Posted on 08/24/2015 8:09:08 AM PDT by Hojczyk
Investors and financial journalists scrambling to find an explanation for the recent plunge in global stock markets have plenty of suspects.
Some look abroad for scapegoats: Greece or China. Others blame Janet Yellen: the Federal Reserve she chairs is at long last on the verge of raising interest rates, if only slightly.
Personally, I blame the decline in share values on Donald Trump.
On immigration, Trump has made a name for himself as the restrictionist candidate. Yet scholars describe increased immigration as an engine of economic growth.
The last time America slammed the immigration door shut, in 1929, with the implementation of President Calvin Coolidge’s great mistake, the Johnson-Reed Act of 1924, a stock market crash and the Great Depression followed.
By contrast, the Kennedy round of tariff reductions and the North American Free Trade Agreement and GATT/WTO tariff reductions helped make the 1960s and 1990s times of widespread prosperity. Trump would turn us back to protectionism.
(Excerpt) Read more at newsmax.com ...
Yellen, Bernake, Congress are co-conspirators.
5.56mm
This man is a conservative??
How in seven hells can he think illegal immigration correlates with legal immigration patterns in the country's past?? Especially when those immigrants send billions of dollars out of the country, not to mention rack up countless dollars in unpaid healthcare??
Wall Street knows that she can be bought, knows exactly what her price list is, and knows that she'll do anything if they wave a big check in front of her.
With Trump or Sanders, they don't know.
Obama attacking coal and our electric grid with new economy killing regs could have nothing to do with it.
Whether or not uncontrolled immigration is beneficial to the economy as a whole depends on the context. In a free market capitalist economy, immigration means expanded supply of labor, which leads to increased division of labor, which leads to increased production, which leads to increased supply of goods and lower prices, which leads to higher standard of living for the average worker.
In a welfare state,unrestricted immigration leads to an increased burden on government subsidized programs, which leads to an increased burden and a genuine loss on the productive citizens already here.
“Trump limiting immigration = market crash.”
- Ima Tool
But, sinking trillions of dollars worth of resources and human effort to fight the weather is surely a good thing, right?
I don’t like to do the strawman thing but each argument is equally absurd.
Not a Trump backer, but blaming him for the market slump? Nah.
And "lifting all global migration restrictions" is precisely what many so-called free traders and free marketers believe should happen. Of course, few will come out and say it, especially those in the game of politics.
This article is full of nonsense. And the Great Depression was largely caused by Fed policies that reduced the money supply by 30% the first two or three years after the stock market crash. It was not caused by reduced immigration and Smoot-Hawley.
So, in order to be prosperous as a nation, we need to have open borders? Crazy talk.
The lengths these one-worlders’ will go to protect the illegal invaders is astounding.
Amazing.
Haven’t heard Trump say anything about stopping legal immigration, just illegal immigration...
When I first started reading this article, I thought he was being tongue-in-cheek, it was so far out in left field. No, he is being serious. It has been a few years since I read of someone actually lobbying for the dissolution of borders worldwide. Insanity. I have been reading about the coming collapse of China’s economy for at least a year.
Ira Stoll is a complete dumbass.
The door actually shut in 1924, not 1929. I know that for a FACT, as I've done extensive research into my family tree - and those that left the old countries before 1924 got into the US, those who left in 1924 or later simply couldn't get in and went to Canada, Mexico, Cuba, Mexico or Argentina.
In the interim between 1924 and 1929, the economy became over-extended because of the intense optimism that led to incredible levels of borrowing based on the "boundless future." Also, the government passed the Hawley-Smoot Tariff Act (as the economy started to slow and people and industry demanded relief from cheap foreign goods), which led to the stock market crash (and the market itself was incredibly over-extended by any historical norm of valuation). HOWEVER, it was not until the government dramatically raised taxes in the aftermath of the crash (to balance the budget) that the real economy (i.e. Main Street) started to hurt. The problem wasn't immigrants or lack thereof, it was an overextended world and U.S. economy.
Stoll is either a purposely ill-informed moron, or he knows EXACTLY what he is doing - which is distorting the historical record. This is why the teaching of history, including economic history, is so important, so that morons like
I'll help him out:
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He's trolling.
Great comparison between free market and welfare economies.
I know very little about economics, but that is apparent even to me.
Throw in that the low paying stoop labor that immigrants used to perform has been done away with.
Farmers are using better farm equipment. Factories are using more efficient production equipment and methods.
Construction has become more efficient, doing away with the old pick and shovel.
The labor market has changed.
Companies are no longer looking for the unskilled laborer of yesteryear.
I guess Harvard University hasn’t caught on to that yet.
Hey Pelosie assured us that unemployment checks were a boon to the economy.
Sadly it only a misdemeanor.
Now that right there is funny, I don't care who you are.
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