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Harding scandals and the stock market crash (1920’s)

Harding scandals and the stock market crash (1920’s). Warren G. Harding: 1920. Nice guy, some said “lazy”, not too intellectual and “hands off” mindset Cuts taxes for the wealthy, help for big business High tariffs on foreign imports Opposed to social reforms

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Harding scandals and the stock market crash (1920’s)

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  1. Harding scandals and the stock market crash (1920’s)

  2. Warren G. Harding: 1920 • Nice guy, some said “lazy”, not too intellectual and “hands off” mindset • Cuts taxes for the wealthy, help for big business • High tariffs on foreign imports • Opposed to social reforms • Appoints friends from his hometown to various positions in his Administration

  3. United States after WWI • After WWI, the United States emerges as the largest “creditor nation” in the world. What does this mean? • How did US support world peace efforts? • Dawes Plan 1919 • Washington Naval Disarmament Conference 1921 • Kellogg-Briand Pact 1928

  4. Harding Scandals (1921-1924) • Ohio Gang • Millions of missing dollars meant for Veterans Hospitals turns up missing • Attorney General implicated in fraud related to seized assets of Germany from WWI • Teapot Dome • Albert Fall had oil lands marked for Navy use and sold off drilling leases to private contractors in return for money and cattle • Fall sentenced to year in prison

  5. Harding Dies and Calvin Coolidge Is In • Controversy free, known as “Silent Cal” • Serious, quiet and honest • Re-elected in 1924 • Man of few words, “the business of the country is business” • Ignores many social issues

  6. President Herbert Hoover (R) • “…we are challenged with a peace time choice between the American system of rugged individualism and a European philosophy of state socialism” • What do you think Hoover’s view on America is as he enters office in 1928?

  7. Causes of Great Depression • Farmers: • Farm crop surplus from post WWI investments • Failure to pay back debts • Natural disasters • Consumers • Easy credit and installment buying • Wages stayed the same • Buying on margin and speculation • Industry • Less industrial infrastructure development • Wartime industry fades

  8. The Spark: Black Tuesday • October 24th (Black Thursday): nervous investors start to sell • October 29th, 1929 (Black Tuesday)

  9. Essential Question • Summarize the problems leading up to the economic crisis of the 1930’s using your notes. Predict how President Hoover will react to helping American’s based on his personal philosophy of “rugged individualism”.

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