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Warren G. Harding |
1921- 1923, President who called for a return to normalcy following WWI. He had laissez-faire economic policies, and he wanted to remove the progressive ideals that were established by Wilson, in efforts to return to "normalcy". While in office, it was very corrupt, he used the office for personal gain, did not follow through with enforcing laws, and accepted bribes. Corrupt individual, who died in office. Then Coolidge took over. |
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Teapot Dome Scandal |
1921, Scandal during the Harding administration involving the granting of oil-drilling rights on government land in return for money. Became a symbol of the scandals that occured when Harding was president. |
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Calvin Coolidge |
1923-1929, Coolidge repalced the corrupt Harding, restoring honesty to the presidency. He was a pro-buisness president, and continued the laissez-faire policies of Harding. This allowed for short-term prosperity from 1923-1929. He also accelerated tax cuts and wanted to keep tariffs in place. |
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Herbert Hoover |
Republican candidate who assumed the presidency in March 1929 promising the American people prosperity and attempted to first deal with the Depression by trying to restore public faith in the community., He looked to the businesses to help solve the Depression, rather than the government. Americans felt he did little to help them. |
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Dawes Plan |
The American plan to loan money to Germany, who would pay their reparations to France and Britain, who would pay back their debt to America, which created a win-win for everyone, and made they people happy and thought that peace was possible, Post-WW I depression in Germany left it unable to pay reparation and Germany defaulted on its payments in 1923. In 1924, U.S. Vice President Charles Dawes formulated a plan to allow Germany to make its reparation payments in annual installments. This plan was renegotiated and modified in 1929 by U.S. financier Owen Young. |
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Hawley-Smoot Tariff |
1930, Charged a high tax for imports thereby leading to less trade between America and foreign countries along with some economic retaliation., The highest import tax in history, raised the duty to almost 60%. Since the tariff was so high that European producers loose the American market so they put a high tariff up in their countries. Americans were producing so much that they need to trade but the new European tariffs were hurting them. Ultimately it destroyed the trading network with Europe. |
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Black Tuesday |
October 29, 1929, It was the day that the New York Stock Exchange crashed. This was a result because of inflated stock prices, they were too costly and much higher than thier worth. Therefure their worth plummeted, resulting in people loosing their money. However, many people had borrowed money to hold a high-priced stock, so they ended up bankrupt. The whole purchusing items on credit was a serious culprit in causing the crash. Black Tuesday marked the beginning of the Great Depression, a period of economic hardship in the United States lasting from 1929 to 1939. |
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Reconstruction Finance Corporation |
RFC was an independent agency of the United States government, chartered by the Hoover administration in 1932. It grated over 2 billion dollars to local and state governments. Such as making loans to banks, insurance companies, and railroads. Furthermore it inteded to provide emergency funds to help buisnesses overcome the effects of the Depression. Later, it was used to finance wartime projects during WWII. |
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Bonus Army |
Unemployed World War I veterans who came to Washington in the spring of 1932 to demand the immediate payment of the bonus congress had voted them in 1922. The veterans were forcibly removed from Anacostia Flats by federal troops under the command of Douglas MacArthur. |
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