A.P. U.S. History Notes Chapter 32 ?The Politics of Boom and Bust? (1920-1932) Chapter 32 Essential Learnings / Goals / Objectives I. Explore the economic issues involved in the Boom/Bust of the 20s. Vocabulary / Significant Terms: ?cronies? ?reactionaries? ?Merchant Marine? ?injunction? ?moratorium? ?parity? ?hung jury? ?harrow? ?reparations? ?devaluation? (of currency, also ?floating? currency) ?paternalism? ?quagmire? ?recourse? ?torpor? ?recalcitrant? ?exacerbated? I. The Republican ?Old Guard? Returns (3 Republicans win the 3 presidential elections of the 20s) A. Harding was inaugurated in 1921, looking presidential. 1. He was one of the best-liked men of his generation.