of the Presidency when it had reached the lowest ebb in our history…in a time of extravagance and waste…” Democrat Alfred E. Smith • Wins reelection easily because of booming economy. • Don’t fix what is not broken Coolidge in Office

  6. “After all, the chief business of the American people is business. They are profoundly concerned with producing, buying, selling, investing and prospering in the world.” • “If government kept its hands off the economy, business would prosper.” • Laissez-Faire approach • "The man who builds a factory builds a temple. The man who works there, worships there." “The Business of America is Business”

  7. The political genius of President Coolidge, Walter Lippmann pointed out in 1926, was his talent for effectively doing nothing: • "This active inactivity suits the mood and certain of the needs of the country admirably. It suits all the business interests which want to be let alone.... And it suits all those who have become convinced that government in this country has become dangerously complicated and top-heavy....“ “The Business of America is Business”

  8. Economy grew very quickly • Companies and people gained great wealth • Stock prices increase • 1 million people invested in the stock market 1923-1928 • Sales on the stock exchange increased 400% • People were confident that stock prices would continue to rise The United States Economy

  9. People are told to buy new goods to make their lives better and improve the economy • Installment plans are introduced • Have now pay later • Down payment and monthly payments • CREDIT invented • 60% of all cars and furniture sold in the 1920s was bought on credit Credit

  10. America wanted Isolationism • Even Isolationist supported growing the economies around the world • Billions of dollars owed to America by foreign nations. To pay US back they needed peace to allow the economies to rebuild • Dawes Plan • After WWI, Allies owed $10 billion in war debt • Couldn’t pay unless Germany paid them $33 billion • Private US banks loaned $2.5 billion to Germany • Washington Conference • Disarmament- Specifically reducing all nations naval presence • Kellogg-Briand Pact • Outlawed War, but set up no punishment Foreign Policy

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