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Politics And Prosperity
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Politics And Prosperity

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Politics And Prosperity Politics And Prosperity Presentation Transcript

  • Ch. 14 Politics and Prosperity “The Roaring Twenties”
  • President Harding
    • New President in 1920 called for Americans to return to “normalcy”?
      • Lenin, Communism, & Red Scare?
      • Schenck v. U.S.?
      • Palmer Raids of 1920?
      • Sacco and Vanzetti?
  • Red Scare and Strikes
    • Communists like Lenin asked the workers of the world to unite and strike.
      • This Red Scare frightened many Americans.
        • Steel Strike, 1919?
        • Boston Police Strike?
        • How did many Americans view these strikes?
          • Quota system?
    View slide
  • Teapot Dome Scandal
    • Harding's presidency was rocked by scandals.
      • Officials stole funds, taken bribes, secretly approved government contracts for payment.
        • 2 officials committed suicide over this!
    • Secr. Of Interior Albert Fall gave oil drilling rights on government land (set aside for conservation in Teapot Dome, Wyoming) to private companies for $300,000.
      • Harding dies of a stroke from the pressure from these scandals.
      • V.P. Calvin Coolidge takes office.
        • Herbert Hoover was secr. Of Commerce.
          • What warning did he give Coolidge about the stock market?
    View slide
  • 1928
    • Kellogg-Briand Pact
      • Coolidge’s last act before retiring.
        • What did it say?
    • Hoover (Rep) wins election in 1928.
      • Food Admin. Under Wilson.
      • Secr. Of Commerce under Harding and Coolidge.
        • Was he qualified?
        • Laissez Faire attitude?
  • Business Boom
    • Consumer Economy
      • One that depends on a large amount of spending by consumers.
        • Christmas?
          • 150 billion
        • Halloween
          • 5 billion
        • Why?
          • Gas prices down, stock prices are up, and worker pay/bonuses are up!
  • America discovers credit!
    • Installment plans?
      • Interest rates?
        • Rates jumped from 11-40%.
        • Credit purchases in 1920’s:
          • 60% cars
          • 70% furniture
          • 80% vacuum cleaners, radios, refrigerators
          • 90% of washing machines
        • General Electric profits go from 1 billion to 2.3 billion. Why?
        • ‘ Mass Media’ advertisements become common.
          • Use of celebrities and enhancing consumer image?
        • GNP goes up from 1% to 6%?
  • Henry Ford and the Assemble Line
    • Henry Ford?
      • Assembly line?
      • Model T and A?
        • Car completed every 24 seconds.
          • Vertical Consolidation?
            • Ore, glass, railroads, steel mills…
        • Prices fell from $490 to $390. Why?
        • Chrysler and GM were also car manufacturers at this time as well.
          • Are they still around today?
          • Who is there biggest competition today?
  • Boom or Bust
    • Boom
      • Businesses were created around the automobile industry.
        • Like what?
        • The Airline industry took-off at this time as well.
          • Delta, American, and United Airlines all started in the 1920’s.
      • Bust
        • Who did not profit from the 1920’s economic boom?
          • Farmers?
          • Railroads?
          • Clothing manufacturer?
  • Prosperity
    • Hoover (Rep.) easily wins election in 1928.
      • Laissez Faire policy?
    • Wonderful Prosperity?
      • Stock prices worth 87 billion
      • Wages increased 40%
    • Books
      • Everyone ought to be rich, 1929 (Raskob)?
      • The Man Nobody Knows, 1925 (Barton)?
  • Farmers
    • After WWI the demand for food productions dropped.
      • Farmers could not repay their loans to banks.
        • Installment buying?
      • 6000 rural banks failed.
        • What does it mean when a bank fails?
      • Pres. Coolidge vetoed a farm relief bill aimed at increasing farm prices to help farmers make money.
        • Why would he veto this?
        • Republicans and the Laissez faire policy?
          • Why would this hurt Pres. Hoover in 1929?
  • Uneven Prosperity
    • 1929
      • 200 companies controlled 49% of American industry. 24,000 families (0.1 %of pop.) controlled 34% of total savings.
          • What does this mean?
          • “ Don’t put all your eggs in one basket”?
        • Credit spending?
        • Stock Market?
          • Speculation?
          • Brokers?
        • American products had been overproduced.
          • Supply and demand pricing?