The commercial banks called in the business loans to such an extent, that tens of thousands of businesses went insolvent, fired their employees, and closed their doors.
Once again, I repeat my remarks about the Scapegoating of Smoot-Hawley and the REVISIONIST HISTORY vis a vis the FEDERAL RESERVE!!!In the early 1940's, people KNEW the FEDERAL RESERVE had done them in!!!
Tariffs...Shamiriffs...
Calling the LOANS on the BULK of small to Mid-size Business...EVERYONE KNEW!!!
The problem today is almost ALL so called BUSHBOTS have been willingly BRAINWASHED!!!
Of course, I had the "luxury" of learning "geography" and "HISTORY" for FIVE YEARS in grade school...we were TESTED on the CONTENT of the Smoot Hawley AND the FORDNEY-McCUMBER Tariffs...something you Public School survey...skim once over lightly...pupils swallowed...HOOK, LINE, and SINKER!!!