Review of Harding, Coolidge, and Hoover Era (1917-1929)

Senator Harding's Understanding of Public Sentiment: Recognized the public's desire for peace and tranquility.
May 1920 Speech: Harding spoke to a Boston audience, termed his style “bloviating.”
- Quote: "America’s present need is not heroics, but healing; not nostrums, but normalcy… not experiment, but equipoise."
Penrose's Warning: Pennsylvania Senator Boies Penrose warned Republicans to keep Harding from making speeches;
- Quote: "If he goes out on a tour, somebody’s sure to ask him questions, and Warren’s just the sort of … fool that’ll try to answer them.”
Nomination: Harding nominated as the Republican candidate later in 1920.
Campaigning Strategy: Campaigned from his porch, promising a return to “normalcy.”
Election Result: Won over 60% of the vote.
- Concept of Normalcy: Focus on domestic prosperity over international affairs present during Wilson’s presidency.
Inaugural Address: First president utilizing amplification technology for his speech; emphasized the need for less government involvement in business.
Public Perception: Harding's approach was immediately understandable to the public.

Background: Pre-politics, Harding owned a newspaper; his campaign manager Harry Daugherty stated, "He looks like a president."
Characterization: Known as a man of limited talents but popular due to his affable manner and commitment to free enterprise.
Free Enterprise: Economic system characterized by private ownership of property.
Fiscal Policy Initiatives:
- Repealed wartime tax increases and cut federal spending.
- Harding's budget director, Charles Dawes, increased efficiency, saving over a billion tax dollars annually from a budget totaling less than $5 billion.
- Resulting surplus was allocated toward national debt.
- Positive Economic Indicators: Prices dropped, and unemployment fell from nearly 12% to just above 2% by 1923.

Friendship & Trust: Harding appointed friends to significant government posts; known as the "Ohio Gang."
Corruption:
- Harry Daugherty accepted bribes; Albert Fall leased oil reserves unlawfully, bribed with $360,000.
Fall's Resignation: Came after the scandal became public, leading to widespread distrust in national governance.
Harding's Defense: Stated, "If Albert Fall isn't an honest man, I am not fit to be president of the United States."

Oath of Office: Coolidge was sworn in on August 3, 1923, at his family's Vermont farm.
Personality: Known as "Silent Cal," reflecting New England’s values of integrity and hard work.
Business Philosophy: Believed in promoting business as a worthy calling.
- Key Quote: “The man who builds a factory builds a temple.”
Electoral Victory: Coolidge won the 1924 election easily, endorsed business-friendly policies.

Tax Reductions: Worked with Treasury Secretary Andrew Mellon to cut various taxes.
- Types of Taxes Cut: Corporate, income, inheritance.
Budget Cuts: Noted for slashing the White House budget and reducing operational costs.
Public Expectation: Many assumed Coolidge would run in 1928, but he surprised everyone by declining to seek reelection.

Personal Background: Born in 1874 in Iowa, orphaned young, became a millionaire engineer.
Public Service: Known for his leadership role in World War I feeding programs and later appointed Secretary of Commerce by Harding.
Economic Philosophy: Promoted "associationalism"—collaboration among industry leaders to enhance efficiency.
Campaign Promise: "End Poverty as We Know It."

1928 Presidential Campaign: Hoover declared a near end to poverty, leveraging past economic policies' successes.
Isolationist Attitudes: Despite wartime experiences, Hoover recognized the interdependence of international trade.

Harding's Statement: "We seek no part in directing the destinies of the Old World."
League of Nations: Despite previous support, Harding’s administration ignored the League, and mail remained unopened.
World Court Participation: Supported U.S. membership to try to resolve international disputes; however, U.S. membership was complicated by Senate reservations.

Washington Naval Conference (1921): Harding proposed scrapping U.S. warships, leading to agreements on reducing naval capacities with other countries.
Kellogg-Briand Pact (1928): Aimed to outlaw war, signed by 62 nations. However, allowed for defensive wars, leading to skepticism.

Addressing War Debts: Created a circular loan process where the U.S. loans money to Germany, enabling reparations to be paid to Great Britain and France, subsequently repaying U.S. loans.

Latin America: Troop reductions in countries like Nicaragua and the Dominican Republic; Hoover emphasized nonintervention.

GNP Growth: Between 1921 - 1929, the GNP rose by 40%.
Manufacturing Output: By 1929, the U.S. produced 40% of global manufactured goods.

Automobile Industry: Mass production revolutionized, significantly lowering costs and prices; Henry Ford’s innovative model cut production times and raised worker wages.
Airplane Industry: Flourished post-WWI with construction and commercial prospects expanding.
New Products: Plastics and synthetics transformed various industries; radio production exploded, reaching high sales figures.

Increased Size and Efficiency: Antitrust laws were largely ignored during the Republican Era; businesses grew significantly.
Key Companies: By 1929, Ford, General Motors, and Chrysler controlled 90% of the auto market.
Community Impact: Consolidation led to declines in small businesses, leading to an anti-chain store movement.

Ponzi Schemes and Florida Land Boom: Many Americans fell victim to risky investments and speculative schemes seeking quick profits.
Stock Market Influence: Ownership shifted to the middle class; stock market participation increased significantly, raising stock values drastically.

Economic Disparities: While the economy boomed, many groups, particularly farmers and marginalized ethnic groups, struggled, reflecting systemic inequality in prosperity distribution.
Labor Conditions: Unskilled laborers were exploited, with job loss and wage discrimination prevalent.