The Politics of Boom and Bust
Big ideas matter. Here are the most important themes for this chapter.
The over-arching theme of chapter 32 is that 20s politics were a time of corruption and business running wild, kind of a throwback to the Gilded Age of the late 1800s.
- President Harding had several scandals underneath him, notably the Teapot Dome Scandal over oil.
- America entered into policies of “isolationism” whereby the U.S. just wanted to look after itself and leave Europe alone.
- Coolidge was very pro-business, following a “hands-off” approach by government.
- Hoover held the same ideas with his “rugged individualism” phrase. When the Stock Crash hit and Great Depression started, Hoover was very reluctant and slow to take government action.