1. Political Developments of the Post WWI Era The Republicans Rule

2. Economic Developments “Golden Twenties” w New industries and fields: autos, chemical, radio, movies etc. w Output and profits increased. Flaws in the Business Boom - w Coal mining, textiles, agriculture, and the railroads. Purchasing power could not keep up with the increasing output of goods.

3. Warren G. Harding w Conservative Republican “Return to Normalcy.” w Favored less gov’t, reduced federal spending and restricted use of Pres. Powers. w Pro-business, higher tariffs, lower taxes, lax gov’t regulatory agencies, leaned toward isolationism.

4. Scandals at the National Level w Charles Forbes. Veterans Bureau. Embezzled millions. w Harry M. Daugherty. Attorney General. Received kickbacks in the rigged sale of government property. w Albert Fall. Secretary of the Interior. Teapot Dome Scandal. w Could you compare and contrast the Grant and Harding administrations?

5. Significant Foreign Affairs w Return to Isolationism. Rejection of the Treaty of Versailles and non-participation in the League of Nations. Washington Conference. (1921-1922) w Five-Power Agreement: provided for partial naval disarmament. w Nine-Power Agreement: pledged respect and territorial integrity of China.

6. Silent Cal takes over. Election of 1924. w Coolidge/Republicans. w John Davis/Democrats w Robert La Follette & Progressive Party. w Coolidge won easily. But, La Follette polled over 5 million votes. w “The business of America is business.”

7. Domestic Legislation w Emergency Quota Act of 1921. Set quotas for “preferential” immigrants. w Immigration Act of 1924. Tightened immigration restrictions. Replaced the 1921 act. w Soldier’s Bonus Act of 1924. Provided WWI vets with paid up life insurance policies.

8. Foreign Affairs w Kellogg-Briand Pact. (1928) Signed by 62 nations. Outlawed aggressive war?

9. Herbert Hoover w Election of 1928. w Hoover v. Al Smith. w Hawley-Smoot Tariff of 1930. Highest protective tariff in history. Implications worldwide?

10. Stock Market Crash w Overspeculation in real estate and stocks. w October 1929. w Beginning of the the Great Depression

11. Reasons for the Crash w 1. Stocks were Overpriced. w 2. Massive Fraud and Illegal Activity w 3. Margin Buying w 4. Federal Reserve Policy. w 5. Public Officials' Repeated Statements