Annual Salary: $39,000

Stock Market Prices Ford Motor Company – $9.41 per share John Deere – $154.88 per share General Electric – $7.50 per share Coca-Cola - $50.40 per share ExxonMobil - $79.50 per share Apple - $179.58 per share Disney - $115.49 per share

1925 Wedding: $10,000 Venue Flowers Decorations Band Wedding Cake $100 credit each for Chanel No. 5 and hairdryer for your wedding! “The Lexington” six-bedroom home – Rent: $176.70/mo. Buy: $59,372.04 Florence Home value: $28,272

1925 The Man in the Brown Suit – Agatha Christie - $6.96 Ornate black enamel mantel clock - $101.33 Q-Tips - $3.48 Wheaties - $3.48/wk

The Roaring Twenties

Making the ‘20s Roar

The Roaring Twenties Called the “Roaring 20s” because of the era’s economic boom The average wage increased 22% Work hours and days decreased, leaving more time for entertainment (40 hour wk/5 days) Many Americans were getting a vacation for the very first time.

Master Mellon Andrew Mellon: Secretary of Treasury throughout 1920s; believed government should operate like a business Supply-side/“Trickle-down” economics: Tax cuts (esp. for wealthy)  More disposable income Invest/spend extra $ Government has more $ to tax Goals: balance the budget, reduce government debt, and cut taxes.

Changes to Business Modern organizational business structures Creation of divisions in business, e.g. marketing department Increase in the use of managers helped the middle class grow Welfare capitalism: Companies provide opportunities and services to employees to encourage loyalty and productivity (e.g. medical benefits, pensions, etc.) Unionization lost popularity – times were good, so why join a union?

Stock Market Terms Stock Buying on Margin Speculation Bull Market Bear Market Market Chicken Market Pig

The Stock Market

Changes because of the Crash The Glass-Steagal act of 1932 The Banking Act of 1933 Setup the Federal Deposit Insurance Corporation, guaranteeing all bank deposits up to a maximum of $10,000 in an attempt to avoid another bank panic. (now $250,000) Federal Emergency Relief Administration in The Securities and Exchange Act of 1934 The Social Security act of 1935 The Works Progress Administration of 1935, renamed the Works Projects Administration in 1939 (the WPA either way The Fair Labor Standards Act of 1938

The Republican Decade

The Republican Decade Labor unions struggle Isolationism/ Protectionism Labor unions struggle Laissez faire economics High tariffs Fordney-McCumber Tariff raised rates to 38%, helping domestic business, but hurting European countries that needed to export to the US to pay back their WWI debts. Removal of anti-trust laws Tax cuts

A Return to “Normalcy” Warren G. Harding’s promise to return to “normalcy” after the war – a return to pre-WWI America Ohio Gang: Friends and political allies from Ohio that Harding appointed to high government positions Many were corrupt He was tall and handsome, and looked the part of President Was gullible and of average intelligence Harding was chosen because he was “folksy” – a man of the people, as a contrast to Wilson’s elitist professorial persona. Ohio Gang: Sold government positions, gave criminal pardons, laundered money, etc.

Teapot Dome Scandal Oil is found near Teapot Dome, WY Sec. of Interior Albert B. Fall had the land secretly placed under his control, accepting bribes for oil drilling rights Word leaked out and the case dragged on for six years, adding jury and evidence tampering to the scandal Teapot Dome Scandal

“Stay Cool with Coolidge” Calvin Coolidge Conservative, isolationist, very pro-business Dawes Plan: US loaned $200 million to Germany so they could pay their WWI debts, which would allow GB and France to pay the US back “The chief business of the American people is business.” Harding dies of pneumonia Charles Dawes, an American banker and current VP, gave a $200 million loan from US banks would help stabilize the German economy It set a more realistic repayment plan than the German reparations plan under the Treaty of Versailles They could pay back Britain and France, who could then repay the US

Tough Times on the Farm WWI = High farm prices (feeding an army!) Post-WWI = drop in demand + high cost of farm equipment  low farm prices many farmers in extreme debt (only group that didn’t benefit from the 1920s) Congress tried to pass laws to help farmers; vetoed by Coolidge 2x (not the government’s job to bail people out) Congress tried to keep agriculture prices high by buying surpluses and then selling them to other nations. The idea was vetoed twice by Coolidge.

Election of 1928 Herbert Hoover (R-OH) vs. Alfred E. Smith (D-NY) Hoover’s election: Highly influenced by radio “A chicken in every pot, and a car in every garage" “rugged individualism”: America had been made by strong, self-sufficient individuals; they should solve their own problems by working harder Herbert Hoover became the nominee for the Republicans, promoting “rugged individualism” - America had been made by strong, self-sufficient individuals Democrats nominated NY Governor Alfred E. Smith, a well-liked man, but he was Catholic, which was the death blow for the South. With the popularity of the radio, Hoover had the advantage over Smith’s grating New York accent.

Historical Holiday Extra Credit Create a holiday decoration that represents a historical figure or event we have studied this semester. The decoration must be your own design, and must be three-dimensional (i.e. not just a picture drawn on paper). Answer the following questions on a separate piece of paper and turn in with your decoration. What event or figure did you choose for your decoration? Why did you choose it? What is the significance of your person/event in U.S. History? Explain your reasoning and process for creating the decoration in the way you did. If there was going to be a holiday movie made about your person or event, what would it be about? Up to 20 Points Extra Credit Due Friday, December 10, 2018