Reference no: EM133132052
1. Both of the major party candidates for president in 1920 were from Ohio.
2. Harding's main campaign theme for the presidency was a return to "normalcy."
3. While running for office, Harding exclaimed that, "We need vastly more taxes than we do regulation."
4. In President Harding's inaugural address, he used the term "depression" eight times.
5. While the total of the national debt before WWI was about $1 billion, after the war the interest on the debt was about $1 billion per year.
6. Although President Harding argued strongly for a bonus payment to veterans, the Congress voted down this bill.
7. Andrew Mellon was described as having a thin frame and an unhealthy handshake.
8. New York Fed President Strong wanted higher interest rates even in the summer of 1921 regardless of the political consequences.
9. The final tax bill passed by Congress in 1921 eliminated the excess profits tax but also instituted a new capital gains tax.
10. Following the bombing on Wall Street in the fall of 1920, the stock exchange closed for a week before resuming trading.
11. As bad as economic conditions were in the U.S. by the fall of 1920, they were much worse in Europe.
12. Despite the call by labor leaders to resist wage decreases, major industries such as wool, iron and steel reduced wages by some 10% to 20%.