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James Frawley

Mr. McGoldrick
US History
30 May 2014
Identifications: Chapter 28
Herbert Hoover The man who had the unfortunate timing to become president before
the Stock Market Crash was really something of an economic genius and a self-made
millionaire. Herbert Hoover was a mining engineer who traveled the globe overseeing
numerous projects. During World War I his organizational skills were instrumental in
running the US Food Administration, which was responsible for supporting the Allies
with food they could not grow for themselves. Hoover served as secretary of commerce
in the biggest decade of commerce in American history, the Roaring Twenties. Once the
Great Depression began during his presidential administration, Hoover hoped natural
economic forces would fix the problem. He was eventually convinced, however, to
extend federal loans to banks and large corporations through his Reconstruction Finance
Corporation. Defeated in the landslide victory of Franklin Roosevelt in 1932, Hoover
applied his organizational skills to a review of how the executive branch of the United
States government was run, otherwise known as the Hoover Commission. Herbert
Hoover was another capable man who, like Martin Van Buren, assumed the presidency at
a time when nothing he did would be viewed positively. He was, and likely will remain,
Americas last isolationist president. His viewpoint was that the stock market would
have fixed itself using natural economic flow. He is significant today because he was the
president during the stock market crash.
Warren Harding He was the twenty-ninth President of the United States, from 1921 to
1923, a Republican from Ohio who served in the Ohio Senate and then in the United
States Senate, where he played a minor role. With the Republican convention near
deadlock, Harding was chosen as an inoffensive compromise candidate in the 1920
election. He brought on board leading advertising experts, especially Albert Lasker, to
publicize his presidential appearance and conservative promises. He promised America a
return to normalcy, with an end to violence and radicalism, a strong economy, and
independence from European intrigues. Harding represented the conservative wing of the
GOP in opposition to progressive followers of the late Theodore Roosevelt and Senator
Robert M. LaFollette, Sr. He defeated Democrat and fellow Ohio newspaper publisher
James M. Cox with the largest popular vote landslide: 60% to 34%, in presidential
history. His viewpoint was that he could help return America to a state of normalcy.
He is significant today because he was a very popular president that did what was
Calvin Coolidge He was the thirtieth President of the United States, from 1923 to
1929. A Republican lawyer from Vermont, Coolidge worked his way up the ladder of
Massachusetts state politics, eventually becoming governor of that state. His conduct
during the Boston Police Strike of 1919 thrust him into the national spotlight and gave
him a reputation as a man of decisive action. Soon after, he was elected as the 29th Vice
President in 1920 and succeeded to the Presidency upon the sudden death of Warren G.
Harding in 1923. Elected in his own right in 1924, he gained a reputation as a small-
government conservative, and also as a man who said very little. His viewpoint was a
conservative one in regards to politics. He is significant today because he became
president from vice president because of the current presidents assassination then was
later elected as president properly.
Teapot Dome Scandal It was a bribery incident that took place in the United States
from 1920 to 1923, during the administration of President Warren G. Harding. Secretary
of the Interior Albert B. Fall leased Navy petroleum reserves at Teapot Dome in
Wyoming and two other locations in California to private oil companies at low rates
without competitive bidding. In 1922 and 1923, the leases became the subject of a
sensational investigation by Senator Thomas J. Walsh. Fall was later convicted of
accepting bribes from the oil companies. Its viewpoint was that oil companies could get
cheap naval oil given to them from the secretary of the interior in exchange for bribes. It
is significant today because it was a large scandal in our countrys history.
Stock Market Collapse It is a sudden dramatic decline of stock prices across a
significant cross-section of a stock market, resulting in a significant loss of paper wealth.
Crashes are driven by panic as much as by underlying economic factors. They often
follow speculative stock market bubbles. The most significant was also known as Black
Tuesday or the Stock Market Crash of 1929, began in late October 1929 and was the
most devastating stock market crash in the history of the United States, when taking into
consideration the full extent and duration of its fallout. The crash signaled the beginning
of the 10-year Great Depression that affected all Western industrialized countries. Its
viewpoint was that it would be difficult to recover from it. It is significant today because
it caused the Great Depression, which affected all industrialized companies.
New Deal It was a series of domestic programs enacted in the United States between
1933 and 1936, and a few that came later. They included both laws passed by Congress
as well as presidential executive orders during the first term, from 1933 to 1937, of
President Franklin D. Roosevelt. The programs were in response to the Great
Depression, and focused on what historians call the 3 Rs: Relief, Recovery, and Reform.
That is Relief for the unemployed and poor; Recovery of the economy to normal levels;
and Reform of the financial system to prevent a repeat depression. Its viewpoint was that
it would help improve the economy and American life greatly. It is significant today
because it helped to push back against the Great Depression.
TVA It is a federally owned corporation in the United States created by congressional
charter in May 1933 to provide navigation, flood control, electricity generation, fertilizer
manufacturing, and economic development in the Tennessee Valley, a region particularly
affected by the Great Depression. The enterprise was a result of the efforts of Senator
George W. Norris of Nebraska. TVA was envisioned not only as a provider, but also as a
regional economic development agency that would use federal experts and electricity to
rapidly modernize the region's economy and society. Its viewpoint is that they could
improve life in the Tennessee Valley. It is significant today because it is still in use to
help the people of the Tennessee Valley Society.
CCC It was a public work relief program that operated from 1933 to 1942 in the United
States for unemployed, unmarried men from relief families, ages 18 to 25 as part of the
New Deal. Robert Fechner was the head of the agency. It was a major part of President
Franklin D. Roosevelt's New Deal that provided unskilled manual labor jobs related to
the conservation and development of natural resources in rural lands owned by federal,
state and local governments. The CCC was designed to provide jobs for young men, to
relieve families who had difficulty finding jobs during the Great Depression in the United
States while at the same time implementing a general natural resource conservation
program in every state and territory. Maximum enrollment at any one time was 300,000;
in nine years 3 million young men participated in the CCC, which provided them with
shelter, clothing, and food, together with a small wage of $30 a month; $25 of which had
to be sent home to their families. Its viewpoint was that they could give unskilled
workers jobs as well as conserve the environment. It is significant today because it gave
jobs to many people throughout the Great Depression.
SEC It is an agency of the United States federal government. It holds primary
responsibility for enforcing the federal securities laws and regulating the securities
industry, the nation's stock and options exchanges, and other activities and organizations,
including the electronic securities markets in the United States. In addition to the
Securities Exchange Act of 1934 that created it, the SEC enforces the Securities Act of
1933, the Trust Indenture Act of 1939, the Investment Company Act of 1940, the
Investment Advisers Act of 1940, the SarbanesOxley Act of 2002, and other statutes.
Section 4 of the Securities Exchange Act of 1934 created the SEC. Its viewpoint was that
regulation of commerce and other things would make America a better place. It is
significant today because the SEC still exists in America.
Social Security It is primarily the Old Age, Survivors, and Disability Insurance federal
program. The original Social Security Act, from 1935, and the current version of the Act,
as amended, encompasses several social welfare and social insurance programs. Social
Security is funded through payroll taxes called Federal Insurance Contributions Act tax
and/or Self Employed Contributions Act Tax. Tax deposits are collected by the Internal
Revenue Service (IRS) and are formally entrusted to the Federal Old-Age and Survivors
Insurance Trust Fund, the Federal Disability Insurance Trust Fund, the Federal Hospital
Insurance Trust Fund, or the Federal Supplementary Medical Insurance Trust Fund,
which comprise the Social Security Trust Funds. With a few exceptions, all salaried
income, up to a specifically determined amount by law has an FICA and/or SECA tax
collected on it. All income over said amount is not taxed, for 2014 the maximum amount
of taxable earnings is $117,000. Its viewpoint is that they can provide welfare and
assistance to citizens. It is significant today because it still exists and is still a type of
welfare/insurance used in New York State.