Download - The Crash
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The Crash
Libertyville HS
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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
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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
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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)
ResultsCoolidge: 382 ECV / 15.7 millionDavis: 136 ECV / 8.3 millionLa Follette: 13 ECV / 4.8 million
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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
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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 millionAl Smith 87 EXV / 15 million
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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
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The Crisis Widens
Run on banks Businesses close Unemployment spiked
1930: 7 million 1932: 12 million (125
million pop.) Foreclosures Unsympathetic Hoover
administration?
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New Conditions in US “Hooverville”
Shanty town built in urban area by homeless men
Often close to soup kitchen
“Hoover blanket” “Hoover flag”
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“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
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“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
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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)
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Election of 1932 1932 Election
Franklin Delano Roosevelt (D)
Herbert Hoover (R) Hoover campaign
slogan: “Time will heal”
FDR slogan: “A New Deal”
ResultsRoosevelt 472 ECV / 22.8 millionHoover 59 ECV / 15.7 million