Word: hawley
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Dates: during 1980-1989
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Known as Smoot-Hawley after its legislative sponsors, the bill promptly fulfilled the worst fears of critics. A new panic seized the already battered stock market; the slide continued for two years. In raising import duties on scores of items, in some cases to 50%, the measure provoked angry retaliation by 25 of the nation's trading partners. U.S. exports fell by nearly two-thirds in just two years...
...Willis Hawley of Oregon chaired the House Ways and Means Committee, and Reed Smoot of Utah headed the Senate Finance Committee. Both were fiscal experts with more than 20 years of service on Capitol Hill. But, responding to pressure from organized labor and some sectors of industry, they transformed what was to be an agricultural measure into a comprehensive increase in tariffs...
...with international trade in collapse, Franklin Roosevelt denounced Smoot-Hawley as ruinous. Hoover responded that Roosevelt would have Americans compete with "peasant and sweated labor" abroad. Then, as now, protectionism had a strong if superficial political appeal: by election eve, F.D.R. had backed down, assuring voters that he understood the need for tariffs. Protectionist politicking, however, could not save the Republicans in 1932. Smoot and Hawley joined Hoover in defeat. The Democrats dismantled the G.O.P.'s legislative handiwork with caution, using reciprocal trade agreements rather than across-the-board tariff reductions. The Smoot-Hawley approach was discredited. Sam Rayburn, House...
Rowing at a consistent 37 strokes per minute, the Harvard crew of Neil Olsen, Dan Grout, Arthur Hollingsworth, George Hunnewell, Rich Kennelly, Curt Pieckenhagen, Andrew Hawley, Andy Sudduth at stroke and Mahony at cox kept pulling further away and Princeon's challenge fell by the wayside in the final part of the race...
Rowing at a consistent 37 strokes per minute, the Harvard crew of Neil Olsen, Dan Grout, Arthur Hollingsworth, George Hunnewell, Rich Kennelly, Curt Pieckenhagen, Andrew Hawley, Andy Sudduth at stroke and Mahony at cox kept pulling further away and Princeon's challenge fell by the wayside in the final part of the race...