Still clings to the myth that Smoot-Hawley caused the depression.
He's disgracing himself with his globalist neo-con ideologies thinly veiled as conservative.
Well after an initial flurry, the economy now seems to be turning down. Higher prices will do that. Let's hope the domestic tax cuts can offset the damage the loss of foreign trade is causing.
Still clings to the myth that Smoot-Hawley caused the depression.
Smoot-Hawley caused an immediate sixty percent drop in US foreign trade. That meant no dollars in foreign hands with which to buy US goods. That caused a collapse in US farm prices, which caused a collapse in the rural banking sector. That in turn caused multiple collapses in regional banks, which in turn caused a collapse on Wall Street. Combined that with a decade of easy credit policy from the Fed and Smoot-Hawley caused perfect storm.
Of course, it was just a deep recession until Hoover started meddling.
He's disgracing himself with his globalist neo-con ideologies thinly veiled as conservative.
Whatever he is, TS is not a neocon. The neocons are basically just socialists with aircraft carriers.
“He’s disgracing himself with his globalist neo-con ideologies thinly veiled as conservative.”
Sowell may have fallen for the smoke and mirrors of the central banking system and “free” trade, but his conservatism is not at issue.
Conservatism holds to ideals such as individual responsibility, unchanging moral principles, inalienable rights, and the freedom to determine one’s own destiny without the heavy hand of government regulating our lives to death. Sowell is rock solidly conservative.
Modern conservatism needed a swift kick in the butt with regard to the neocon globalism that has been quick to commit the American military to wars that were, at their heart, about protecting the financial interests of the elite globalists. That, and it has been all too willing to sell America’s birthright for a bowl of pottage.
That being said, Sowell is still not giving President Trump a fair shake. His comparison of Trump and Obama is unwarranted. Trump’s critique of Bezos getting welfare from the Postal Service is NOT an attack on American ingenuity. First, Trump has to deal with a hostile media, so he keeps his message very simple. Second, Bezos is a radical-left crony capitalist. Just because he rode the wave of the dot com era to huge wealth does not make him the poster boy of rags-to-riches success opportunities in the free markets.
It’s sad to see an otherwise brilliant mind unable to continue learning.