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Transcript of “The business of America is business. The man who builds a factory builds a temple. The man who...
““The business of America is The business of America is business. The man who business. The man who builds a factory builds a builds a factory builds a
temple. The man who works temple. The man who works there worships there”there worships there”
President Calvin Coolidge
Presidential Leadership in the 1920’sPresidential Leadership in the 1920’s
President Warren G. HardingPresident Warren G. Harding– Harding wins landslide election Harding wins landslide election
promising a return to promising a return to “normal”“normal”Return to Return to isolationismisolationism
Pro-business policiesPro-business policies
Make economy grow and create Make economy grow and create jobsjobs
Americans were Americans were war wearywar weary & & wanted a return to pre-war dayswanted a return to pre-war days
How did Harding Disappoint the People?How did Harding Disappoint the People?
Political ScandalsPolitical Scandals– Harding’s political Harding’s political
appointees were appointees were corruptcorrupt– Cabinet secretary was Cabinet secretary was
bribed and secretly bribed and secretly leased land to oil leased land to oil companies at companies at Teapot Teapot Dome, WyomingDome, Wyoming
– First time a First time a cabinet cabinet secretarysecretary was sent to was sent to prisonprison
– Harding dies in office of Harding dies in office of a heart attack before a heart attack before scandals are connected scandals are connected directly to himdirectly to him
Calvin Coolidge Takes OfficeCalvin Coolidge Takes Office““Silent Cal” Silent Cal” – Sworn in after Sworn in after
Harding’s deathHarding’s death– Coolidge was Coolidge was
different from different from HardingHarding
Not a big speech Not a big speech maker or party maker or party throwerthrower
Coolidge repaired Coolidge repaired damage caused by damage caused by scandalsscandals
Coolidge ProsperityCoolidge Prosperity““The business of America is The business of America is
business. The man who business. The man who builds a factory builds a builds a factory builds a
temple. The man who works temple. The man who works there worships there”there worships there”
Calvin CoolidgeCalvin Coolidge
What was Coolidge’s priority What was Coolidge’s priority as president?as president?– Pro big businessPro big business– Business was the most important Business was the most important
part in creating the American part in creating the American way of lifeway of life
– Began a period of rapid Began a period of rapid economic growtheconomic growth
Coolidge ProsperityCoolidge Prosperity
Industry Industry BoomsBooms– Quantity of goods made by industry doubledQuantity of goods made by industry doubled– More jobs were made and incomes roseMore jobs were made and incomes rose– People spent money on new productsPeople spent money on new products
Refrigerators, radios, phonographs, vacuum Refrigerators, radios, phonographs, vacuum cleanerscleaners
– Installment buyingInstallment buying (credit) allowed people to (credit) allowed people to spend more money than they could affordspend more money than they could afford
– Overspending became a serious economic Overspending became a serious economic problemproblem
Coolidge ProsperityCoolidge Prosperity
A Soaring Stock MarketA Soaring Stock Market– More people invested in the stock market More people invested in the stock market
than ever before. than ever before. (Bull Market)(Bull Market)– Stocks were bought on Stocks were bought on marginmargin
For 10% down payment, buyers held stocks until For 10% down payment, buyers held stocks until the price rose and sold it for a profitthe price rose and sold it for a profit
Margin buying works as long as stock prices riseMargin buying works as long as stock prices rise
– Margin buying became a cause for Margin buying became a cause for The Great The Great DepressionDepression of the 1930’s of the 1930’s
Foreign AffairsForeign AffairsPresidents Harding and Coolidge kept the Presidents Harding and Coolidge kept the U.S. out of European affairs (Isolation)U.S. out of European affairs (Isolation)
US remained out of the League of NationsUS remained out of the League of Nations
The US The US intervenedintervened in Latin America when in Latin America when American business interests were American business interests were threatened threatened
US signed the Kellogg-Briand PactUS signed the Kellogg-Briand Pact– This treaty outlawed war, but had no means of This treaty outlawed war, but had no means of
keeping the peacekeeping the peace
ConclusionConclusionHow did presidential leadership How did presidential leadership influence US policy during the influence US policy during the 1920’s?1920’s?
–Presidential leadership: Presidential leadership: Created a strong economyCreated a strong economy
Created a bull marketCreated a bull market
Returned the nation to pre-WW1 isolationReturned the nation to pre-WW1 isolation
Increased jobs and family incomeIncreased jobs and family income
Created an era of peace & prosperityCreated an era of peace & prosperity