Study Guide Chapter 32
Chapter #32:
IDENTIFICATIONS
Andrew Mellon- During Hardings term, he was the secretary of state and stayed in this position from 1921 to 1932.
Herbert Hoover- During Harding's term, he was the secretary of commerce and once Coolidge was finished with his second term, he ran as president for the election of 1928. he represented the Republican party and was able to be elected. Once he was in office, he did not make correct choices as the economy of America went down. Soon he would be the one to blame for the Great Depression.
Albert B. Fall- He was the United States senator for New Mexico and was the secretary of interior during Harding's term. At that time he was in charge of the Teapot Dome which involved oil. It was said that he put oil land under his name and then accepted bribes for oil drilling rights to people.
Robert LaFollette- For the election of 1924, Robert LaFollette was the presidential candidate for the progressive party. In the end, Coolidge was reelected, but the total amount of votes for LaFollette was a good 9 million votes.
Alfred E. Smith- In the electino of 1928, he was the presidential candidate for the democratic party. He is notorious for being a part of the Tammy Hall and gained votes because of the eighteenth amendment. In the end, he lost against Hoover in a land slide. In the future he would become a vocal appointment against FDR's New Deal.
Ohio Gang- This was a network of politicians surrounding President Harding. Many of them come in when he was a politician in Ohio. These people became a part of scandals and end up in prison or suicide.
Washington Conference- This was a military disarnment conference called by President harding and involved nine nations including, Great Britain, France, China, Italy and Japan. The Soviet union was not invited to this conference. The result of this meeting were three treates Four-Power Treaty, Five-Power Treaty, and Nine-Power Treaty.
Kellogg-Briand Pact- This act was brought about by secretary of state Kellog during Coolidge's term that outlawed war. Even though it was a beautiful oath, at the same time, it was also naive.
Fordney-McCumber Tariff Law- In order to protect AMerican goods against European chead goods, this tarrif was pased to raise the percentage from 27% to 38.5%. Although this was good for American businesses, Europe still needed to pay back war debts, and they couldn't compete with this tarrif in place. The result was that America wasn't going to get their money back.
Teapot Dome Scandal- The secretary of interior during Harding's term Albert B. Fall was in charge of this scandal. He placed oil land under his name and then received bribes from people for oil drilling rights.
Dawes Plan- America wasn't getting money that Europe owed them from the war, so in order to get the debts payed off, Dawes proposed his Dawes Plan to loan money to Germany which they will pay back to France and England which they will give to America. It was a cycle to clean Europe's debt but America really wasn't receiving any pay with this plan.
Hawley-Smoot Tariff- This tariff raised the percentage even higher than the Fordney-McCumber Tarrif Law that pushed the rate up to 60%.
Reconstruction Finance Corporation (RFC)- this was an independent agency of the U.S. government that was established and chartered during President Hoover's term. It was modeled after the War Finance Coporation.
Bonus Army- These were men who served in World War I and in the spring and summer of 1932, they demanded the cash payment redemption for their service certificates at an early time. Some people called them the Bonus Expeditionary Force.
Hoover-Stimson doctrine- This was a policy to Japan and China of non-recognition of international or territorial changes that were executed by force. This was not used widespread and usually involves treaty violations.
Chapter #32 Identifications
The Republican "Old Guard" Returns
Know:Warren Harding, Ohio Gang
1. What flaws did Warren Harding possess?
Warren Harding, the republican president after Wilson, was noted for being very popular with the people and also very friendly. However, he was also known for being very easily tricked, in other words gullible, and not that much smarter than the average citizen. He sought to have the best cabinet around him, and although he chose a few of the best people suited for their jobs such as Charles Evans Hughes, Andrew Mellon and also Herbert Hoover; he also chose people he thought he could trust but actually couldn’t such as Albert B. Fall who was a schemer and against conserving and also Harry M. Daugherty, who was easily bribed as attorney general.
GOP Reaction at the Throttle
2. What pro-business policies were taken by the government during the Harding administration.
Harding’s administration was a very traditional one, in which many of the progressive cases were halted or even reversed. Harding had to appoint 4 new judges for the Supreme Court, and he chose 3 traditional ones and also former president William Taft, who was the most liberal of the 4 new judges. With the Harding administration, America returned back to laissez-faire, which encouraged less government limitations on companies. They also reversed child labor laws and in Adkins v Children’s Hospital, they actually overturned the women’s minimum wage. They also turned back many anti-trust laws and encouraged big businesses to reign again.
The Aftermath of War
Know: Railway Labor Board, American Legion, Adjusted Compensation Act
3. What effects did the war have on the post-war economy?
The economy did not prosper after the war. In addition to war debts, many ex-soldiers demanded 'adjusted compensation' to make up for the wages they 'lost' after joining the army. Congress passed the Adjusted Compensation Act in 1924, which gave every former soldier an insurance policy due in twenty years and added about $3.5 billion to the total war cost. Labor also suffered; strikes were brutally dealt with by exploiting ethnic and racial divisions among the workers.
America Seeks Benefits Without Burdens
Know: Unofficial Observers, Charles Evans Hughes, Five-Power Naval Treaty, Four-Power Treaty, Nine-Power Treaty, Kellogg-Briand Pact
4. How did the U.S. take the lead in disarmament in the 20's?
The United States, led by then-president Warren G. Harding, took the lead in disarmament in the 1920's by creating the Five-Power Naval Treaty and the
Four-Power Treaty between Britain, Japan, France, and the United States. These treaties said to cut down on the amounts of battleships and aircrafts produced and used.
Hiking the Tariff Higher
Know: Fordney-McCumber Tariff Law
5. What effects were produced by high American tariffs?
Since bussinesses in America need to have a higher tariff to protect themselves against cheaper European goods, the Fordney-McCumber Tarrif Law was passed. Rates were raised from 27 % to 38.5%. Although this was good for America, Europe owed them some money, and because of the high tariffs, they aren't able to pay back the money they owed.
The Stench of Scandal
Know:Charles R. Forbes, Albert B. Fall, Teapot Dome, Harry M. Daugherty
6."Such was his [Harding's] weakness that he tolerated people and conditions that subjected the Republic to its worst disgrace since the days of
President Grant." Explain
During Harding's term, there has been much corruption within it. Charles R. Forbes skimmed money as Chief of Veteran Burea. One of the scandals was the Teapot Dome where secretary of Interior Albert B. Fall landed oil under his name and then accepted bribes for oil drilling rights. Attorney General Harry M. Daugherty was heard of selling pardons and liquior permits during prohibition. These scandals made people skeptical of the trust in the court system.
“Silent Cal” Coolidge
Know: Calvin Coolidge
7. Do the nicknames, "Silent Cal" and "Cautious Cal" accurately describe the Coolidge presidency?
The nicknames that refer Coolidge to be a shy or silent type of person are true. After Hardin's death, he was serious, boring, calm and didn't speak much compared to most of the politicians. To some people, he acted like an old time president who went through things the traditional way. He was even more pro-business and made decisions that the American people didn't like.
Frustrated Farmers
Know: McNary-Haugen Bill
8. What had changed for the farmer since 1890? What had remained the same?
After World War I, there was too much food going around that fed more than enough people. The new technologiese made production increase and farm work much more easier. Since there were too much production, the prices went down and the 1920's weren't a good times for them. In order to save the farmers, Congress passed the Capper Volstead Act exempt farmer from antitrust laws.
A Three-Way Race for the White House in 1924
Know: Robert La Follette
9. Why did Calvin Coolidge easily win the 1924 election?
During the election of 1924, John W. Davis was chosen to be the representative candidate for the Democrats. The Progressive party were still in the race with Robert La Follete as their nominy. Coolidge was still in good times and got easily reelected. The reason for this is because no one really supported the Progressives anymore and the Democrats simply nominated whoever they got.
Foreign-Police Flounderings
10. What are the arguments for America canceling the WWI debt of European countries?
One of the arguments for America canceling the WWI debt is that they wanted to stay isolated. They wanted nothing to do with the League of Nation. So then, United States troops went out of the Dominican Republic and kept them in Haiti. This was to settle the situation of oil with Mexico. With these kinds of problems coming up, America wanted to clear the debt so that things could be settle easily.
Unraveling the Debt Knot
Know: Dawes Plan
11. What were the world-wide repercussions of America’s insistence on debt repayment?
Since France and England aren't able to pay back money, the U.S. turned over to the Germans who also couldn't pay their debt. Because of this, inflation occured in Germany and made the money practically useless. In the end, Charles Dawes came up with the Dawes Plan where America would loan money to Germany who would pay back France and England and then to America.
The Triumph of Herbert Hoover, 1928
Know: Al Smith, "Rum, Romanism, andRuin"
12. Why was Herbert Hoover so much more popular with voters than Al Smith?
Although Smith had some touch with people, he was a Catholic and a drinker as well. Hoover was a much more active person on the media and got connected with the United States people. His rugged individualism got people to be more interested in him. The South originally would go Democratic but they didnd't like Smith because he was Irish Catholic and a drinker.
President Hoover's First Moves
Know: Farm Board, Hawley-Smoot Tariff
13. Did Hoover’s attempts to help farmers produce positive results? Explain.
Hoover first tried to help farmers by passing the Agricultural Marketing Act to set up the Federal Farm Board so that they could lend money to farmers. The Frain Stabilization Corporation and Cotton Stabilization Corporation bought surpluses of crops to keep the prices high. American business were also protected when the Hawley-Smoot Tariff hiked the percentage to 60%.
The Great Crash Ends the Golden Twenties
Know: Black Tuesday, "Brother Can You Spare a Dime?"
14. What were the immediate effects of the stock market crash?
After "Black Tuesday" prices began to decrease rapidly and stockholders lost billions of dollars in value. This lead to a domino effect as businessess went out of business since people couldn't offord to keep it open. Unemployment went up and more than five thousand banks went bankrupt when people continued to withdrew there money. Many soup kitchens grew and homeless shelters as well.
Hooked on the Horn of Plenty
Know: Hoover Blankets, Hoovervilles
15. What causes contributed to the Great Depression?
All the panic and depressions that happen occured because of over speculation in stock and over production in farms and factories. Since there were so many products on stand, there were to few people to buy them all. Consumerism over reached its limits as people bought things without using real money. Although purchase was good for business, people used credit to buy stuff and couldn't pay up when the time comes to do so.
Rugged Times for Rugged Individualists
Know: Rugged Individualism, The Great Humanitarian
16. How did President Hoover’s beliefs affect the way he handled the Depression?
His idea of rugged individualism made him slow to take on any action to help the economy get back onto its feet. He also went away from laissez-faire which brought a stop to the economy even more. Hoover believed that the Great Depression was part of the "business cycle" and that this was just the down side of the economy. He wanted to just wait things out to see if they would turn the situation around.
Hoover Battles the Great Depression
Know: Muscle Shoals Bill, Reconstruction Finance Corporation, Pump-Priming, Yellow Dog Contracts
17. Is Hoover’s reputation as ultra-conservative well deserved? Explain.
He did try to jump start the economy by doling out two point twenty-five billion dollars. The construction led to the Boulder Dam which was later renamed as the Hoover Dam. The Reconstruction Finance Corporation would lend money to finance the government projects for FDR's New Deal. Once things were going well, labor unions struggled because they tend to gain steam like in the Great Depression.
Routing the Bonus Army in Washington
Know: Bonus Expeditionary Force, DouglasMacArthur
18 What happened to the Bonus Army? Why?
The Bonus Expeditionary Force was gotten rid of since Riots started to emerge in unsanitary encampement. Presedent Hoover idn't like how the Bonus army was made of and ordered them to be destroyed. This was carried dout by Douglas MacArthur with bayonets, tear gas, and fire to roust them out. The BAttleof Anacostia Flats was another part of American History that wasn't so good.
Japanese Militarists Attack China
Know: Manchuria, Stimson Doctrine
19. How did the Japanese attack on Manchuria demonstrate the weakness of the League of Nations?
The League of Nations was built in order to avoid another world war by lowering armanents, not creating secret treaties and other things. When the Japanese invaded manchuria, America didn't want to get involved into the affairs occuring out of their hemisphere. The League should have used blockades to stop Japan but they didn't do this since America was not a member of the League of Nations.
Hoover Pioneers the Good Neighbor Policy
20. What was President Hoover’s policy toward Latin America
Since America was in a difficult time period with the Great Depression weakening the economy, they had to create good relations with those around them. Hoover then went on a tour around Latin America in orer to make good relations. American troops were pulled out of Haiti and Nicaragua and new policies laid the ground work for FDR's "Good Neighbor" policy. Taft's "dollar diplomacy" didn't make money in the Depression.
IDENTIFICATIONS
Andrew Mellon- During Hardings term, he was the secretary of state and stayed in this position from 1921 to 1932.
Herbert Hoover- During Harding's term, he was the secretary of commerce and once Coolidge was finished with his second term, he ran as president for the election of 1928. he represented the Republican party and was able to be elected. Once he was in office, he did not make correct choices as the economy of America went down. Soon he would be the one to blame for the Great Depression.
Albert B. Fall- He was the United States senator for New Mexico and was the secretary of interior during Harding's term. At that time he was in charge of the Teapot Dome which involved oil. It was said that he put oil land under his name and then accepted bribes for oil drilling rights to people.
Robert LaFollette- For the election of 1924, Robert LaFollette was the presidential candidate for the progressive party. In the end, Coolidge was reelected, but the total amount of votes for LaFollette was a good 9 million votes.
Alfred E. Smith- In the electino of 1928, he was the presidential candidate for the democratic party. He is notorious for being a part of the Tammy Hall and gained votes because of the eighteenth amendment. In the end, he lost against Hoover in a land slide. In the future he would become a vocal appointment against FDR's New Deal.
Ohio Gang- This was a network of politicians surrounding President Harding. Many of them come in when he was a politician in Ohio. These people became a part of scandals and end up in prison or suicide.
Washington Conference- This was a military disarnment conference called by President harding and involved nine nations including, Great Britain, France, China, Italy and Japan. The Soviet union was not invited to this conference. The result of this meeting were three treates Four-Power Treaty, Five-Power Treaty, and Nine-Power Treaty.
Kellogg-Briand Pact- This act was brought about by secretary of state Kellog during Coolidge's term that outlawed war. Even though it was a beautiful oath, at the same time, it was also naive.
Fordney-McCumber Tariff Law- In order to protect AMerican goods against European chead goods, this tarrif was pased to raise the percentage from 27% to 38.5%. Although this was good for American businesses, Europe still needed to pay back war debts, and they couldn't compete with this tarrif in place. The result was that America wasn't going to get their money back.
Teapot Dome Scandal- The secretary of interior during Harding's term Albert B. Fall was in charge of this scandal. He placed oil land under his name and then received bribes from people for oil drilling rights.
Dawes Plan- America wasn't getting money that Europe owed them from the war, so in order to get the debts payed off, Dawes proposed his Dawes Plan to loan money to Germany which they will pay back to France and England which they will give to America. It was a cycle to clean Europe's debt but America really wasn't receiving any pay with this plan.
Hawley-Smoot Tariff- This tariff raised the percentage even higher than the Fordney-McCumber Tarrif Law that pushed the rate up to 60%.
Reconstruction Finance Corporation (RFC)- this was an independent agency of the U.S. government that was established and chartered during President Hoover's term. It was modeled after the War Finance Coporation.
Bonus Army- These were men who served in World War I and in the spring and summer of 1932, they demanded the cash payment redemption for their service certificates at an early time. Some people called them the Bonus Expeditionary Force.
Hoover-Stimson doctrine- This was a policy to Japan and China of non-recognition of international or territorial changes that were executed by force. This was not used widespread and usually involves treaty violations.
Chapter #32 Identifications
The Republican "Old Guard" Returns
Know:Warren Harding, Ohio Gang
1. What flaws did Warren Harding possess?
Warren Harding, the republican president after Wilson, was noted for being very popular with the people and also very friendly. However, he was also known for being very easily tricked, in other words gullible, and not that much smarter than the average citizen. He sought to have the best cabinet around him, and although he chose a few of the best people suited for their jobs such as Charles Evans Hughes, Andrew Mellon and also Herbert Hoover; he also chose people he thought he could trust but actually couldn’t such as Albert B. Fall who was a schemer and against conserving and also Harry M. Daugherty, who was easily bribed as attorney general.
GOP Reaction at the Throttle
2. What pro-business policies were taken by the government during the Harding administration.
Harding’s administration was a very traditional one, in which many of the progressive cases were halted or even reversed. Harding had to appoint 4 new judges for the Supreme Court, and he chose 3 traditional ones and also former president William Taft, who was the most liberal of the 4 new judges. With the Harding administration, America returned back to laissez-faire, which encouraged less government limitations on companies. They also reversed child labor laws and in Adkins v Children’s Hospital, they actually overturned the women’s minimum wage. They also turned back many anti-trust laws and encouraged big businesses to reign again.
The Aftermath of War
Know: Railway Labor Board, American Legion, Adjusted Compensation Act
3. What effects did the war have on the post-war economy?
The economy did not prosper after the war. In addition to war debts, many ex-soldiers demanded 'adjusted compensation' to make up for the wages they 'lost' after joining the army. Congress passed the Adjusted Compensation Act in 1924, which gave every former soldier an insurance policy due in twenty years and added about $3.5 billion to the total war cost. Labor also suffered; strikes were brutally dealt with by exploiting ethnic and racial divisions among the workers.
America Seeks Benefits Without Burdens
Know: Unofficial Observers, Charles Evans Hughes, Five-Power Naval Treaty, Four-Power Treaty, Nine-Power Treaty, Kellogg-Briand Pact
4. How did the U.S. take the lead in disarmament in the 20's?
The United States, led by then-president Warren G. Harding, took the lead in disarmament in the 1920's by creating the Five-Power Naval Treaty and the
Four-Power Treaty between Britain, Japan, France, and the United States. These treaties said to cut down on the amounts of battleships and aircrafts produced and used.
Hiking the Tariff Higher
Know: Fordney-McCumber Tariff Law
5. What effects were produced by high American tariffs?
Since bussinesses in America need to have a higher tariff to protect themselves against cheaper European goods, the Fordney-McCumber Tarrif Law was passed. Rates were raised from 27 % to 38.5%. Although this was good for America, Europe owed them some money, and because of the high tariffs, they aren't able to pay back the money they owed.
The Stench of Scandal
Know:Charles R. Forbes, Albert B. Fall, Teapot Dome, Harry M. Daugherty
6."Such was his [Harding's] weakness that he tolerated people and conditions that subjected the Republic to its worst disgrace since the days of
President Grant." Explain
During Harding's term, there has been much corruption within it. Charles R. Forbes skimmed money as Chief of Veteran Burea. One of the scandals was the Teapot Dome where secretary of Interior Albert B. Fall landed oil under his name and then accepted bribes for oil drilling rights. Attorney General Harry M. Daugherty was heard of selling pardons and liquior permits during prohibition. These scandals made people skeptical of the trust in the court system.
“Silent Cal” Coolidge
Know: Calvin Coolidge
7. Do the nicknames, "Silent Cal" and "Cautious Cal" accurately describe the Coolidge presidency?
The nicknames that refer Coolidge to be a shy or silent type of person are true. After Hardin's death, he was serious, boring, calm and didn't speak much compared to most of the politicians. To some people, he acted like an old time president who went through things the traditional way. He was even more pro-business and made decisions that the American people didn't like.
Frustrated Farmers
Know: McNary-Haugen Bill
8. What had changed for the farmer since 1890? What had remained the same?
After World War I, there was too much food going around that fed more than enough people. The new technologiese made production increase and farm work much more easier. Since there were too much production, the prices went down and the 1920's weren't a good times for them. In order to save the farmers, Congress passed the Capper Volstead Act exempt farmer from antitrust laws.
A Three-Way Race for the White House in 1924
Know: Robert La Follette
9. Why did Calvin Coolidge easily win the 1924 election?
During the election of 1924, John W. Davis was chosen to be the representative candidate for the Democrats. The Progressive party were still in the race with Robert La Follete as their nominy. Coolidge was still in good times and got easily reelected. The reason for this is because no one really supported the Progressives anymore and the Democrats simply nominated whoever they got.
Foreign-Police Flounderings
10. What are the arguments for America canceling the WWI debt of European countries?
One of the arguments for America canceling the WWI debt is that they wanted to stay isolated. They wanted nothing to do with the League of Nation. So then, United States troops went out of the Dominican Republic and kept them in Haiti. This was to settle the situation of oil with Mexico. With these kinds of problems coming up, America wanted to clear the debt so that things could be settle easily.
Unraveling the Debt Knot
Know: Dawes Plan
11. What were the world-wide repercussions of America’s insistence on debt repayment?
Since France and England aren't able to pay back money, the U.S. turned over to the Germans who also couldn't pay their debt. Because of this, inflation occured in Germany and made the money practically useless. In the end, Charles Dawes came up with the Dawes Plan where America would loan money to Germany who would pay back France and England and then to America.
The Triumph of Herbert Hoover, 1928
Know: Al Smith, "Rum, Romanism, andRuin"
12. Why was Herbert Hoover so much more popular with voters than Al Smith?
Although Smith had some touch with people, he was a Catholic and a drinker as well. Hoover was a much more active person on the media and got connected with the United States people. His rugged individualism got people to be more interested in him. The South originally would go Democratic but they didnd't like Smith because he was Irish Catholic and a drinker.
President Hoover's First Moves
Know: Farm Board, Hawley-Smoot Tariff
13. Did Hoover’s attempts to help farmers produce positive results? Explain.
Hoover first tried to help farmers by passing the Agricultural Marketing Act to set up the Federal Farm Board so that they could lend money to farmers. The Frain Stabilization Corporation and Cotton Stabilization Corporation bought surpluses of crops to keep the prices high. American business were also protected when the Hawley-Smoot Tariff hiked the percentage to 60%.
The Great Crash Ends the Golden Twenties
Know: Black Tuesday, "Brother Can You Spare a Dime?"
14. What were the immediate effects of the stock market crash?
After "Black Tuesday" prices began to decrease rapidly and stockholders lost billions of dollars in value. This lead to a domino effect as businessess went out of business since people couldn't offord to keep it open. Unemployment went up and more than five thousand banks went bankrupt when people continued to withdrew there money. Many soup kitchens grew and homeless shelters as well.
Hooked on the Horn of Plenty
Know: Hoover Blankets, Hoovervilles
15. What causes contributed to the Great Depression?
All the panic and depressions that happen occured because of over speculation in stock and over production in farms and factories. Since there were so many products on stand, there were to few people to buy them all. Consumerism over reached its limits as people bought things without using real money. Although purchase was good for business, people used credit to buy stuff and couldn't pay up when the time comes to do so.
Rugged Times for Rugged Individualists
Know: Rugged Individualism, The Great Humanitarian
16. How did President Hoover’s beliefs affect the way he handled the Depression?
His idea of rugged individualism made him slow to take on any action to help the economy get back onto its feet. He also went away from laissez-faire which brought a stop to the economy even more. Hoover believed that the Great Depression was part of the "business cycle" and that this was just the down side of the economy. He wanted to just wait things out to see if they would turn the situation around.
Hoover Battles the Great Depression
Know: Muscle Shoals Bill, Reconstruction Finance Corporation, Pump-Priming, Yellow Dog Contracts
17. Is Hoover’s reputation as ultra-conservative well deserved? Explain.
He did try to jump start the economy by doling out two point twenty-five billion dollars. The construction led to the Boulder Dam which was later renamed as the Hoover Dam. The Reconstruction Finance Corporation would lend money to finance the government projects for FDR's New Deal. Once things were going well, labor unions struggled because they tend to gain steam like in the Great Depression.
Routing the Bonus Army in Washington
Know: Bonus Expeditionary Force, DouglasMacArthur
18 What happened to the Bonus Army? Why?
The Bonus Expeditionary Force was gotten rid of since Riots started to emerge in unsanitary encampement. Presedent Hoover idn't like how the Bonus army was made of and ordered them to be destroyed. This was carried dout by Douglas MacArthur with bayonets, tear gas, and fire to roust them out. The BAttleof Anacostia Flats was another part of American History that wasn't so good.
Japanese Militarists Attack China
Know: Manchuria, Stimson Doctrine
19. How did the Japanese attack on Manchuria demonstrate the weakness of the League of Nations?
The League of Nations was built in order to avoid another world war by lowering armanents, not creating secret treaties and other things. When the Japanese invaded manchuria, America didn't want to get involved into the affairs occuring out of their hemisphere. The League should have used blockades to stop Japan but they didn't do this since America was not a member of the League of Nations.
Hoover Pioneers the Good Neighbor Policy
20. What was President Hoover’s policy toward Latin America
Since America was in a difficult time period with the Great Depression weakening the economy, they had to create good relations with those around them. Hoover then went on a tour around Latin America in orer to make good relations. American troops were pulled out of Haiti and Nicaragua and new policies laid the ground work for FDR's "Good Neighbor" policy. Taft's "dollar diplomacy" didn't make money in the Depression.