Word: hooverism
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...telltale check was written by onetime Currency Trader J. David Dominelli, who is serving a 20-year federal term for fraud and income tax evasion. Dominelli's business partner and ex-girlfriend, Nancy Hoover, gave Hedgecock the money used on his house. Dominelli and Hoover are slated to be tried later, along with Political Consultant Tom Shepard, through whose firm hidden money passed to the Hedgecock campaign. Hedgecock's attorney, Oscar Goodman, said he will seek a new trial or, failing that, appeal the jury verdict. Hedgecock also faces legal action by California's Fair Political Practices Commission, which...
...bill moved through Congress, formal protests from foreign countries flooded into Washington, eventually adding up to 200 pages. Both houses voted aye nonetheless. While the legislation sat on the President's desk, 1,028 American economists called for a veto. Herbert Hoover made it the law of the land anyway, swallowing his own reservations and, on June 17, signing the Tariff...
...Hoover, a President well versed in international commerce, fall into such a trap? In part, he was bound by the 1928 Republican platform, which promised tariffs to help the ailing farm economy. A crisis atmosphere took hold a year later with the stock market crash and the onset of the Great Depression. For decades the Republicans had been sympathetic to protectionism; now they saw trade barriers as a means of placating demands that the Government do something concrete to fight unemployment...
...Hoover was hemmed in by tradition and the G.O.P. platform. Henry Ford spent an evening at the White House pleading for a veto of what he called "an economic stupidity." Other automobile executives backed Ford. But no President had ever vetoed a tariff measure, and Hoover was not about to be the first. "With returning normal conditions, our foreign trade will continue to expand," he said hopefully...
...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...