January 1927
Average Unemployment: 3.3%
Dow Jones Industrial Average: 155
Summary
As the a recession taking place between 1923 began to take place, many people were losing their jobs and struggling businesses began cutting wages, however, the county was able to bounce back fast. Calvin Coolidge and Herbert Hoover had many difference in terms of political reputation, personalities, and ideas, exaggerating the differences by making Coolidge seem more demure and silent while Hoover fiery and passionate. Adding to Hoover's reputation was his assistance and help during the flood of 1927 in the Mississippi, therefore building up his reputation. Their different personality and backgrounds, political achievement both nationally and internationally, and differing views of their approach to politics place them at odds with each other and eventually leading for more political opportunities for Hoover. Occurring this time was the introduction of electricity, via Thomas Edison into society, revolutionizing industry and standard of living and giving birth to new ideas for engineers and other people. Also during this time was the massive amount of immigration into the US, diversify the economy, social classes,and allowing immigrants to become symbols of success as a result of the American Dream.
Key Terms:
Sam Insull
Henry Clay Frick
Andrew Mellon
The Beneficent Man
Laissez-Faire
Father Divine
Ford
Hoover Dam
John L Lewis
Kyshtim
The Dow
The Gold Standard
The Gilded Age
The Recession of 1920
The Gospel of Plenty
Theodore Roosevelt
Questions:
How had Hoovers international experiences and career in geology helped shed a more revering light on him, making him seem more assertive and prominent than Coolidge?
Although Coolidge and Hoover were so different in every almost every aspect, why did Hoover loyally support Coolidge during the election of 1924?
Is Mellon's formula of "invest in the private sector, do not intervene too much, wait silently, and the returns would be all the greater" (Page 26, Shlaes) still work and apply in today's world of bushiness and investments?
How had Europe hindered and placed itself behind the growing U.S by not acknowledging engineering as a profession?
How were Hoovers and Mellon's philosophies alike and how were they different?
What was the significance of the gold standard, what kind of people supported it and why? And what kind of people opposed it and why?
Herbert Hoover on his way to attend the American Legion Convention
Calvin Coolidge
Jewish immigrants migrating to America in search of new opportunities
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