HST 122 Part Two Notes - KEY TERMS o o Tea Pot Dome Scandal...

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9/26/12 KEY TERMS o Presidents o Tea Pot Dome Scandal o Depression o Factors Leading to the Depression Election 1920 o Rep. wanted Teddy Roosevelt to run again, but died in 1919 o Warren Harding (R) Senator from OH vs James Cox (D) Gov from OH Harding : Alcoholic Addicted to gambling Womanizer o Harding wins easily o First presidential election since 19 th Amend was passed (women can now vote) 1916 – 18.5 million voters 1920 – 26.8 million voters Tea Pot Dome Scandal o Oil reserves in Tea Pot Dome, WY are with dept. of navy o Albert Fall (sec of interior) wants to move them from dept. of navy to dept. of interior o Fall leases them to 2 businessmen and they pay him personally $500,000 o Convicted of bribery and sentenced to one year in prison Summer of 1923 o Harding gets sick o Told food poisoning o Was actually 2 major heart attacks and he dies 1 | P a g e
o V.P. Calvin Coolidge – gov from MA now president Election of 1924 o Coolidge (R) vs. John Davis (D) o Both think economy is strong, focus on social issues during campaigns o Coolidge starts cutting taxes Election of 1928 o Coolidge decides to not run again o Herbert Hoover (R) vs. Al Smith (D) gov of NY Smith was 1 st Catholic to run for president o Focuses mainly on social issues o Economy still seen as being strong o Prohibition is still going on o Crime increasing o Religion was big issue o Immigration Reasons for Great Depression (***POSSIBLE ESSAY QUESTION***) o After WW1, US is now leading economy in the world o US loaned money to Allies during the war Pushing to get money back Can’t repay Ger had to make payments/reparations to Allies Countries go to Ger to get money to pay US back, but Ger doesn’t have money, so everyone gets screwed o US increases tariffs Euro demand for US products goes down Can’t pay for it US companies start to cut production – no demand 2 | P a g e
o Workforce then cut o US demand for Euro goods goes down too Euro doesn’t get money o Farmers hurting $300/year o Factory workers $1500/year o Stock Market A lot of people begin investing Causes stocks to rise up to 400% Not true value of the stocks Buying of stocks on loans thinking they’ll make profits on stock Early Fall of 1929 Falters People start pulling money out while they still can o know money is inflated Oct. 24, 1929 JP Morgan tries to help o Takes $100 million of own money into stock market to re- establish faith in stock market o Doesn’t help Oct. 29, 1929 Largest crash ever to happen o Auto/Construction Industry No other industries to pick up slack o Large pop of poor in America No buying power o A lot of farmers buying on credit 3 | P a g e
o International trade decreasing o Euro countries can’t repay loans from war help Which causes banks to fail 1930-1933  9000 banks failed o 1932 – 25% unemployment rate Never dropped below 15% during 1930’s o 1/3 people who were actually employed were now under-employed Underpaid Not enough hours Under skill level 4 | P a g e

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