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The Crash

The Crash. Libertyville HS. President Warren Harding. Washington Naval Conference, 1921-22 Disarmament conference focused on Pacific, Asia Freeze naval construction at current ratio (5:3:1) US focus was to limit Japan’s naval forces & avoid arms race Scandals of Admin.

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The Crash

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  1. The Crash Libertyville HS

  2. President Warren Harding • Washington Naval Conference, 1921-22 • Disarmament conference focused on Pacific, Asia • Freeze naval construction at current ratio (5:3:1) • US focus was to limit Japan’s naval forces & avoid arms race • Scandals of Admin. • Teapot Dome Scandal (oil: Sec’y of Interior Albert Fall) • Attorney General resigned for taking bribes

  3. Harding’s Death • Pres. Harding died on August 2, 1923, of pneumonia • VP Coolidge became president • Former gov. of Mass. during Boston police strike • “Silent Cal”: dinner story • Small government conservative

  4. Election of 1924 • Prosperous times, no foreign affairs problems = GOP nomination of Pres. Coolidge • Dems split • Conservative D = John Davis • Liberal Ds support Progressive Party nominee: Robert La Follette Sr. • GOP slogan: “Keep cool with Cal” (very popular) Results Coolidge: 382 ECV / 15.7 million Davis: 136 ECV / 8.3 million La Follette: 13 ECV / 4.8 million

  5. Coolidge’s Term • Coolidge emerged as strict Federalist • Limited responsibilities of Federal Gov. (Constitution) • State, local gov. responsibilities = wage / hour laws, safety measures, etc. • Cut income taxes • Proposed reducing size of gov’t, paying off national debt

  6. Election of 1928 • Economic prosperity reigned, and GOP got credit • Memory of Teapot Dome Scandal fading • GOP nominated Sec. of Commerce Hoover • Dems nominated Al Smith, Gov. of NY Results Herbert Hoover 444 ECV / 21.4 million Al Smith 87 EXV / 15 million

  7. The Great Depression: Causes • Loss of global markets • High unemployment • Over production • Over speculation (stock market bubble) • Deflation in asset, commodity prices (stock market crash) • Critical reduction of money supply • Dramatic drop in and demand for credit

  8. The Crisis Widens • Run on banks • Businesses close • Unemployment spiked • 1930: 7 million • 1932: 12 million (125 million pop.) • Foreclosures • Unsympathetic Hoover administration?

  9. New Conditions in US • “Hooverville” • Shanty town built in urban area by homeless men • Often close to soup kitchen • “Hoover blanket” • “Hoover flag”

  10. “Bonus” Army March • 1924: WWI vets promised $1 / day for stateside (max $500) & 1.25 / day overseas (max $625) • Certificates sent to servicemen to be paid out over 20 years • Great Depression: vets want gov’t to accelerate payments / pay lump sum

  11. “Bonus Army” in DC • Summer of 1932: 43k total people – 17k vets and families – march to DC • Stayed in Hooverville near Capitol • 7/28/32: DC police attempt to disperse Bonus Army, shoot and kill 2 • Army sent in: cavalry charge, tear gas, bayonets; several more killed, 100s injured

  12. Attempts at Recovery in 1932 • $2.2 billion spent on public works projects (ex – Hoover Dam) • Reconstruction Finance Corp. ($ lent to banks) • Home Loan Bank Act ($ lent to help people keep homes)

  13. Election of 1932 • 1932 Election • Franklin Delano Roosevelt (D) • Herbert Hoover (R) • Hoover campaign slogan: “Time will heal” • FDR slogan: “A New Deal” Results Roosevelt 472 ECV / 22.8 million Hoover 59 ECV / 15.7 million

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