Word: smoots
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...Great Depression started out with a stock market bubble that burst in 1929, as the world was going into a nice recession. Then the government started making mistakes. They passed the Smoot-Hawley tariff, they raised taxes, they became very protectionist, and the next thing you know we had the Great Depression. In Europe they made solvent banks take over insolvent banks with the result that both [kinds of] banks failed. This has all been done before. History is - I don't like saying it, but it's repeating itself. Governments are making the same old mistakes...
...both Mussolini's march on Rome and Hitler's attempted putsch in Munich. By the time of the Depression, in 1929, the fascists had been in power for years, and the Nazis had been growing in strength for most of the decade. Furthermore, Gingrich's description of the Smoot-Hawley Tariff seems to imply it was part of F.D.R.'s New Deal. Smoot and Hawley were Republicans, and the act that bears their names was passed in 1930, during the Hoover Administration. If Gingrich can't get his facts straight about the last century, why should we listen...
...both Mussolini's march on Rome and Hitler's attempted putsch in Munich. By the time of the Depression, in 1929, the fascists had been in power for years, and the Nazis had been growing in strength for most of the decade. Furthermore, Gingrich's description of the Smoot-Hawley Tariff seems to imply it was part of F.D.R.'s New Deal. Smoot and Hawley were Republicans, and the act that bears their names was passed in 1930, during the Hoover Administration. If Gingrich can't get his facts straight about the last century, why should we listen...
...both Mussolini's march on Rome and Hitler's attempted putsch in Munich. By the time of the Depression, in 1929, the fascists had been in power for years, and the Nazis had been growing in strength for most of the decade. Furthermore, Gingrich's description of the Smoot-Hawley Tariff seems to imply it was part of F.D.R.'s New Deal. Smoot and Hawley were Republicans, and the act that bears their names was passed in 1930, during the Hoover Administration. If Gingrich is unable to get his facts straight about the last century, why should we listen...
...Zoellick got it just about right. Economic historians will long argue about the relative impact of trade restrictions - led by the U.S. Smoot-Hawley tariffs of 1930 - on the scale of the Great Depression. The U.S. economy was much less integrated into a global economic system then than it is now. But given the retaliation from America's trading partners after the new tariffs were applied, few would argue with Zoellick's assessment that the contraction of trade in the 1930s made the long downturn worse than it needed to be. "Protectionism," British Prime Minister Gordon Brown told TIME recently...