Post by djxkorean on Aug 10, 2009 18:08:37 GMT -8
29th President Warren G. Harding (1921 – 1923)
The NooB(29) couldn't beat the HARD(Harding) level. Therefore, the bouncer got the NoD(21) to add another NaMe(23) to the FAIL list.
I. Election
. . A. Republican Party: nominates Senator Warren G. Harding as “dark horse”
. . . . 1. V.P. is Governor Calvin Coolidge
. . . . 2. Harding is picked by Old Guard for pleasing personality, party regularity, handsome appearance, and lack of enemies
. . . . 3. Was flatly against League of Nations- support of opposers and others who felt Harding was only way to get in League with some reservations
. . . . 4. Harding: “return to normalcy” -> not entangled in foreign problems, pestered by demands for reforms, annoyed by gov’t regulations
. . B. Democrats: nominate James M. Cox with FDR as running mate
. . . . 1. platform: ratification of Versailles Treaty (contained Covenant of League of Nations)
. . . . . . a. intent on making League of Nations one issue of campaign
. . . . 2. Real debate of L.o.N. already over: Wilson takes speaking tour in support of League while Republican Lodge follows with anti-League
. . . . . . a. Wilson collapses on tour and loses eloquence and zeal, taking vitality out of debate
. . C. Overwhelming Republican victory: protest against gov’t regulation, high taxes, high cost of living, weariness of war, and League of Nations
. . D. 1st election where women voted
II. Washington Conference
. . A. Called to ease tensions that existed over situation in Far East and to reduce naval armaments
. . B. Nations represented: Belgium, China, France, Great Britain, Italy, Japan, Netherlands, Portugal, and US
. . C. Contained series of treaties
. . . . 1. 5 Power Pact provided for limitation of naval armaments
. . . . . . a. est. ratio of capital ships and for period of 10 years, no capital ships were to be built
. . . . . . b. That smaller cruisers, submarines, etc. were not limited made treaty meaningless (gave false hope)
. . . . 2. 4 Power Pact: respect each other’s rights in Pacific Ocean region and settle by peaceful means disagreements that might arise
. . . . 3. 9 Power Pact: China’s’ political and territorial sovereignty would be respected
. . . . . . a. Submarines used only in accordance with recognized rules of war; asphyxiating gases in warfare outlawed
III. Fordney-McCumber Tariff (1922)
. . A. Republicans anxious to get back to protective tariff policies
. . . . 1. Afraid of Europe’s efforts to sell in American market, Congress passes Fordney-McCumber Tariff (highest tariff yet)
. . B. Congress not attracted to Wilson’s idea that lowering trade barriers = int’l peace
. . C. 1920s called “gilded twenties” because of frothy prosperity
. . D. Real harm of tariff is example it set: other nations bound to retaliate with high tariff walls
. . . . 1. Therefore, American manufacturers est. plants in foreign countries
. . . . 2. Leading industrialists and bankers retreat support of protection seeing that foreign trade is two-way street
30th President Calvin Coolidge (1923 – 1929)
The COLD(Coolidge) MouSe(30) grew NuM(23) after taking a NaP(29) outside.
I. Death of Harding and Administration
. . A. Death of Harding
. . . . 1. Responsibilities of office of President too great for Harding’s capacities
. . . . . . a. Didn’t have moral courage to attack corruption when those involved were his friends (truly exercised spoils system)
. . . . 2. V.P. Coolidge unlike Harding: neither handsome nor congenial; stuck to his beliefs; thrifty and honest
. . B. Republicans: nominates Coolidge by almost unanimous vote
. . . . 1. Platform: continuation of Fordney-McCumber Tariff, membership in World Court, int’l cooperation to prevent war, limitation of armaments
. . . . 2. Attitude toward League of Nations still in confusion
. . . . . . a. Favored League and worked with it, but didn’t join it
. . C. Democrats tore party apart at Democratic Convention
. . . . 1. William G. McAddo and Alfred E. Smith fight over ballots but eventually withdraw
. . . . 2. John W. Davis (conservative) nominated
. . D. Republicans won without contest
II. Corruption: Oil in the Cabinet
. . A. Background
. . . . 1. Oil reserves in Wyoming (Teapot Dome) and CA (Elk Hills) were set aside under Taft and Wilson for use of the navy
. . . . 2. Harding transfers Teapot Dome and Elk Hills reserves from Navy Dept (Secretary Denby) to Interior Dept (Secretary Fall)
. . . . . . a. Fall enters into secret, illegal, and corrupt deal with 2 oil mean: Harry Sinclair and Edward Doheny
. . . . . . b. W/o competitive bidding and at bargain price, Teapot Dome -> Sinclair; Elk Hills -> Doheny (friend of Fall)
. . . . 3. Fall resigns March 1923 much richer than he started
. . B. Investigation
. . . . 1. Fall received “loan” from Doheny and Sinclair charged no interest, put up no security, and no arrangement made for payment
. . . . 2. Fall jailed for accepting bribe; Doheny and Sinclair tried and acquitted; Supreme Court cancelled leases
. . . . 3. Secretary of Navy Denby resigns during the Senate investigations
. . C. A.G. Daugherty one of Harding’s appointees (“Ohio gang”)
. . . . 1. apparent ignorance of Justice Dept suggests incompetence
. . . . 2. Investigations brought gross irregularities; Daugherty was bribed by Prohibition law violators; knew of graft in Veteran’s Bureau but no action
. . . . 3. Tried for conspiracy and acquitted then forced to resign under President Coolidge
. . D. Colonel Forbes (head of Veterans’ Bureau) sent to jail for conspiring to sell narcotics, liquor and other gov’t property
. . E. Colonel Miller (Custodian of Alien Property) sold German chemical patents for tiny amounts: sent to prison for “conspiring to defraud gov’t)
III. Oil in Mexico
. . A. Background
. . . . 1. Mexican constitution of 1917 – Article 27: mineral wealth (oil) in Mexico belonged to gov’t and concession granted only to Mexican nationals
. . . . 2. US ready to accept view that Mexico could do what it wished with its natural resources as long as American investments not disturbed
. . . . 3. 1919: Obregon becomes President and gives no assurance of safety of US investments
. . . . . . a. US increases border patrol but tension relieved when Mexican Supreme Court declared everything before Constitution valid
. . B. Coolidge puts US-Mexico relations on right road to settlements
. . . . 1. 1924: President Calles embarks on revolutionary reform:
. . . . . . a. redistributes land, breaks power of Roman Catholic Church, confiscate foreign holdings in accordance to Article 27
. . . . 2. Coolidge sends Dwight W. Morrow as ambassador to Mexico
. . . . . . a. Morrow persuades President Calles that US approved of his revolutionary aims and only objected to confiscation of lawful property
. . . . 3. Morrow made himself very welcome ambassador
. . . . . . a. Sets pattern for for eventual solution of American investments in Mexican land and minerals
IV. Kellogg-Brian Treaty (Pact of Paris) (1928)
. . A. Sec. of State Frank Kellogg decides to give suitable recognition on 10 yr. anniversary to WWI
. . B. Brian and Kellogg set up multilateral agreement to outlaw war
. . . . 1. “outlawry of war”: pledge to reject war as instrument of international policy
. . . . 2. Made war a criminal act on part of any nation signing the agreement
. . . . 3. No force to back it up except moral influence of world opinion; war restricted to mean only offensive war
31st President Herbert Hoover (1929 – 1933)
The HOVER(Hoover) car flew over the castle MoaT(31). Unfortunately, he woke up from his NaP(29) because his MoM(33) pulled his ear.
I. Election
. . A. Republicans: nominate Herbert Hoover
. . . . 1. Coolidge chose not to run even though he could have had nomination
. . . . 2. Nominate Hoover: great capacity as administrator in Belgian Relief and as Food Administrator
. . . . . . a. Humanitarian and business person: combined sympathetic understanding of human needs with practical ability
. . . . 3. Platform: continuance of Prohibition and protective tariffs
. . B. Democrats: nominate Alfred E. Smith
. . . . 1. Platform: enforcement of Prohibition and anti-injunction of Clayton-Antitrust Act; independence of Philippines, and regulation of water resources
. . . . 2. favored repeal of Prohibition, 1st Roman Catholic to run for President, ties to Tammany Hall political machine
. . . . . . a. Popular in cities of Northeast but unpopular in West and South
. . C. Herbert Hoover wins overwhelmingly
II. National Origins Immigration Act (1929)
. . A. Est. a policy of immigration control: total immigration restricted and doors to American closed
. . B. Made law July 1, 1929: Made quota based upon population census
. . . . 1. 1921: 3% based on census of 1910
. . . . 2. 1924: 2% based on census of 1890 – in 1890, smaller proportion of eastern and southern Europeans, with others untouched
. . . . 3. Asians excluded; most drastic in its discrimination on basis of nationality
. . . . 4. Nation could send at least 100 provided total of 150,000 not reached; quotas not applied to Latin American or Canada
. . C. Immigration policy one subject Hoover and Smith agreed as unfair and arbitrary
. . D. McCarren-Walter Act (1952): modified 1929 law by including Asians in the formula
. . . . 1. Also kept out “subversives” and expel immigrant belonging to “Communist or Communist-front” organizations
. . E. Immigration Act of 1965: abolished system of national quotas
. . . . 1. provided “global quota” divided between “Western Hemisphere” and all other nations
. . . . 2. Relatives of US citizens and those with special skills give preference
. . . . 3. Resulted in increase in number of Asians and Hispanics entering US
III. Panic of 1929 and Depression
. . A. Causes
. . . . 1. Biggest: overspeculation in securities due to “gilded prosperity” of 1920s leading to rise in prices but not in value
. . . . 2. In 1920s, substantial part of goods sold to Europe purchased through US loans
. . . . . . a. When loans not repaid and no more made, business stopped
. . . . . . b. war-impoverished Europe was strong force pushing US down
. . . . . . c. By late 1920s, clear that most of Europe wouldn’t be able to pay most of war debts
. . . . . . d. By June 1931, President Hoover declares moratorium on $250 million war-debt due
. . . . 3. Farmers had been in depression since about 1920; had ripple effect
. . . . . . a. farm machinery companies slow, merchants feel pinch, and factories supplying rural retailers become idle
. . . . 4. Too many people poor and too few have most of the money = business stagnates
. . . . 5. Investment buying goes to great extremes: multiple unsound family financing results in unsound economy
. . B. Immediate results
. . . . 1. 15 million unemployed; pitiful shacks grew at dump sites into sizeable communities (“Hoovervilles”); $132 billion in nat’l income lost
. . . . 2. 1/3 of railroad mileage goes bankrupt; 5,500 banks close down between crash in 1929 to 1933
. . . . 3. Break lines too long and need for shelter too great for relief programs b =y cities, towns, and private charitable organizations to do much
. . . . 4. “Bonus marchers”: WWI veterans who want military bonuses given
. . . . . . a. Half of bonuses paid by Congress over Hoover’s veto in 1931
. . . . . . b. In July 1932, they demand other half; take a huge march on Washington asking for money
. . . . . . c. Although denied other half of bonus by Congress, many marchers stay behind because they are unemployed
. . . . . . d. Marchers finally driven off by tanks, tear gas, and some gunfire
. . C. Hoover tries to offset the Depression
. . . . 1. Federal Farm Board: keep prices up by buying farm products on the open market
. . . . 2. Business owners urged to maintain their payrolls at normal levels
. . . . 3. Federal gov’t supplied leadership at state and local levels in organizing voluntary relief agencies
. . . . 4. Dec. 1930: small program of public works calling for expenditures up to $150 million
. . . . 5. Feb 1932: Reconstruction Finance Corporation (RFC) formed: had $2billion to lend to railroads, insurance, etc.
. . . . . . a. Loans given to companies that RFC think would save it; if saved, loans repaid; if not, loans are lost
. . . . 6. July 1832: Relief and Construction Act passed: $3billion for public works of “self-liquidating” type
. . . . . . a. $300million set aside for laons to states unable to finance their relief burdens
. . D. Hoover backlash
. . . . 1. President Hoover is blamed for the depression and charged with doing nothing of relieving of depression
. . . . . . a. Public: spent billions for corporations (RFC) but none for individuals
. . . . . . b. Hoover felt that relief for individuals done by private charity and local lvls of gov’t
. . . . 2. Depression of 1930s first one that produced planning of gov’t – city, state, and federal
. . . . . . a. Previously, just waited out the depression (explains Hoover’s first goal of sitting it out)
IV. Hawley-Smoot Tariff (1930)
. . A. Hoover asked for slight revision of tariff; ended with considerable revision that pushed protection to new high
. . . . 1. brought protests from importers, bankers, and industrialists
. . B. Foreign reaction: 25 nations put up tariff barriers against American goods and foreign trade drops
. . . . 1. Depression important factor in decline in trade, but should be put at door of Hawley-Smoot Tariff
. . . . 2. Most American manufacturers built factories in European countries
Commentary: Harding’s election is something that I truly hope we do not return to: electing the good-looking man without knowing his political background. We can now see the digression from politics as a duty to the nation and turn toward politics as a career. True, it was evident in McKinley’s election, but Harding was such a poor President that it should actually start with him. I mean, who voted for this guy? He was so supportive of the spoils system and such a weak man that he died from the stress of office. I don’t think there has been any other President who crumbled and DIED from just the pressures in office. He must have been a truly weak person, and a weak person leading a nation prevents the nation from being strong. Thank goodness that Calvin Coolidge succeeded Harding and was truly an able President (although I wish Taft was after Harding).
What I find sort of interesting is that the book doesn’t point out that Hoover won overwhelmingly over Alfred E. Smith. Perhaps the man is angry that Hoover won? It is definitely interesting because there are other Presidents where he mentions it, but Hoover won over Alfred E. Smith over very high margins (444 vs. 87). I am beginning to see more clearly the biases of the author: socially liberal, fiscally moderate, and a Democrat. Of course, that is my opinion, so it is up for interpretation, but I wish I could meet the man who wrote this book and ask him personally what are his views and see if I am correct.
The NooB(29) couldn't beat the HARD(Harding) level. Therefore, the bouncer got the NoD(21) to add another NaMe(23) to the FAIL list.
I. Election
. . A. Republican Party: nominates Senator Warren G. Harding as “dark horse”
. . . . 1. V.P. is Governor Calvin Coolidge
. . . . 2. Harding is picked by Old Guard for pleasing personality, party regularity, handsome appearance, and lack of enemies
. . . . 3. Was flatly against League of Nations- support of opposers and others who felt Harding was only way to get in League with some reservations
. . . . 4. Harding: “return to normalcy” -> not entangled in foreign problems, pestered by demands for reforms, annoyed by gov’t regulations
. . B. Democrats: nominate James M. Cox with FDR as running mate
. . . . 1. platform: ratification of Versailles Treaty (contained Covenant of League of Nations)
. . . . . . a. intent on making League of Nations one issue of campaign
. . . . 2. Real debate of L.o.N. already over: Wilson takes speaking tour in support of League while Republican Lodge follows with anti-League
. . . . . . a. Wilson collapses on tour and loses eloquence and zeal, taking vitality out of debate
. . C. Overwhelming Republican victory: protest against gov’t regulation, high taxes, high cost of living, weariness of war, and League of Nations
. . D. 1st election where women voted
II. Washington Conference
. . A. Called to ease tensions that existed over situation in Far East and to reduce naval armaments
. . B. Nations represented: Belgium, China, France, Great Britain, Italy, Japan, Netherlands, Portugal, and US
. . C. Contained series of treaties
. . . . 1. 5 Power Pact provided for limitation of naval armaments
. . . . . . a. est. ratio of capital ships and for period of 10 years, no capital ships were to be built
. . . . . . b. That smaller cruisers, submarines, etc. were not limited made treaty meaningless (gave false hope)
. . . . 2. 4 Power Pact: respect each other’s rights in Pacific Ocean region and settle by peaceful means disagreements that might arise
. . . . 3. 9 Power Pact: China’s’ political and territorial sovereignty would be respected
. . . . . . a. Submarines used only in accordance with recognized rules of war; asphyxiating gases in warfare outlawed
III. Fordney-McCumber Tariff (1922)
. . A. Republicans anxious to get back to protective tariff policies
. . . . 1. Afraid of Europe’s efforts to sell in American market, Congress passes Fordney-McCumber Tariff (highest tariff yet)
. . B. Congress not attracted to Wilson’s idea that lowering trade barriers = int’l peace
. . C. 1920s called “gilded twenties” because of frothy prosperity
. . D. Real harm of tariff is example it set: other nations bound to retaliate with high tariff walls
. . . . 1. Therefore, American manufacturers est. plants in foreign countries
. . . . 2. Leading industrialists and bankers retreat support of protection seeing that foreign trade is two-way street
30th President Calvin Coolidge (1923 – 1929)
The COLD(Coolidge) MouSe(30) grew NuM(23) after taking a NaP(29) outside.
I. Death of Harding and Administration
. . A. Death of Harding
. . . . 1. Responsibilities of office of President too great for Harding’s capacities
. . . . . . a. Didn’t have moral courage to attack corruption when those involved were his friends (truly exercised spoils system)
. . . . 2. V.P. Coolidge unlike Harding: neither handsome nor congenial; stuck to his beliefs; thrifty and honest
. . B. Republicans: nominates Coolidge by almost unanimous vote
. . . . 1. Platform: continuation of Fordney-McCumber Tariff, membership in World Court, int’l cooperation to prevent war, limitation of armaments
. . . . 2. Attitude toward League of Nations still in confusion
. . . . . . a. Favored League and worked with it, but didn’t join it
. . C. Democrats tore party apart at Democratic Convention
. . . . 1. William G. McAddo and Alfred E. Smith fight over ballots but eventually withdraw
. . . . 2. John W. Davis (conservative) nominated
. . D. Republicans won without contest
II. Corruption: Oil in the Cabinet
. . A. Background
. . . . 1. Oil reserves in Wyoming (Teapot Dome) and CA (Elk Hills) were set aside under Taft and Wilson for use of the navy
. . . . 2. Harding transfers Teapot Dome and Elk Hills reserves from Navy Dept (Secretary Denby) to Interior Dept (Secretary Fall)
. . . . . . a. Fall enters into secret, illegal, and corrupt deal with 2 oil mean: Harry Sinclair and Edward Doheny
. . . . . . b. W/o competitive bidding and at bargain price, Teapot Dome -> Sinclair; Elk Hills -> Doheny (friend of Fall)
. . . . 3. Fall resigns March 1923 much richer than he started
. . B. Investigation
. . . . 1. Fall received “loan” from Doheny and Sinclair charged no interest, put up no security, and no arrangement made for payment
. . . . 2. Fall jailed for accepting bribe; Doheny and Sinclair tried and acquitted; Supreme Court cancelled leases
. . . . 3. Secretary of Navy Denby resigns during the Senate investigations
. . C. A.G. Daugherty one of Harding’s appointees (“Ohio gang”)
. . . . 1. apparent ignorance of Justice Dept suggests incompetence
. . . . 2. Investigations brought gross irregularities; Daugherty was bribed by Prohibition law violators; knew of graft in Veteran’s Bureau but no action
. . . . 3. Tried for conspiracy and acquitted then forced to resign under President Coolidge
. . D. Colonel Forbes (head of Veterans’ Bureau) sent to jail for conspiring to sell narcotics, liquor and other gov’t property
. . E. Colonel Miller (Custodian of Alien Property) sold German chemical patents for tiny amounts: sent to prison for “conspiring to defraud gov’t)
III. Oil in Mexico
. . A. Background
. . . . 1. Mexican constitution of 1917 – Article 27: mineral wealth (oil) in Mexico belonged to gov’t and concession granted only to Mexican nationals
. . . . 2. US ready to accept view that Mexico could do what it wished with its natural resources as long as American investments not disturbed
. . . . 3. 1919: Obregon becomes President and gives no assurance of safety of US investments
. . . . . . a. US increases border patrol but tension relieved when Mexican Supreme Court declared everything before Constitution valid
. . B. Coolidge puts US-Mexico relations on right road to settlements
. . . . 1. 1924: President Calles embarks on revolutionary reform:
. . . . . . a. redistributes land, breaks power of Roman Catholic Church, confiscate foreign holdings in accordance to Article 27
. . . . 2. Coolidge sends Dwight W. Morrow as ambassador to Mexico
. . . . . . a. Morrow persuades President Calles that US approved of his revolutionary aims and only objected to confiscation of lawful property
. . . . 3. Morrow made himself very welcome ambassador
. . . . . . a. Sets pattern for for eventual solution of American investments in Mexican land and minerals
IV. Kellogg-Brian Treaty (Pact of Paris) (1928)
. . A. Sec. of State Frank Kellogg decides to give suitable recognition on 10 yr. anniversary to WWI
. . B. Brian and Kellogg set up multilateral agreement to outlaw war
. . . . 1. “outlawry of war”: pledge to reject war as instrument of international policy
. . . . 2. Made war a criminal act on part of any nation signing the agreement
. . . . 3. No force to back it up except moral influence of world opinion; war restricted to mean only offensive war
31st President Herbert Hoover (1929 – 1933)
The HOVER(Hoover) car flew over the castle MoaT(31). Unfortunately, he woke up from his NaP(29) because his MoM(33) pulled his ear.
I. Election
. . A. Republicans: nominate Herbert Hoover
. . . . 1. Coolidge chose not to run even though he could have had nomination
. . . . 2. Nominate Hoover: great capacity as administrator in Belgian Relief and as Food Administrator
. . . . . . a. Humanitarian and business person: combined sympathetic understanding of human needs with practical ability
. . . . 3. Platform: continuance of Prohibition and protective tariffs
. . B. Democrats: nominate Alfred E. Smith
. . . . 1. Platform: enforcement of Prohibition and anti-injunction of Clayton-Antitrust Act; independence of Philippines, and regulation of water resources
. . . . 2. favored repeal of Prohibition, 1st Roman Catholic to run for President, ties to Tammany Hall political machine
. . . . . . a. Popular in cities of Northeast but unpopular in West and South
. . C. Herbert Hoover wins overwhelmingly
II. National Origins Immigration Act (1929)
. . A. Est. a policy of immigration control: total immigration restricted and doors to American closed
. . B. Made law July 1, 1929: Made quota based upon population census
. . . . 1. 1921: 3% based on census of 1910
. . . . 2. 1924: 2% based on census of 1890 – in 1890, smaller proportion of eastern and southern Europeans, with others untouched
. . . . 3. Asians excluded; most drastic in its discrimination on basis of nationality
. . . . 4. Nation could send at least 100 provided total of 150,000 not reached; quotas not applied to Latin American or Canada
. . C. Immigration policy one subject Hoover and Smith agreed as unfair and arbitrary
. . D. McCarren-Walter Act (1952): modified 1929 law by including Asians in the formula
. . . . 1. Also kept out “subversives” and expel immigrant belonging to “Communist or Communist-front” organizations
. . E. Immigration Act of 1965: abolished system of national quotas
. . . . 1. provided “global quota” divided between “Western Hemisphere” and all other nations
. . . . 2. Relatives of US citizens and those with special skills give preference
. . . . 3. Resulted in increase in number of Asians and Hispanics entering US
III. Panic of 1929 and Depression
. . A. Causes
. . . . 1. Biggest: overspeculation in securities due to “gilded prosperity” of 1920s leading to rise in prices but not in value
. . . . 2. In 1920s, substantial part of goods sold to Europe purchased through US loans
. . . . . . a. When loans not repaid and no more made, business stopped
. . . . . . b. war-impoverished Europe was strong force pushing US down
. . . . . . c. By late 1920s, clear that most of Europe wouldn’t be able to pay most of war debts
. . . . . . d. By June 1931, President Hoover declares moratorium on $250 million war-debt due
. . . . 3. Farmers had been in depression since about 1920; had ripple effect
. . . . . . a. farm machinery companies slow, merchants feel pinch, and factories supplying rural retailers become idle
. . . . 4. Too many people poor and too few have most of the money = business stagnates
. . . . 5. Investment buying goes to great extremes: multiple unsound family financing results in unsound economy
. . B. Immediate results
. . . . 1. 15 million unemployed; pitiful shacks grew at dump sites into sizeable communities (“Hoovervilles”); $132 billion in nat’l income lost
. . . . 2. 1/3 of railroad mileage goes bankrupt; 5,500 banks close down between crash in 1929 to 1933
. . . . 3. Break lines too long and need for shelter too great for relief programs b =y cities, towns, and private charitable organizations to do much
. . . . 4. “Bonus marchers”: WWI veterans who want military bonuses given
. . . . . . a. Half of bonuses paid by Congress over Hoover’s veto in 1931
. . . . . . b. In July 1932, they demand other half; take a huge march on Washington asking for money
. . . . . . c. Although denied other half of bonus by Congress, many marchers stay behind because they are unemployed
. . . . . . d. Marchers finally driven off by tanks, tear gas, and some gunfire
. . C. Hoover tries to offset the Depression
. . . . 1. Federal Farm Board: keep prices up by buying farm products on the open market
. . . . 2. Business owners urged to maintain their payrolls at normal levels
. . . . 3. Federal gov’t supplied leadership at state and local levels in organizing voluntary relief agencies
. . . . 4. Dec. 1930: small program of public works calling for expenditures up to $150 million
. . . . 5. Feb 1932: Reconstruction Finance Corporation (RFC) formed: had $2billion to lend to railroads, insurance, etc.
. . . . . . a. Loans given to companies that RFC think would save it; if saved, loans repaid; if not, loans are lost
. . . . 6. July 1832: Relief and Construction Act passed: $3billion for public works of “self-liquidating” type
. . . . . . a. $300million set aside for laons to states unable to finance their relief burdens
. . D. Hoover backlash
. . . . 1. President Hoover is blamed for the depression and charged with doing nothing of relieving of depression
. . . . . . a. Public: spent billions for corporations (RFC) but none for individuals
. . . . . . b. Hoover felt that relief for individuals done by private charity and local lvls of gov’t
. . . . 2. Depression of 1930s first one that produced planning of gov’t – city, state, and federal
. . . . . . a. Previously, just waited out the depression (explains Hoover’s first goal of sitting it out)
IV. Hawley-Smoot Tariff (1930)
. . A. Hoover asked for slight revision of tariff; ended with considerable revision that pushed protection to new high
. . . . 1. brought protests from importers, bankers, and industrialists
. . B. Foreign reaction: 25 nations put up tariff barriers against American goods and foreign trade drops
. . . . 1. Depression important factor in decline in trade, but should be put at door of Hawley-Smoot Tariff
. . . . 2. Most American manufacturers built factories in European countries
Commentary: Harding’s election is something that I truly hope we do not return to: electing the good-looking man without knowing his political background. We can now see the digression from politics as a duty to the nation and turn toward politics as a career. True, it was evident in McKinley’s election, but Harding was such a poor President that it should actually start with him. I mean, who voted for this guy? He was so supportive of the spoils system and such a weak man that he died from the stress of office. I don’t think there has been any other President who crumbled and DIED from just the pressures in office. He must have been a truly weak person, and a weak person leading a nation prevents the nation from being strong. Thank goodness that Calvin Coolidge succeeded Harding and was truly an able President (although I wish Taft was after Harding).
What I find sort of interesting is that the book doesn’t point out that Hoover won overwhelmingly over Alfred E. Smith. Perhaps the man is angry that Hoover won? It is definitely interesting because there are other Presidents where he mentions it, but Hoover won over Alfred E. Smith over very high margins (444 vs. 87). I am beginning to see more clearly the biases of the author: socially liberal, fiscally moderate, and a Democrat. Of course, that is my opinion, so it is up for interpretation, but I wish I could meet the man who wrote this book and ask him personally what are his views and see if I am correct.