Day 131 Politics of Boom and Bust Baltimore

Day 131: Politics of Boom and Bust Baltimore Polytechnic Institute March 19, 2015 A. P. U. S. History Mr. Green

Announcements Test on March 31 and April 1 Quiz on Monday Charts due now!!! Grades close next Wednesday

Wall Street’s Big Bull Market Florida real estate 100’s of banks failed annually Buying on margin National debt increased Andrew Mellon rich invested in tax-exempt securities instead of factories lowered taxes-shift to middle-income groups decreased debt indirectly encourage bull market

The Cruelest Year Students will analyze the impact of the stock market crash and subsequent depression through the early 1930 s

Objective The students will be able to analyze the response of the Hoover administration to the Great Crash and subsequent depression that impacted the U. S. by describing the actions of the Hoover administration

Politics of Boom and Bust Objectives: Students will: Explain and analyze America’s turn toward social conservatism and normalcy following World War I. Describe the cultural conflicts of the 1920 s over such issues as immigration, cultural pluralism, and prohibition; and describe the rise of organized crime during the decade. Describe the rise of Protestant Fundamentalism and its apparent defeat in the landmark Scopes Trial. AP Focus Concerned about the success of the Bolshevik Revolution, the United States, Britain, and other nations send troops to participate in the Russian Civil War in the hope of toppling Lenin’s communist government. Domestically, a systematic effort to suppress Bolsheviks, or reds, is launched. A political cartoon in The American Pageant (13 th ed. , p. 721/14 th ed. , p. 771) makes it abundantly clear that leftists have no place in American life. Intolerance grows in the nation after World War I. A new and more virulent nativist strain emerges in the reborn Ku Klux Klan, which has expanded its influence across the nation. To shrink immigration from certain areas of the world, a quota system is put in place. That and the Immigration Act of 1924 dramatically reduce eastern and southern European immigration.

Chapter Focus CHAPTER THEMES A disillusioned America turned away from idealism and reform after World War I and toward isolationism in foreign affairs, domestic social conservatism, and the pleasures of prosperity. New technologies, mass-marketing techniques, and new forms of entertainment fostered rapid cultural change along with a focus on consumer goods. But the accompanying changes in moral values and uncertainty about the future produced cultural anxiety, as well as sharp intellectual critiques of American life.

Return to Isolationism July 1921 -Joint resolution ended WWI “unofficial observers” at the League Rivalry between U. K. and U. S. over Middle East Washington Disarmament Conference 21 -22 no USSR 10 year “holiday” on battleship construction 5: 5: 3 ratio for U. S. , U. K. , and Japan 5 power Naval Treaty 9 Power Treaty-kept Open Door wide open Kellogg-Briand Pact of 1928

Cont’d Never joined the World Court Exceptions armed intervention in Caribbean/C. America Dawes Plan U. S. shifted from a debtor nation to a creditor nation during WWI U. S. should write off loans as war costs Allies caused the U. S. boom Fordney-Mc. Cumber Tariff “they hired the money, didn’t they”

Great Britain, with a debt of over $4 billion owed to the U. S. Treasury, had a huge stake in proposals for inter-Allied debt cancellation, but France’s stake was even larger. Less prosperous than Britain in the 1920 s and more battered by the war, which had been fought on its soil, France owed nearly $3. 5 billion to the United States and additional billions to Britain.

Harmony in Europe, 1932

Cont’d After the Crash, the Young Plan 1930 divide out the payments over 59 years

Hoover and the Great Depression Election of 1928 Republicans-Herbert Hoover Democrats-Alfred E. Smith, 4 -time Catholic governor of NY Radio played a role 21, 391, 993 to 15, 016, 169 444 to 87 1 st Republican in 52 years to carry a seceded state

Cont’d Agricultural Marketing Act, June 1929 Federal Farm Board-cooperatives Buy up surpluses October 29, 1929 -Stock Crash 5, 000 banks collapsed in 1 st 3 years of depression Birthrates declined Hawley-Smoot Tariff of 1930 38. 5% to 60%

Hoover’s Response to the State of the Economy “Trickle-down philosophy” Public Works-Hoover Dam Reconstruction Finance Corporation indirect relief to insurance companies, banks, agricultural organizations, railroads, state/local governments Norris-La Guardia Anti-Injunction Act outlawed yellow dog contracts, stopped federal courts from issuing injunctions to stop strikes, boycotts or peaceful picketing Congress never helped Hoover and the 1930 midterms increased that uncooperative attitude Bonus Army-a final straw

Homework Read Chapter 32 Prepare for 5 question quiz on Monday