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To: RitaOK
Cruz promulgates the Smoot-Hawly fallacy.

I took history in HS and college in the 70s and 80s. I studied the Great Depression and back then I never heard about Smoot-Hawley. Every instructor always blamed the GD on financial policy that allowed the stock market to balloon. People were borrowing money to but stocks then using that inflated stock as collateral to buy more stock. IT all crashed in 1929. Trade had nothing to do with it.

2,285 posted on 03/10/2016 8:37:45 PM PST by central_va (I won't be reconstructed and I do not give a damn.)
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To: central_va

The Tariff Act of 1930 (codified at 19 U.S.C. ch. 4), otherwise known as the Smoot–Hawley Tariff or Hawley–Smoot Tariff, was an act sponsored by Senator Reed Smoot and Representative Willis C. Hawley and signed into law on June 17, 1930, that raised U.S. tariffs on over 20,000 imported goods to record levels.


2,318 posted on 03/10/2016 8:45:12 PM PST by Lucky9teen (God's blessing has been on America from the very beginning, and I believe God isn't done yet. TCruz)
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