“Smoot-Hawley was a tariff act to protect American business. It turned an economic downturn into a decade long Depression that killed many American businesses.”
Well that’s the globalist-Hillary-voting-Ben Bernanke talking point!
But there was over a hundred years of successful tariffs prior to Smoot-Hawley, during that time, the US grew from an agricultural society into the richest, most innovative, highest paid manufacturing country in the world. In fact, some economists (Eckes, Irwin) agreed that Smoot-Hawley “probably did NOT contribute significantly to the economic downturn.”.
“The economy did not recover until Eisenhower got the FDR regulations and much of the tariffs removed.”
The economy recovered because the war ended, and all industry across the globe, EXCEPT for the US, was in complete rubble. Tariffs were UTTERLY inconsequential, because no country other than the US was producing anything. There was NOTHING to import.
“We can turn the current depression into a permanent third world conversion by instituting a new protective tariff regime.”
Or we can go the way were going: losing our production capabilities/companies, consuming imports, using debt to pay for those imports, raising taxes to pay the interest on that debt and therefore... losing MORE companies/production.
That’s your plan. And that is the road to 3rd world status.
Your ignorance of Keynes The Free Trader, your mindless repetition of the globalist talking point on Smoot-Hawley, and your dogmatic insistence, despite enormous historical evidence to the contrary, that tariffs “are bad” and “will cause depressions”, demonstrates your econ knowledge is a tad limited.
Firm to Expand West Texas Energy Exploration with $2.5B Deal
9/6/2016, 4:18:17 PM · by PaulyPaul · 1 replies
Breitbart ^ | Sept. 6, 2016 | Breitbart Texas
ASSOCIATED PRESS — One of the largest oil producers in the U.S. is purchasing a privately-held New Mexico company and some of its subsidiaries in a $2.5 billion deal that will expand its footprint in major energy-producing basins in the West. Houston-based EOG Resources, Inc. announced the agreement with Yates Petroleum on Tuesday. Company officials say the transaction will clear the way for the development of premium wells at low costs in the Delaware Basin that spans parts of West Texas and southern New Mexico and the Powder River Basin in Montana and Wyoming.