2. The Harding Administration Harding’s Appeal Harding’s Appeal – “Normalcy” The Ohio Gang The Ohio Gang – Cronyism – “the Teapot Dome Scandal” An Undignified Exit An Undignified Exit – Died on western trip, Aug 1923 – Self-Doubts confirmed Our worst President? Our worst President?

3. Cool Cal Takes Over “The Business of America is Business” “The Business of America is Business” – Return of Laissez-Faire Contrast with Harding Contrast with Harding – Wise appointments Andrew Mellon Andrew Mellon Herbert Hoover Herbert Hoover – Popular Policies Balanced Budget Balanced Budget Supply-Side Economics Supply-Side Economics Cooperative individualism Cooperative individualism

4. A Booming Economy New Industries – Mass production and the assembly line Henry Ford’s Model T revolutionizes travel Ford increase wages, shortens workday Gas Stations and Garages – Airline Industry 1928: 48 airlines serving 355 American cities – Radio NBC and CBS set national network of Stations

5. The New Middle Class Consumer society Consumer society – Professional managers and engineers – Increased disposable income electric razors, frozen foods, cleaning supplies electric razors, frozen foods, cleaning supplies – Madison Ave: Rise of the Advertising Industry – Availability of Credit – Weakening Unions Welfare capitalism and open shops Welfare capitalism and open shops

7. Foreign Policy Isolationism Isolationism – Americans weary from foreign entanglements – U.S. Rejects League of Nations, but still active War Debt War Debt – Dawes’ Plan and circular debt Washington Conference (1925) Washington Conference (1925) – Five Powers treaty: 10 year naval freeze – Colonial territories recognized Kellogg-Briand Pact (1928) Kellogg-Briand Pact (1928) – Treaty to outlaw war