Politics of Boom and Politics of Boom and BustBust

1920-19321920-1932

Old Guard ReturnsOld Guard Returns• Warren G. Harding (R) defeats Warren G. Harding (R) defeats

James M. Cox (D) in 1920James M. Cox (D) in 1920• CCalvin Coolidge - Vice Presidentalvin Coolidge - Vice President

• Warren G. Harding (R) defeats Warren G. Harding (R) defeats James M. Cox (D) in 1920James M. Cox (D) in 1920

• CCalvin Coolidge - Vice Presidentalvin Coolidge - Vice President

Election marks a Election marks a return of the Republican return of the Republican

Old GuardOld Guard

• Warren G. Harding - 29th Warren G. Harding - 29th President - calls for a return to President - calls for a return to “normalcy”“normalcy”

• Warren G. Harding - 29th Warren G. Harding - 29th President - calls for a return to President - calls for a return to “normalcy”“normalcy”

• Harding called the “best liked Harding called the “best liked man of his generation” – great man of his generation” – great personality but a mediocre personality but a mediocre mind.mind.

• Harding called the “best liked Harding called the “best liked man of his generation” – great man of his generation” – great personality but a mediocre personality but a mediocre mind.mind.

• Harding is surrounded by his Harding is surrounded by his cronies the “Ohio Gang” – like cronies the “Ohio Gang” – like Grant he is incapable of Grant he is incapable of detecting or controlling the detecting or controlling the corruption in his office.corruption in his office.

• Harding is surrounded by his Harding is surrounded by his cronies the “Ohio Gang” – like cronies the “Ohio Gang” – like Grant he is incapable of Grant he is incapable of detecting or controlling the detecting or controlling the corruption in his office.corruption in his office.

•The CabinetThe Cabinet

• Harding pledged the “best Harding pledged the “best minds” of his generation. minds” of his generation.

• Harding pledged the “best Harding pledged the “best minds” of his generation. minds” of his generation.

•The BestThe Best

• Charles Evans Hughes - Sec. of Charles Evans Hughes - Sec. of StateState

• Andrew Mellon - Sec of TreasuryAndrew Mellon - Sec of Treasury

• Herbert Hoover - Sec of CommerceHerbert Hoover - Sec of Commerce

• Charles Evans Hughes - Sec. of Charles Evans Hughes - Sec. of StateState

• Andrew Mellon - Sec of TreasuryAndrew Mellon - Sec of Treasury

• Herbert Hoover - Sec of CommerceHerbert Hoover - Sec of Commerce

And the RestAnd the Rest

• Albert Fall - Sec Albert Fall - Sec of Interiorof Interior

• Harry M. Harry M. Daugherty - Daugherty - Attorney GeneralAttorney General

• Albert Fall - Sec Albert Fall - Sec of Interiorof Interior

• Harry M. Harry M. Daugherty - Daugherty - Attorney GeneralAttorney General

Albert FallAlbert Fall

• Harding’s Cabinet sets the Harding’s Cabinet sets the stage for an adoption of a new stage for an adoption of a new improved laissez-faire - with improved laissez-faire - with government aiding business.government aiding business.

• Harding’s Cabinet sets the Harding’s Cabinet sets the stage for an adoption of a new stage for an adoption of a new improved laissez-faire - with improved laissez-faire - with government aiding business.government aiding business.

Reactionary CourtReactionary Court• Harding will appoint 4 out Harding will appoint 4 out

of the 9 supreme court of the 9 supreme court justices - including William justices - including William Howard Taft as Chief Howard Taft as Chief Justice.Justice.

• Most of these judges are Most of these judges are increasingly conservative. increasingly conservative.

• Harding will appoint 4 out Harding will appoint 4 out of the 9 supreme court of the 9 supreme court justices - including William justices - including William Howard Taft as Chief Howard Taft as Chief Justice.Justice.

• Most of these judges are Most of these judges are increasingly conservative. increasingly conservative.

• The courts begin to dismantle The courts begin to dismantle progressive era laws.progressive era laws.

• Child labor restrictions Child labor restrictions weakened, labor rights stripped, weakened, labor rights stripped, and minimum wage for women and minimum wage for women is invalidated in is invalidated in Adkins v Adkins v Children’s Hospital.Children’s Hospital.

• The courts begin to dismantle The courts begin to dismantle progressive era laws.progressive era laws.

• Child labor restrictions Child labor restrictions weakened, labor rights stripped, weakened, labor rights stripped, and minimum wage for women and minimum wage for women is invalidated in is invalidated in Adkins v Adkins v Children’s Hospital.Children’s Hospital.

Needy VeteransNeedy Veterans• Veterans Bureau created to aid Veterans Bureau created to aid

needy veterans in 1921needy veterans in 1921

• The American Legion was The American Legion was founded by Theodore Roosevelt founded by Theodore Roosevelt Jr. - forced Congress to pass a Jr. - forced Congress to pass a Bonus Bill in 1922 - Harding Bonus Bill in 1922 - Harding vetoed it.vetoed it.

• Veterans Bureau created to aid Veterans Bureau created to aid needy veterans in 1921needy veterans in 1921

• The American Legion was The American Legion was founded by Theodore Roosevelt founded by Theodore Roosevelt Jr. - forced Congress to pass a Jr. - forced Congress to pass a Bonus Bill in 1922 - Harding Bonus Bill in 1922 - Harding vetoed it.vetoed it.

The Bonus BillThe Bonus Bill

• 1924 - Congress passes the 1924 - Congress passes the Adjusted Compensation Act Adjusted Compensation Act giving every veteran a paid-up giving every veteran a paid-up insurance policy payable in 20 insurance policy payable in 20 years. years.

• 1924 - Congress passes the 1924 - Congress passes the Adjusted Compensation Act Adjusted Compensation Act giving every veteran a paid-up giving every veteran a paid-up insurance policy payable in 20 insurance policy payable in 20 years. years.

War Declared overWar Declared over

• War declared officially over by War declared officially over by Congress in 1921.Congress in 1921.

• Isolationism firmly entrenched Isolationism firmly entrenched but Congress will send but Congress will send observers to the League of observers to the League of Nations. Nations.

• War declared officially over by War declared officially over by Congress in 1921.Congress in 1921.

• Isolationism firmly entrenched Isolationism firmly entrenched but Congress will send but Congress will send observers to the League of observers to the League of Nations. Nations.

• In an act of reconciliation In an act of reconciliation Eugene V. Debs is released Eugene V. Debs is released from prison by President from prison by President Harding. Harding.

• In an act of reconciliation In an act of reconciliation Eugene V. Debs is released Eugene V. Debs is released from prison by President from prison by President Harding. Harding.

Oceanic Arms RaceOceanic Arms Race

• Britain and Japan are locked in Britain and Japan are locked in contest to dominate the oceans.contest to dominate the oceans.

• The US navy is on the verge of The US navy is on the verge of surpassing Great Britain.surpassing Great Britain.

• Britain and Japan are locked in Britain and Japan are locked in contest to dominate the oceans.contest to dominate the oceans.

• The US navy is on the verge of The US navy is on the verge of surpassing Great Britain.surpassing Great Britain.

• Washington Disarmament Washington Disarmament ConferenceConference meets to plan world meets to plan world disarmament.disarmament.

• Leads to Naval Treaties Leads to Naval Treaties limiting ship building.limiting ship building.

• Washington Disarmament Washington Disarmament ConferenceConference meets to plan world meets to plan world disarmament.disarmament.

• Leads to Naval Treaties Leads to Naval Treaties limiting ship building.limiting ship building.

Washington Washington DisarmamentDisarmament

The Five Power TreatyThe Five Power Treaty

• Sets ship ratio at 5-5-3 for US, Sets ship ratio at 5-5-3 for US, Great Britain and Japan. Great Britain and Japan.

• US and Great Britain agree not US and Great Britain agree not to fortify Pacific holdings.to fortify Pacific holdings.

• Japan under no obligation Japan under no obligation begins to fortify.begins to fortify.

• Sets ship ratio at 5-5-3 for US, Sets ship ratio at 5-5-3 for US, Great Britain and Japan. Great Britain and Japan.

• US and Great Britain agree not US and Great Britain agree not to fortify Pacific holdings.to fortify Pacific holdings.

• Japan under no obligation Japan under no obligation begins to fortify.begins to fortify.

Four Power TreatyFour Power Treaty

• Replaces the Anglo-Japanese Replaces the Anglo-Japanese Pact of 1902.Pact of 1902.

• US, Great Britain, France and US, Great Britain, France and Japan agree to maintain the Japan agree to maintain the status quo in the Pacific. status quo in the Pacific.

• Replaces the Anglo-Japanese Replaces the Anglo-Japanese Pact of 1902.Pact of 1902.

• US, Great Britain, France and US, Great Britain, France and Japan agree to maintain the Japan agree to maintain the status quo in the Pacific. status quo in the Pacific.

The Nine Power TreatyThe Nine Power Treaty

• All parties agree to the Open All parties agree to the Open Door policy in China. Door policy in China.

• All parties agree to the Open All parties agree to the Open Door policy in China. Door policy in China.

• No restrictions were put on No restrictions were put on building smaller shipsbuilding smaller ships

• Congress declared that the US Congress declared that the US has no military obligations - has no military obligations - effectively killing the effectively killing the agreements.agreements.

• No restrictions were put on No restrictions were put on building smaller shipsbuilding smaller ships

• Congress declared that the US Congress declared that the US has no military obligations - has no military obligations - effectively killing the effectively killing the agreements.agreements.

Limits Imposed by Washington Conference

The Kellogg-Briand PactThe Kellogg-Briand Pact

• The Pact of Paris outlawed The Pact of Paris outlawed offensive war but allowed offensive war but allowed defensive action. defensive action.

• The treaties reflected the US’s The treaties reflected the US’s mood of isolationism and mood of isolationism and wishful thinking. wishful thinking.

• The Pact of Paris outlawed The Pact of Paris outlawed offensive war but allowed offensive war but allowed defensive action. defensive action.

• The treaties reflected the US’s The treaties reflected the US’s mood of isolationism and mood of isolationism and wishful thinking. wishful thinking.

• Fordney-McCumber Tariff Law Fordney-McCumber Tariff Law passes - tariffs raised to 38.5% passes - tariffs raised to 38.5% on average from the 27% of the on average from the 27% of the Underwood Tariff of Wilson. Underwood Tariff of Wilson.

• Tariff Commission gives the Tariff Commission gives the president the power to raise or president the power to raise or lower individual tariffs.lower individual tariffs.

• Fordney-McCumber Tariff Law Fordney-McCumber Tariff Law passes - tariffs raised to 38.5% passes - tariffs raised to 38.5% on average from the 27% of the on average from the 27% of the Underwood Tariff of Wilson. Underwood Tariff of Wilson.

• Tariff Commission gives the Tariff Commission gives the president the power to raise or president the power to raise or lower individual tariffs.lower individual tariffs.

Higher TariffsHigher Tariffs

• Harding and Coolidge will make Harding and Coolidge will make 32 upward changes in six years. 32 upward changes in six years.

• Tariff increases make economic Tariff increases make economic recovery in Europe more recovery in Europe more difficultdifficult

• Harding and Coolidge will make Harding and Coolidge will make 32 upward changes in six years. 32 upward changes in six years.

• Tariff increases make economic Tariff increases make economic recovery in Europe more recovery in Europe more difficultdifficult

The Harding ScandalsThe Harding Scandals

• Teapot Dome oil scandal begins Teapot Dome oil scandal begins - Interior Sec. Fall illegally - Interior Sec. Fall illegally selling oil leases without selling oil leases without competitive bidding - will be competitive bidding - will be found guilty of bribery.found guilty of bribery.

• Teapot Dome oil scandal begins Teapot Dome oil scandal begins - Interior Sec. Fall illegally - Interior Sec. Fall illegally selling oil leases without selling oil leases without competitive bidding - will be competitive bidding - will be found guilty of bribery.found guilty of bribery.

• Senate investigates Veterans Senate investigates Veterans Bureau scandalsBureau scandals

• Assistant head of bureau Assistant head of bureau commits suicide. commits suicide.

• Bureau chief is forced to resign.Bureau chief is forced to resign.

• Senate investigates Veterans Senate investigates Veterans Bureau scandalsBureau scandals

• Assistant head of bureau Assistant head of bureau commits suicide. commits suicide.

• Bureau chief is forced to resign.Bureau chief is forced to resign.

• President Harding dies of President Harding dies of pneumonia and thrombosis - pneumonia and thrombosis - Calvin Coolidge becomes Calvin Coolidge becomes president.president.

• President Harding dies of President Harding dies of pneumonia and thrombosis - pneumonia and thrombosis - Calvin Coolidge becomes Calvin Coolidge becomes president.president.

• Walsh findings in Teapot Dome Walsh findings in Teapot Dome investigation will lead to investigation will lead to conviction of Harry Sinclair conviction of Harry Sinclair

• Walsh findings in Teapot Dome Walsh findings in Teapot Dome investigation will lead to investigation will lead to conviction of Harry Sinclair conviction of Harry Sinclair

19241924• Attorney General Daugherty Attorney General Daugherty

investigated for illegal use of his investigated for illegal use of his office - forced to resign.office - forced to resign.

• Attorney General Daugherty Attorney General Daugherty investigated for illegal use of his investigated for illegal use of his office - forced to resign.office - forced to resign.

Frustrated FarmersFrustrated Farmers

• Boom or Bust cycle hits farmers Boom or Bust cycle hits farmers in the 1920’s.in the 1920’s.

• War prices and mechanized War prices and mechanized farming led to major increase in farming led to major increase in crop production. crop production.

• Boom or Bust cycle hits farmers Boom or Bust cycle hits farmers in the 1920’s.in the 1920’s.

• War prices and mechanized War prices and mechanized farming led to major increase in farming led to major increase in crop production. crop production.

• Over production led Over production led to farm surplus and to farm surplus and prices dropped prices dropped quickly. quickly.

• One out of four farms One out of four farms sold for debts in the sold for debts in the 1920s.1920s.

• Over production led Over production led to farm surplus and to farm surplus and prices dropped prices dropped quickly. quickly.

• One out of four farms One out of four farms sold for debts in the sold for debts in the 1920s.1920s.

Farm BillsFarm Bills

• Capper-Volstead Act -- Capper-Volstead Act -- exempted farming cooperatives exempted farming cooperatives from anti-trust laws. from anti-trust laws.

• McNary - Haugen Bill -- McNary - Haugen Bill -- government would buy surplus government would buy surplus crops and sell them abroad. crops and sell them abroad.

• Capper-Volstead Act -- Capper-Volstead Act -- exempted farming cooperatives exempted farming cooperatives from anti-trust laws. from anti-trust laws.

• McNary - Haugen Bill -- McNary - Haugen Bill -- government would buy surplus government would buy surplus crops and sell them abroad. crops and sell them abroad.

• Coolidge twice vetoed the bill Coolidge twice vetoed the bill and farm prices stayed low. and farm prices stayed low.

• Coolidge twice vetoed the bill Coolidge twice vetoed the bill and farm prices stayed low. and farm prices stayed low.

• Republicans nominate Republicans nominate CoolidgeCoolidge

• Democrats turn to Wall St. Democrats turn to Wall St. lawyer John Davislawyer John Davis

• Progressive Party runs Bob Progressive Party runs Bob LaFolletteLaFollette

• Republicans nominate Republicans nominate CoolidgeCoolidge

• Democrats turn to Wall St. Democrats turn to Wall St. lawyer John Davislawyer John Davis

• Progressive Party runs Bob Progressive Party runs Bob LaFolletteLaFollette

Presidential Presidential Election of 1924Election of 1924

Coolidge WinsCoolidge Wins

• Coolidge 382 electoral votesCoolidge 382 electoral votes

• Davis - 136 ; LaFollette - 13Davis - 136 ; LaFollette - 13

• Coolidge 382 electoral votesCoolidge 382 electoral votes

• Davis - 136 ; LaFollette - 13Davis - 136 ; LaFollette - 13

• US and Mexico clash over US and Mexico clash over control of oil rights in Mexico - control of oil rights in Mexico - US regains concessionsUS regains concessions

• Mexican President is Mexican President is assassinated.assassinated.

• U.S. Marines land in Nicaragua U.S. Marines land in Nicaragua - will stay until 1933.- will stay until 1933.

• US and Mexico clash over US and Mexico clash over control of oil rights in Mexico - control of oil rights in Mexico - US regains concessionsUS regains concessions

• Mexican President is Mexican President is assassinated.assassinated.

• U.S. Marines land in Nicaragua U.S. Marines land in Nicaragua - will stay until 1933.- will stay until 1933.

Foreign PolicyForeign Policy

1928 1928

• US repudiates the Roosevelt US repudiates the Roosevelt Corollary at the International Corollary at the International Conference of American States.Conference of American States.

• US repudiates the Roosevelt US repudiates the Roosevelt Corollary at the International Corollary at the International Conference of American States.Conference of American States.

The War DebtsThe War Debts

• With WWI America changed With WWI America changed from a debtor to lender.from a debtor to lender.

• European powers were unable European powers were unable to pay back war debts - they to pay back war debts - they wanted the US to write off the wanted the US to write off the debts. debts.

• With WWI America changed With WWI America changed from a debtor to lender.from a debtor to lender.

• European powers were unable European powers were unable to pay back war debts - they to pay back war debts - they wanted the US to write off the wanted the US to write off the debts. debts.

• Committee meets to discuss Committee meets to discuss canceling war debts.canceling war debts.

• Coolidge refused to consider Coolidge refused to consider canceling the debt.canceling the debt.

• Dawes Plan - sought to solve Dawes Plan - sought to solve European Debt problem.European Debt problem.

• Committee meets to discuss Committee meets to discuss canceling war debts.canceling war debts.

• Coolidge refused to consider Coolidge refused to consider canceling the debt.canceling the debt.

• Dawes Plan - sought to solve Dawes Plan - sought to solve European Debt problem.European Debt problem.

The Dawes PlanThe Dawes Plan

• U.S. lent money to GermanyU.S. lent money to Germany

• Germany paid reparations to Germany paid reparations to France and Britain. France and Britain.

• France and Britain repaid US France and Britain repaid US debts.debts.

• U.S. lent money to GermanyU.S. lent money to Germany

• Germany paid reparations to Germany paid reparations to France and Britain. France and Britain.

• France and Britain repaid US France and Britain repaid US debts.debts.

• 1929 - Young Plan replaces the 1929 - Young Plan replaces the Dawes Plan - reduces schedule Dawes Plan - reduces schedule of payments for Germany.of payments for Germany.

• 1929 - Young Plan replaces the 1929 - Young Plan replaces the Dawes Plan - reduces schedule Dawes Plan - reduces schedule of payments for Germany.of payments for Germany.

In God We Trust - all others pay cash

• By 1931 all European powers By 1931 all European powers (except Finland) had defaulted (except Finland) had defaulted on their loans. on their loans.

• We got nothing back but bad We got nothing back but bad feelings from the allies.feelings from the allies.

• By 1931 all European powers By 1931 all European powers (except Finland) had defaulted (except Finland) had defaulted on their loans. on their loans.

• We got nothing back but bad We got nothing back but bad feelings from the allies.feelings from the allies.

Presidential Election - Presidential Election - 19281928

• Republicans Republicans nominate Herbert nominate Herbert Hoover - who Hoover - who declares “we are declares “we are nearer the final nearer the final triumph over triumph over poverty than ever poverty than ever before”before”

• Republicans Republicans nominate Herbert nominate Herbert Hoover - who Hoover - who declares “we are declares “we are nearer the final nearer the final triumph over triumph over poverty than ever poverty than ever before”before”

• Democrats Democrats nominate Al nominate Al Smith from New Smith from New York -- a “wet”, York -- a “wet”, catholic, urbanite. catholic, urbanite.

• Anti-Catholic Anti-Catholic bigotry to figure in bigotry to figure in election.election.

• Democrats Democrats nominate Al nominate Al Smith from New Smith from New York -- a “wet”, York -- a “wet”, catholic, urbanite. catholic, urbanite.

• Anti-Catholic Anti-Catholic bigotry to figure in bigotry to figure in election.election.

• Hoover wins by 444 to 87 Hoover wins by 444 to 87 electoral votes - he carries five electoral votes - he carries five former Confederate states. former Confederate states.

• Franklin Delano Roosevelt Franklin Delano Roosevelt elected Governor of New York.elected Governor of New York.

• Hoover wins by 444 to 87 Hoover wins by 444 to 87 electoral votes - he carries five electoral votes - he carries five former Confederate states. former Confederate states.

• Franklin Delano Roosevelt Franklin Delano Roosevelt elected Governor of New York.elected Governor of New York.

• Stock market booms and the Stock market booms and the economy prospers. economy prospers.

• Stock market booms and the Stock market booms and the economy prospers. economy prospers.

Hoover Bull MarketHoover Bull Market

19291929• Many critics are concerned that Many critics are concerned that

economy has overheated. economy has overheated.

• Federal Reserve refuses to Federal Reserve refuses to make loans for margin buying of make loans for margin buying of stocks.stocks.

• Many critics are concerned that Many critics are concerned that economy has overheated. economy has overheated.

• Federal Reserve refuses to Federal Reserve refuses to make loans for margin buying of make loans for margin buying of stocks.stocks.

• Farmers are desperate for Farmers are desperate for financial relief - Agricultural financial relief - Agricultural Marketing Act passed - creates Marketing Act passed - creates producers cooperatives.producers cooperatives.

• Farmers are desperate for Farmers are desperate for financial relief - Agricultural financial relief - Agricultural Marketing Act passed - creates Marketing Act passed - creates producers cooperatives.producers cooperatives.

• Worries about stock market and Worries about stock market and banking system abound.banking system abound.

• Tuesday October 29 - “Black Tuesday October 29 - “Black Tuesday” stock market crashes Tuesday” stock market crashes

• 16,000,000 shares sold at 16,000,000 shares sold at declining prices. declining prices.

• Worries about stock market and Worries about stock market and banking system abound.banking system abound.

• Tuesday October 29 - “Black Tuesday October 29 - “Black Tuesday” stock market crashes Tuesday” stock market crashes

• 16,000,000 shares sold at 16,000,000 shares sold at declining prices. declining prices.

Great Depression Great Depression begins.begins.

• November 13 - $30,000,000,000 November 13 - $30,000,000,000 in stock value has been wiped in stock value has been wiped out.out.

• December 3 - President Hoover December 3 - President Hoover declares that confidence in the declares that confidence in the economy has been economy has been reestablished.reestablished.

• November 13 - $30,000,000,000 November 13 - $30,000,000,000 in stock value has been wiped in stock value has been wiped out.out.

• December 3 - President Hoover December 3 - President Hoover declares that confidence in the declares that confidence in the economy has been economy has been reestablished.reestablished.

19301930• January - unemployment at January - unemployment at

4,000,000 - President meets 4,000,000 - President meets with Congressional leaders to with Congressional leaders to discuss public works program.discuss public works program.

• Charles Evans Hughes Charles Evans Hughes succeeds William Howard Taft succeeds William Howard Taft as Chief Justice.as Chief Justice.

• January - unemployment at January - unemployment at 4,000,000 - President meets 4,000,000 - President meets with Congressional leaders to with Congressional leaders to discuss public works program.discuss public works program.

• Charles Evans Hughes Charles Evans Hughes succeeds William Howard Taft succeeds William Howard Taft as Chief Justice.as Chief Justice.

• Congress passes Public Congress passes Public Buildings Act - $230,000,000 in Buildings Act - $230,000,000 in public buildingpublic building

• Congress appropriates $300 Congress appropriates $300 million for road constructionmillion for road construction

• Congress passes Public Congress passes Public Buildings Act - $230,000,000 in Buildings Act - $230,000,000 in public buildingpublic building

• Congress appropriates $300 Congress appropriates $300 million for road constructionmillion for road construction

• Congress passes and Hoover Congress passes and Hoover signs the Hawley-Smoot Tariff signs the Hawley-Smoot Tariff

• Highest protective tariff in Highest protective tariff in peacetime history peacetime history

• 1028 prominent economists sign 1028 prominent economists sign protest claiming it will worsen protest claiming it will worsen the depression the depression

• Congress passes and Hoover Congress passes and Hoover signs the Hawley-Smoot Tariff signs the Hawley-Smoot Tariff

• Highest protective tariff in Highest protective tariff in peacetime history peacetime history

• 1028 prominent economists sign 1028 prominent economists sign protest claiming it will worsen protest claiming it will worsen the depression the depression

• It Does!It Does!• It Does!It Does!

• Exacerbates feelings of Exacerbates feelings of international tension and trade international tension and trade war.war.

• Exacerbates feelings of Exacerbates feelings of international tension and trade international tension and trade war.war. You’re on

your own.

OctoberOctober

• Unemployment Unemployment reaches 4.5 million reaches 4.5 million

• Hoover establishes Hoover establishes Committee for Committee for Unemployment Unemployment Relief Relief

• Seeks aid at local Seeks aid at local level.level.

• Unemployment Unemployment reaches 4.5 million reaches 4.5 million

• Hoover establishes Hoover establishes Committee for Committee for Unemployment Unemployment Relief Relief

• Seeks aid at local Seeks aid at local level.level.

November November • Democrats gain control of Democrats gain control of

House and gain 8 seats in the House and gain 8 seats in the Senate.Senate.

• Democrats gain control of Democrats gain control of House and gain 8 seats in the House and gain 8 seats in the Senate.Senate.

December December • Congress appropriates Congress appropriates

$116,000,000 for public works.$116,000,000 for public works.

• The Bank of the US (private The Bank of the US (private New York Bank) fails - 400,000 New York Bank) fails - 400,000 depositors lose savingsdepositors lose savings

• 1300 banks have closed since 1300 banks have closed since the crash.the crash.

• Congress appropriates Congress appropriates $116,000,000 for public works.$116,000,000 for public works.

• The Bank of the US (private The Bank of the US (private New York Bank) fails - 400,000 New York Bank) fails - 400,000 depositors lose savingsdepositors lose savings

• 1300 banks have closed since 1300 banks have closed since the crash.the crash.

19311931

BUSTED

JanuaryJanuary

• Presidential Presidential report claims report claims 5,000,000 5,000,000 unemployedunemployed

• Hoover reports to Hoover reports to Congress he is Congress he is against repeal of against repeal of prohibition.prohibition.

• Presidential Presidential report claims report claims 5,000,000 5,000,000 unemployedunemployed

• Hoover reports to Hoover reports to Congress he is Congress he is against repeal of against repeal of prohibition.prohibition.

• Congress passes Bonus Loan Congress passes Bonus Loan Bill - allowing vets to borrow on Bill - allowing vets to borrow on Bonus.Bonus.

• Congress passes Bonus Loan Congress passes Bonus Loan Bill - allowing vets to borrow on Bill - allowing vets to borrow on Bonus.Bonus.

Muscle ShoalsMuscle Shoals

• Hoover vetoes Hoover vetoes the Muscle the Muscle Shoals Bill - Shoals Bill - calling for federal calling for federal control of control of hydroelectric hydroelectric production on the production on the Tennessee River.Tennessee River.

• Hoover vetoes Hoover vetoes the Muscle the Muscle Shoals Bill - Shoals Bill - calling for federal calling for federal control of control of hydroelectric hydroelectric production on the production on the Tennessee River.Tennessee River.

• ““The Star Spangled Banner” The Star Spangled Banner”

becomes the National Anthembecomes the National Anthem• ““The Star Spangled Banner” The Star Spangled Banner”

becomes the National Anthembecomes the National Anthem

The Scottsboro Boys - The Scottsboro Boys -

• Nine young Nine young black men in black men in Scottsboro, Scottsboro, Alabama are Alabama are charged with charged with raping a white raping a white woman.woman.

• Nine young Nine young black men in black men in Scottsboro, Scottsboro, Alabama are Alabama are charged with charged with raping a white raping a white woman.woman.

• Found guilty of Found guilty of this capital this capital offense - the offense - the Supreme Court Supreme Court will ultimately will ultimately overturn their overturn their convictions.convictions.

• Found guilty of Found guilty of this capital this capital offense - the offense - the Supreme Court Supreme Court will ultimately will ultimately overturn their overturn their convictions.convictions.

• The case The case becomes a becomes a cause célèbre cause célèbre for black civil for black civil rights activists.rights activists.

• The case The case becomes a becomes a cause célèbre cause célèbre for black civil for black civil rights activists.rights activists.

• The Empire State The Empire State Building is formally Building is formally dedicated - tallest dedicated - tallest building in the world building in the world until 1970’s.until 1970’s.

• The Empire State The Empire State Building is formally Building is formally dedicated - tallest dedicated - tallest building in the world building in the world until 1970’s.until 1970’s.

• Major Austrian bank fails - Major Austrian bank fails - Hoover proposes 1-year Hoover proposes 1-year moratorium on international moratorium on international debtsdebts

• Japan marches into Manchuria Japan marches into Manchuria in violation of the Kellogg-Briand in violation of the Kellogg-Briand Pact - war with China.Pact - war with China.

• Major Austrian bank fails - Major Austrian bank fails - Hoover proposes 1-year Hoover proposes 1-year moratorium on international moratorium on international debtsdebts

• Japan marches into Manchuria Japan marches into Manchuria in violation of the Kellogg-Briand in violation of the Kellogg-Briand Pact - war with China.Pact - war with China.

• Great Britain goes off the Gold Great Britain goes off the Gold Standard - US citizens fear US Standard - US citizens fear US will do the same and rush banks will do the same and rush banks to remove savings in gold. to remove savings in gold.

• 827 more banks close.827 more banks close.

• Great Britain goes off the Gold Great Britain goes off the Gold Standard - US citizens fear US Standard - US citizens fear US will do the same and rush banks will do the same and rush banks to remove savings in gold. to remove savings in gold.

• 827 more banks close.827 more banks close.

• US sends representative to the US sends representative to the League of Nations - denounces League of Nations - denounces Japanese aggression in Japanese aggression in Manchuria.Manchuria.

• Al Capone found guilty of tax Al Capone found guilty of tax evasion, sentenced to 11 years evasion, sentenced to 11 years in federal prisonin federal prison

• US sends representative to the US sends representative to the League of Nations - denounces League of Nations - denounces Japanese aggression in Japanese aggression in Manchuria.Manchuria.

• Al Capone found guilty of tax Al Capone found guilty of tax evasion, sentenced to 11 years evasion, sentenced to 11 years in federal prisonin federal prison

19321932• Reconstruction Finance Reconstruction Finance

Corporation created to lend Corporation created to lend money to banks, insurance money to banks, insurance companies and other financial companies and other financial institutions and to railroads and institutions and to railroads and local governments.local governments.

• Reconstruction Finance Reconstruction Finance Corporation created to lend Corporation created to lend money to banks, insurance money to banks, insurance companies and other financial companies and other financial institutions and to railroads and institutions and to railroads and local governments.local governments.

• Seen by many as a dole for the Seen by many as a dole for the

rich,the RFC paved the way for rich,the RFC paved the way for the New Deal of FDR.the New Deal of FDR.

• Seen by many as a dole for the Seen by many as a dole for the rich,the RFC paved the way for rich,the RFC paved the way for the New Deal of FDR.the New Deal of FDR.

• Glass-Steagle Banking Act - Glass-Steagle Banking Act - authorizes the Federal Reserve authorizes the Federal Reserve Bank to expand the gold supply Bank to expand the gold supply to answer hoarding of gold.to answer hoarding of gold.

• Glass-Steagle Banking Act - Glass-Steagle Banking Act - authorizes the Federal Reserve authorizes the Federal Reserve Bank to expand the gold supply Bank to expand the gold supply to answer hoarding of gold.to answer hoarding of gold.

• Charles Lindbergh’s baby is Charles Lindbergh’s baby is kidnapped and although a kidnapped and although a ransom is paid the child is found ransom is paid the child is found dead. dead.

• Bruno Hauptmann is found Bruno Hauptmann is found guilty and sentenced to the guilty and sentenced to the electric chair.electric chair.

• Charles Lindbergh’s baby is Charles Lindbergh’s baby is kidnapped and although a kidnapped and although a ransom is paid the child is found ransom is paid the child is found dead. dead.

• Bruno Hauptmann is found Bruno Hauptmann is found guilty and sentenced to the guilty and sentenced to the electric chair.electric chair.

• Norris-LaGuardia Anti-Injunction Norris-LaGuardia Anti-Injunction Act is passed - Act is passed -

• prohibits the use of injunctions prohibits the use of injunctions in labor disputes except within in labor disputes except within certain restrictions - certain restrictions -

• outlaws “yellow dog” contracts.outlaws “yellow dog” contracts.

• Norris-LaGuardia Anti-Injunction Norris-LaGuardia Anti-Injunction Act is passed - Act is passed -

• prohibits the use of injunctions prohibits the use of injunctions in labor disputes except within in labor disputes except within certain restrictions - certain restrictions -

• outlaws “yellow dog” contracts.outlaws “yellow dog” contracts.

The Bonus Expeditionary The Bonus Expeditionary ForceForce

• Marches on Marches on Washington - Washington - this Bonus this Bonus Army seeks Army seeks redemption of redemption of the Bonus at full the Bonus at full face value. face value.

• Marches on Marches on Washington - Washington - this Bonus this Bonus Army seeks Army seeks redemption of redemption of the Bonus at full the Bonus at full face value. face value.

• Hoover, fearing Hoover, fearing communist revolt, communist revolt, sends the US Army sends the US Army under Douglas under Douglas MacArthur (with MacArthur (with Dwight D. Dwight D. Eisenhower and Eisenhower and George Patton) to George Patton) to break up the Bonus break up the Bonus “Hoovervilles”“Hoovervilles”

• Hoover, fearing Hoover, fearing communist revolt, communist revolt, sends the US Army sends the US Army under Douglas under Douglas MacArthur (with MacArthur (with Dwight D. Dwight D. Eisenhower and Eisenhower and George Patton) to George Patton) to break up the Bonus break up the Bonus “Hoovervilles”“Hoovervilles”

Hoover - Stimson DoctrineHoover - Stimson Doctrine• States the US will not recognize States the US will not recognize

any gains of foreign territory any gains of foreign territory taken by force. taken by force.

• Japanese are not deterred - Japanese are not deterred - bomb Shanghai.bomb Shanghai.

• States the US will not recognize States the US will not recognize any gains of foreign territory any gains of foreign territory taken by force. taken by force.

• Japanese are not deterred - Japanese are not deterred - bomb Shanghai.bomb Shanghai.

• Lytton Commission of the League Lytton Commission of the League of Nations condemns Japanese of Nations condemns Japanese aggression in China.aggression in China.

• Japan quits the League of Nations.Japan quits the League of Nations.

• Lytton Commission of the League Lytton Commission of the League of Nations condemns Japanese of Nations condemns Japanese aggression in China.aggression in China.

• Japan quits the League of Nations.Japan quits the League of Nations.

Presidential Election of Presidential Election of 19321932

• Republicans re-Republicans re-nominate nominate Hoover on the Hoover on the first ballotfirst ballot

• Republicans re-Republicans re-nominate nominate Hoover on the Hoover on the first ballotfirst ballot

• Democrats Democrats nominate nominate Franklin Delano Franklin Delano Roosevelt on Roosevelt on the fourth ballot.the fourth ballot.

• Democrats Democrats nominate nominate Franklin Delano Franklin Delano Roosevelt on Roosevelt on the fourth ballot.the fourth ballot.

• John Nance Garner John Nance Garner of Texas throws his of Texas throws his delegates to delegates to Roosevelt for vice-Roosevelt for vice-presidency presidency

• Roosevelt pledges Roosevelt pledges “A New Deal” for the “A New Deal” for the American peopleAmerican people

• John Nance Garner John Nance Garner of Texas throws his of Texas throws his delegates to delegates to Roosevelt for vice-Roosevelt for vice-presidency presidency

• Roosevelt pledges Roosevelt pledges “A New Deal” for the “A New Deal” for the American peopleAmerican people

• Roosevelt wins election in a landslide - Roosevelt wins election in a landslide - 472 to 59 electoral votes472 to 59 electoral votes

• Roosevelt wins election in a landslide - Roosevelt wins election in a landslide - 472 to 59 electoral votes472 to 59 electoral votes

• Post-election “lame duck” Post-election “lame duck”

period worsened the depression period worsened the depression - the economy grinds to a halt.- the economy grinds to a halt.

• Roosevelt refuses to make any Roosevelt refuses to make any commitments until he is commitments until he is president in March, 1933.president in March, 1933.

• Post-election “lame duck” Post-election “lame duck” period worsened the depression period worsened the depression - the economy grinds to a halt.- the economy grinds to a halt.

• Roosevelt refuses to make any Roosevelt refuses to make any commitments until he is commitments until he is president in March, 1933.president in March, 1933.

The EndThe End