Our exports crashed after Smoot. We were the China of the era.
We lost ten jobs for every job Smoot saved. Typical.
However, some jobs, politically connected jobs, and business with political friends are more equal than others.
Smoot really pulled the free market, can’t we all just trade legitimacy from the US. Germany, Japan all learned that they need to have political and economic spheres, and that the US was just one way as far as trade.
I am not arguing that Smoot wasn't a horrible bill or its effects were minimal with respect to World Trade.
I am arguing that Smoot is a duffer compared to ObamaCare at this juncture.. because we are poised at the edge and this is another huge tax increase which forces a cascade of new tax increases in the future as the "taxes" fail to generate the planned revenue and the "savings" via Meidcare Cuts and Cuts in Physician reimbursements either do not materialize because of stark raving political fear, or do materialize via the increased death rate of our senior citizens. This is what seems to be the plan/hope? of these people.