Word: tariffs
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Congress's initial rejection of the Bush Administration's $700 billion bailout plan calls to mind an unhappy precedent. Back in 1930, the Senate passed the Smoot-Hawley Tariff Act, which raised duties on some 20,000 imported goods. Historians define this as one of the critical steps that led to the Great Depression - a tipping point when the world realized that partisan self-interest had trumped global leadership on Capitol Hill...
...global. The combined output of the world's seven biggest economies declined nearly 20% from 1929 to 1932. The unemployment rate soared in the U.S. and Germany to a peak above 33%. World trade collapsed by two-thirds, not least because of retaliation to the Smoot-Hawley tariff...
Scenes of exquisite boredom at school, as the teachers drone on about such traditional crowd pleasers as the Smoot-Hawley tariff act. Scenes of exquisite calculation at home, as Ferris Bueller (Matthew Broderick) fakes an illness that will spare his fine intelligence another assault by the proponents of useless information. Ferris is no ordinary truant. The point of his exercise is not to waste the day but to spend it wisely. Or wise-guyly. So he will spring his best girl (Mia Sara) from school. He will get his best friend (Alan Ruck, who is lovely as a boy struggling...
...nuclear industry can't compete on the free market on its own terms - or even without the billions in subsidies it already receives. But renewables also receive their share of government largesse - the booming global solar industry wouldn't be anywhere near as hot without a generous German tariff. New research and development might cut atomic costs, just as we hope will happen for alternatives. And the sheer size of the problem facing the global energy industry demands that no solution can be dismissed out of hand. On June 6 the International Energy Agency released a study calling...
...some established agents have expressed their discontent at the combine’s ten per cent tariff on their profits, charging that the tax amounts to confiscation. In most cases, however, the complaint is unsound, as it overlooks the fact that the Agency provides them with legal business addresses--something which their rooms in tax-exempt University property failed to give them...