To: hedgetrimmer
"Smoot Hawley did not cause the Great Depression" Again today, nobody is arguing the Straw Man you keep putting up.
16 posted on
02/05/2009 8:24:16 AM PST by
Uncle Miltie
(Congress declares a National Dividend in the amount of $9,000 per taxpayer instead of Porkulus.)
To: Uncle Miltie
Okay, they veer perilously close to saying “caused.” But their language is arguable, and mainly they mean “extend.”
You are right that there was a crash before Smoot. Smoot helped extend (with federal marxism and keynesianism) the recession into a depression.
17 posted on
02/05/2009 8:26:23 AM PST by
Uncle Miltie
(Congress declares a National Dividend in the amount of $9,000 per taxpayer instead of Porkulus.)
To: Uncle Miltie
Let me end my talk by abusing slightly my status as an official representative of the Federal Reserve. I would like to say to Milton and Anna: Regarding the Great Depression. You're right, we did it. We're very sorry. But thanks to you, we won't do it again.
--Ben Bernanke,Federal Reserve Chairman, At the Conference to Honor Milton Friedman, University of Chicago, Chicago, Illinois November 8, 2002
Except they HAVE done it again! Tariffs and Smoot Hawley never mentioned in his analysis
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