1919 - 1932 History

Post World War I through Hoover : 

Brian Surkan ~ The Walker School Post World War I through Hoover

Aftermath of WW I : 

Aftermath of WW I

Disillusioned Veterans Return Home : 

Disillusioned Veterans Return Home

Influenza Pandemic (1918 – 19) : 

Influenza Pandemic (1918 – 19)

Sacco and Vanzetti (1920) : 

Sacco and Vanzetti (1920)

Sacco and Vanzetti (1920) : 

Sacco and Vanzetti (1920)

Bomb on Wall Street (1920) : 

Bomb on Wall Street (1920)

Palmer Raids (1919-’20) : 

Palmer Raids (1919-’20)

Philosophic Choices : 

Philosophic Choices

Progressivism : 

Progressivism Gradually creating utopia on earth, one step at a time.

Prohibition : 

“After one year from the ratification of this article the manufacture, sale, or transportation of intoxicating liquors within, the importation thereof into, or the exportation thereof from the United States and all territory subject to the jurisdiction thereof for beverage purposes is hereby prohibited. “ - Amendment 18 (1919) Prohibition

Female Suffrage : 

“The right of citizens of the United States to vote shall not be denied or abridged by the United States or by any State on account of sex. “ - Amendment 19 (1920) Female Suffrage

Socialism : 

Socialism The needs of the many outweigh the needs of the few.

Socialism: Eugenics (1921) : 

Socialism: Eugenics (1921)

Socialism: Communism vs. Fascism : 

Communism Fascism Private property Strong central government Gov’t regulated contracts Gov’t directs production Heavy, progressive taxes Dissenters persecuted Goal: Enlightened Dictatorship All property communal Temporary dictatorship Equality of pay Gov’t directs production Heavy, progressive taxes Dissenters killed Goal: Benevolent Anarchy Socialism: Communism vs. Fascism

Communist Party of America (1919) : 

Communist Party of America (1919)

Fascism and Communism Popular : 

Fascism and Communism Popular

Post-War Economy : 

Post-War Economy

U.S. Recession (1919 – 1921) : 

Gold Standard: deflation of 13 - 18% Federal Reserve lowered interest rates Andrew Mellon cut Taxes (1921) Fordney-McCumber Tariff (1922) Stocks and goods purchased on credit U.S. Recession (1919 – 1921)

German War Reparations: Vicious Cycle : 

German War Reparations: Vicious Cycle

German Hyperinflation : 

German Hyperinflation

German Hyperinflation : 

German Hyperinflation

Roaring Twenties Culture : 

Roaring Twenties Culture

Flappers : 

Flappers

Jazz (Louis Armstrong) : 

Jazz (Louis Armstrong)

The Jazz Singer – First “Talkie” (1927) : 

The Jazz Singer – First “Talkie” (1927)

Technology : 

Technology

Radio (1920) : 

Radio (1920)

Ice Box : 

Ice Box

Refrigerator : 

Refrigerator

Electric Vacuum : 

Electric Vacuum

1920’s Technology : 

1920’s Technology

Model T Ford : 

Model T Ford

Telephone : 

Telephone

Charles Lindbergh (1927) : 

Charles Lindbergh (1927)

Out of Gas? : 

Out of Gas?

Post-war Recessions Worldwide : 

Federal Reserve postpones post-war depression Artificially low interest rates stimulate economy (1921 – 28) Increases interest rates rapidly to slow inflation (1928 – 29) Stock market collapses (1929) / deflation follows Worldwide economy heads into a depression Post-war Recessions Worldwide

Economic Distress: Banks : 

Growing losses from bad loans Forced banks / investors to contract credit Forced businesses and consumers to reduce debt Stock Brokers to issue margin calls Economic Distress: Banks

Economic Distress: Employment : 

Demand for goods decline -> price deflation Fewer goods -> companies cut production Lower production -> led to layoffs Layoffs lead to less consumption Economic Distress: Employment

Post-Crash of 1929 Problems : 

Growing Unemployment Deflation Failing Banks International Distress (Debt Payments) Vocal (Socialist) Opposition to Capitalism Post-Crash of 1929 Problems

Enter Herbert Hoover : 

Wealthy businessman in global mining Extensive private charity work during / after WWI Brought food and clothing relief to poor “To Hoover” meant to do good in Finland “Hoover Lunches” were free food for kids in need Secretary of Commerce (1921 – 1929) President (1929 – 1933) Conflicted by opposing personal desires to: Actively help people in need Not expand government to provide charity Regulate business activity centrally Enter Herbert Hoover

Hoover Responds (1929 – 1930) : 

Wanted to keep wages, prices and employment high Tried to convince business leaders to ignore market forces Agricultural Marketing Act (1929 – before stock crash) Authorized Federal Farm Board to buy/sell farm products Protectionist Hawley-Smoot Tariff Act (1930) Raised prices on over 2,000 imported goods 1,028 Economists signed petition against the bill Foreign countries responded with tariffs on American goods Public works construction - boost employment (1930) Hoover Responds (1929 – 1930)

Hoover Admin. Responses (1931 – 1933) : 

Democrats took control of House of Reps (1931) Small Republican Senate majority Some Republicans were Progressives (i.e., left-leaning) One-year moratorium: war loan repayment (1931) Affects U.S. Banks / Lending institutions Japan Conquers Manchuria in China (1931) Breaking Washington Naval Treaty of 1922 Hoover Admin. Responses (1931 – 1933)

Hoover Admin. Responses (1932 – 1933) : 

Fends off “Bonus Army” with real army (July 28, 1932) WWI Veterans promised bonuses in 1945 but wanted them early Revenue Act of 1932 Marginal tax rate raised from 25 to 63% Doubled estate taxes Raised corporate taxes by 15% Reconstruction Finance Corporation (1932) Loans made to banks/businesses (esp. RR) in distress Norris-La Guardia Anti-Injunction Act (1932) Begged FDR to boldly state his intentions (1933) Anything is better than uncertainty in business Hoover Admin. Responses (1932 – 1933)

Response to Hoover : 

Hoover blamed for distress “Hoovervilles” – shanty / tent towns of homeless “Hoover wagons” – cars pulled by horses “Hoover blanket” – old newspaper used as blanket “Hoover flag” – empty pocket turned inside out “Hoover leather” – cardboard used to replace shoe sole Conservatives accused him of being a socialist Socialists accused him of not going far enough Canadians did same to leader: “Bennet Buggies” Response to Hoover

Hoover Takes the Blame : 

Hoover Takes the Blame

Economic Distress? Change Parties! : 

Franklin D. Roosevelt: “Conservative” Democrat Accused Hoover of recklessly expanding government power Promised reduced expenditures & balanced budget Keep a “sound currency” (gold standard) “at all hazards” Regulation of banks, holding companies, utility rates Unemployment and old age protection “under state laws” Sought to appear bold, but without specific policies Willing to change only “foolish” traditions Surrounded himself with a “Brain Trust” of intellectuals Repeal Constitutional Amendment 18 (Prohibition) Sought to help “the forgotten man at the bottom” 1932: BIG Democratic Victory: FDR / House / Senate Economic Distress? Change Parties!

Sources : 

http://www.hyperhistory.com/online_n2/connections_n2/great_depression.html http://www.historyplace.com/worldwar2/timeline/ww2time.htm http://en.wikipedia.org/wiki/Events_preceding_World_War_II_in_Europe http://en.wikipedia.org/wiki/Timeline_of_World_War_II http://en.wikipedia.org/wiki/Transatlantic_flight http://www.presidency.ucsb.edu/medialist.php?presid=32 http://www.pbs.org/wgbh/amex/rails/timeline/index.html http://www.yourememberthat.com/files/119811e40fad3bb9.jpg https://woodward8.wikispaces.com/file/view/Hoovervilles.jpg http://images.businessweek.com/ss/07/04/0426_dow/image/2_great_depression.jpg http://farm4.static.flickr.com/3159/3109349739_d46051931f.jpg http://www.subprimeblogger.com/wp-content/uploads/2008/12/depression-vs-recession.jpg http://www.loc.gov/exhibits/treasures/trm203.html Influenza: http://www.britannica.com/blogs/2009/05/influenza-ah1n1-swine-flu-update/ Sources