Salman Ahmed 1920s - Salman Ahmed A Return to Laissez-Faire...

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A Return to Laissez-Faire and Isolationism Harding and the Old Guard – 1920-’23 : Cabinet o Harding wasn’t necessarily a bad guy, but could not hurt people’s feelings and could not tell who was fooling him o There were three good people in his cabinet Hughes: secretary of state, brought good leadership Mellon: secretary of treasury Hoover: secretary of commerce o There were 2 really bad people in his cabinet that offset everything else Fall: secretary of interior: Like a wolf guarding sheep Daugherty: attorney general who was a crook Supreme Court o Had extremely republican philosophies, as Harding appointed 4 of them o Supreme court axed away progressive reform Killed a federal child labor law In Adkins v. Children’s hospital, the Court reversed its decision in Muller v. Oregon, which declared women to be deserving of special jobs, and invalidated a minimum wage law for women, saying that they now had the equal rights of men (19 th Amendment) and did not deserve special treatment Business o Corporations could relax and grow o Antitrust laws were ignored, and were not enforced by the attorney general o The ICC became in control of men who had sympathies of the rail road owners o Big industrialists developed trade associations, often encouraged by Hoover Corruption o In 1923, Forbes, the head of the Veteran’s Bureau was caught with his accomplices embezzling almost $200 million and was sentenced to 2 years in prison o The Teapot Dome scandal Fall, the secretary of interior, basically received loans of several 100ks Harding signed the order that allowed it to happen Fall was caught and got jail time for receiving the bribe, but the people who bribed did not get punished Coolidge – “Business of America is Business” – 1923-’28 : Cleaning up Harding’s mess o Coolidge was stern, embodied New England Puritan values o Was not a good public speaker Election of 1924 o Republicans nominated Coolidge o Democrats were not so sure Party was split between decisions such as wet and dry, Fundamentalism and Modernism, immigrants and natives Eventually nominated Davis, who was conservative (like Coolidge) Salman Ahmed
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o The door was open for a liberal candidate, La Follette from Wisconsin, got endorsement from AFL, socialist party and farmers o Coolidge won in a landslide, times were too good for reform movements Business Philosophy o Good summary from wikipedia Coolidge was the last President of the United States who did not attempt to intervene in free markets, letting business cycles run their course. During his Presidency, the United States experienced a wildly successful period of economic growth: the so-called "Roaring Twenties." Coolidge not only lowered taxes, but also reduced the national debt. Although some later commentators have dismissed Coolidge as a doctrinaire, laissez-
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Salman Ahmed 1920s - Salman Ahmed A Return to Laissez-Faire...

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