Teapot Dome Scandal
Secretary of the Interior Albert Fall leased oil-rich public lands in Wyoming to private investors w/o competitive bidding. He received a bribe of $100,000
Republican laissez-faire economics
Lack of govt. regulation (laissez-faire economics) led to corporations expanding & antitrust laws being ignored
attack on Progressive legislation
The Supreme Court reversed previous rulings on progressive legislation
isolationism
Isolationism set in after the Great War (foreign policy approach where a country seeks to minimize its involvement in international affairs and conflicts)
Washington Naval Conference (Five-power Four-power, and Nine-
power treaties)
Disarmament between the major powers was the major focus of the conference (1921-22)
The Five-Power Naval Treaty limited the amount of ship tonnage available to the U.S., G.B., France, Italy, & Japan
The Four-Power Treaty bound the U.S., G.B., Japan, & France to respect the status quo in the Pacific
The Nine-Power Treaty aimed at keeping the Open Door commitment in China
Kellogg-Briand Pact
62 nations agreed not to engage in offensive wars (defensive wars were still permitted). The naval treaties & this pact lulled the U.S. into a false sense of security. Other nations continued to militarize, leaving the U.S. behind
Fordney-McCumber Tariff
Tariffs rose as high as 38.5%
Hawley-Smoot Tariff
The highest tariff in the nation’s peacetime history: 60%
McNary-Haugen Bill
Aimed to keep agricultural prices high by allowing the gov’t to buy up surplus goods & sell them abroad. Coolidge vetoed this bill twice
Dawes Plan
In 1924, the Dawes Plan rescheduled German reparations payments by allowing U.S. bankers to loan money to the Germans, who would then pay reparations to G.B. & France, who would then pay their debt to the U.S.
“rugged individualism”
The belief that anyone could be successful (Hoover)
Oct. 29, 1929
The stock market crashed on Oct. 29, 1929: “Black Tuesday”
Hoovervilles
Shanty towns that the unemployed built in the cities during the early years of the Depression; the name given to them shows that the people blamed Hoover directly for the Depression.
causes of the Depression
Overproduction by both farm & factory, unequal wealth distribution, overexpansion of consumer credit, buying stocks “on the margin,” financial problems in the U.S. & Europe (stemming from WWI)
Reconstruction Finance Corp.
Provided loans to insurance companies, banks, agricultural organizations, railroads, etc.
Norris-LaGuardia Anti-Injunction Act
Outlawed yellow-dog contracts, forbade federal courts from issuing injunctions for nonviolent strike behavior, & protected collective bargaining
Bonus Army
Veterans, organized through the American Legion, wanted “adjusted compensation” to replace lost wages due to the war
Stimson Doctrine
Stated that the U.S. would not recognize territorial gains made by force
“Good Neighbor” policy
Hoover sought to be a “Good Neighbor” to Latin American nations by abandoning the interventionism of TR’s time
Election of 1932
FDR vs. Hoover
The Brain Trust
Wrote FDR’s speeches
FDR’s “Three R’s”
Relief, Reform, Recovery
The First Hundred Days
More legislation passed than normal; first 100 days of FDR’s 1st term. Immediate goals = relief & recovery.
New Dealers’ Progressive Ideas
Unemployment, old-age insurance, conservation, development of natural resources, restrictions on child labor.