To: TChris
A university economic study even indicated that the Great Depression would have been shorter and shallower if the Govt. had left it alone. Congress passed the Smoot-Hawley tariff in an attempt to protect American industry. That led to other countries adopting protectionist tariffs, which ended up strangling international trade. This made the Great Depression worse because it shut companies out of international markets.
At best, government is useless when it comes to "fixing" the economy. At worst, it makes the problems bigger.
310 posted on
09/16/2008 7:47:37 AM PDT by
Citizen Blade
(What would Ronald Reagan do?)
To: Citizen Blade
Tariffs did not cause the Great Depression, as much as the "free traders" would like you to think they did. I think you'll be interested in this quote by Ben Bernanke, now head of the Federal Reserve, speaking about the Federal Reserve...
Regarding the Great Depression. You're right, we did it. We're very sorry. But thanks to you, we won't do it again.
Turns out he's a liar. They are doing it again.
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