1920s Presidents

Vocab• Normalcy

– consequence of being usual or regular or common• Isolationism

– a policy of nonparticipation in or withdrawal from international affairs• Disarmament

– the reduction of offensive or defensive fighting capability, as by a nation

• Tariffs– A list or system of taxes imposed by a government on imported or

exported goods.• Laissez-Faire

– opposes governmental regulation of or interference in commerce• Subsidies

– Financial assistance given by one person or government (mainly for farmers)

• Efficiency– The degree to which this quality is exercised

• Regulate– To control or direct according to rule

• Warren Harding (1921-1923)– Return to Normalcy after

World War I • Isolationism—avoided foreign

alliances but…• Called for Disarmament of

European nations• War Debts—Europe debts were

scaled back to allow their economies to recover

Harding • Attempted to disarm and

don’t use war as national policy

• Kellog-Briand Pact– Signees should not use war

for foreign policy

Scandal• Teapot Dome

– Officials stealing $$– Officials taking bribes– Harding's Interior

Secretary Albert B. Fall• Let an oil company

drill on government land in exchange for $300,000 and gifts Coolidge scrubbing the Republican

party clean after the scandal

Scandal & Harding• Ohio Gang –

Presidents friends get power

• President was clueless• Friends sold

government goods to private companies

• Others caught taking bribes

• Died of a heart attack after scandal broke

How do you believe the public would view a scandal?

Calvin Coolidge aka “Silent Cal”

• Harding’s VP and won reelection in 1924

• Laissez-Faire– “The chief business of the American

people is business”– Leave business alone and the nation will

thrive– Lowered income taxes, increase protect

tariffs– Did not help the depressed agriculture

industry Fordney-McCumber Tariff

Continued to use as Isolationist toolup to 60% tax on imported goods

Hoover• Followed Harding and Coolidge as business policy

• Efficiency movement – Experts find inefficiency

and fix it– Increase volunteerism

• Stock Market Crashes• Action for Farmers

– Pushed for farm subsidies

• Started to regulate financial institutions

Importance

• The "trickle down" economic theory of President Herbert Hoover was based on the idea that – 1. balanced budgets are essential to economic success.– 2. the Federal Government needs to assume more

responsibility for solving economic problems.– 3. economic growth depends on making increased

amounts of money available to business.– 4. economic stability is the responsibility of Federal

monetary agencies.

Closure

• "The business of America is business.”• President Calvin Coolidge

• By making this statement, President Coolidge was expressing his support for– 1. higher taxes on corporations.– 2. banking regulations.– 3. democratic socialism.– 4. the free-enterprise system.

Closure

• In 1920, when Presidential candidate Warren G. Harding called for "a return to normalcy," he was advocating– 1. increased support for Progressive Era programs and the

League of Nations.– 2. increased farm production and an emphasis on the rural

lifestyle.– 3. reduced international involvement and less government

regulation of business.– 4. reduced racial segregation and the elimination of

discrimination against women.

Closure

• Which economic practice became significantly more widespread during the 1920s?– 1. Governmental regulation of business.– 2. Stock market investment.– 3. Dependence on government welfare programs.– 4. Reduction of tariff rates.

Closure

• The Teapot Dome scandal centered around– 1. gold mines.– 2. union members.– 3. high tariffs.– 4. oil-rich lands.