Word: tariffers
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...over time. We want to negotiate with the mainland about some of the products we consider most urgent. For instance, pertrochemicals, auto parts, textiles, these products constitute a large percentage of our exports to the mainland. Beginning next year, the same products from (Southeast Asian countries) will have no tariffs, but ours will face tariff rates from 5% to 15%. That will kill our industries. The mainland has already indicated interest in signing an agreement with us. In the last year we've signed nine agreements focusing on air transport; a financial supervisory mechanism covering stocks, futures and insurance companies...
...watch Republican National Committee (RNC) gaffe machine Michael Steele riff on his hip-hop vision for the party or Texas Governor Rick Perry carry on about secession or Minnesota Congresswoman Michele Bachmann explain how F.D.R.'s "Hoot-Smalley" Act caused the Depression (the Smoot-Hawley Act, a Republican tariff bill, was enacted before F.D.R.'s presidency), but haplessness does not equal hopelessness. And yes, the Republican brand could benefit from spokesmen less familiar and less reviled than Karl Rove, Dick Cheney and Newt Gingrich, but the party does have some fresher faces stepping out of the wings. (Read seven clues...
...Smoot-Hawley tariff bill signed by President Herbert Hoover is attributed by to President Franklin Roosevelt and - oh, yes - referred to by as the "Hoot-Smalley" bill...
...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...
...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 to his suggestions...