11-15-2016.docx - Calvin Coolidge Took 3 hour naps in the...

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Calvin Coolidge Took 3 hour naps in the middle of the day Focus on the business of america (economy) Incorporated Herbert Hoover into his Secretary of Commerce “Keep Cool with Coolidge” (election campaign slogan 1924) Herbert Hoover Becomes Coolidge’s Secretary of Commerce Interested in credit, instalment buying (make things accessible to public) Standardization of parts (ability to fix things yourself, luxury item prices go down) Runs as president in 1928 (Republican); argues he’s the author of their prosperity Stock Market Crash 1929 Net worth dropped 20% Banks closed because people wanted their money out of the bank, and they didn’t have it there People started committing suicide Country went into an economic and emotional depression Hoover asked for people to VOLUNTARILY help out Reconstruction Finance Corporation Hoover pushed this through in January of 1932 $500 million with authority to borrow $2 billion more for loans Given to companies, banks, farm credit associations Idea that “give money to top, it will trickle down to the bottom” People were rioting; WWI veterans, farmers, etc. For every veteran who served overseas were suppose to receive a bonus of $1.24 a day for as long as they were overseas; couldn’t receive it until 1945 Bonus Army WWI veterans march on Washington demanding their bonuses Hoover won’t meet with them, neither will congress Thousands of them camp out there until they will see them Congress agrees to buy them a train ticket to go home J. Edgar Hoover tells Herbert Hoover that this is a communist threat; U.S. army sent in to evict WWI veterans with tear gas and tanks Franklin Delano Roosevelt
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