Keyword: smoothawley

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  • As Bad As ObamaCare Is, Hawley-Smoot Tariff Act Was Worse

    06/16/2014 6:30:30 AM PDT · by SeekAndFind · 6 replies
    IBD ^ | 06/16/2014 | By BURTON A. ABRAMS
    Tuesday marks the anniversary of one of the most destructive pieces of legislation in U.S. history: the Hawley-Smoot Tariff Act of 1930, which triggered a disastrous trade war, intensified the Great Depression and helped set the stage for World War II. Unfortunately, as the Affordable Care Act and Dodd-Frank Wall Street Reform and Consumer Protection Act demonstrate, Washington continues its long-held tradition of passing ill-conceived legislation. The Affordable Care Act and Dodd-Frank, both passed in 2010, clearly have hurt the U.S. economy: increasing business costs, slowing hiring, adding to the uncertainty that investors face. But Hawley-Smoot arguably was worse. The...
  • Milton Friedman's Smoot-Hawley Lie

    05/09/2013 10:00:37 AM PDT · by DannyTN · 126 replies ^ | Mar 20, 2010 | Paul Streitz
    The Smoot-Hawley tariff passed in 1931 is the silver bullet of Free Trade advocates. All other arguments do not matter for them because they say the Smoot-Hawley tariffs either were part of the cause of the Great Depression or were responsible for continuing the depression by reducing international trade. This reasoning does not hold up to close inspection. Smoot-Hawley did not cause the Great Depression, nor did it extend the Depression. ... In general, the statistical arguments made by current Free Traders are deceptions. They generally say something like, "the United States economy grew after NAFTA." That may be true,...
  • Donald Trump's 'Fair Trade' Rhetoric Hurts Republicans' White House Chances

    04/25/2011 7:29:20 AM PDT · by SeekAndFind · 81 replies
    American Thinker ^ | 04/25/2011 | Chuck Roger
    After a recent phone conversation with Donald Trump, syndicated columnist Charles Krauthammer concluded that The Donald is "absolutely" serious about seeking the GOP Presidential nomination.  That's unfortunate.  The illiberal media will have a field day with Mr. Trump's flawed ideas on free trade. In January, Trump complained to talk radio's Michael Savage that Americans "no longer make things" and in March told a CNN interviewer, "Nobody, other than OPEC, is ripping off the United States like China."  In the CNN interview, Trump also said that China "is stealing all our jobs" and "making all our products."  He advocated "a...
  • How to reverse the destruction of American jobs: Replace (all) taxes, with one 100% import tariff.

    01/02/2011 9:14:39 AM PST · by Cringing Negativism Network · 87 replies
    For far too long, American conservatives have become accustomed to "blaming" the destruction of American jobs (rightfully) on unions and lawyers. It's all true, but while it's true - America is falling apart. Blaming those who caused the problem won't prevent the destruction of our great nation.
  • The Ghost of Smoot-Hawley Stalks Congress (Are we condemned to repeat the mistakes of the past?)

    10/04/2010 5:25:10 PM PDT · by SeekAndFind · 12 replies
    Real Clear Markets ^ | 10/04/2010 | Bill Frezza
    Just when you thought Congress couldn't possibly do more damage to the battered economy the House of Representatives, in a bipartisan act of impotent fury, voted 348-79 to light the fuse of a global trade war. Not since Herbert Hoover and Franklin Roosevelt tag teamed to turn a cyclic recession into the Great Depression have Democrats and Republicans jointly indulged in such destructive economic legislation. Congress is upset that China has pegged its currency to the dollar, as do many countries seeking monetary stability, not allowing it to appreciate as Uncle Sam prints up trillions. So the House passed the...
  • (RINO) Graham Joins Kerry On Cap-And-Trade

    10/19/2009 6:59:45 PM PDT · by raptor22 · 47 replies · 3,119+ views
    Investor's Business Daily ^ | October 19, 2009 | IBD editorial staff
    Politics: Move over, John McCain and Olympia Snowe. Lindsey Graham of South Carolina is fast becoming the Democrats' favorite Republican as he partners with John Kerry to push cap-and-trade through the Senate. Earlier this year, eight Republican congressmen made it possible for Waxman-Markey, the 1,400-page job- and economy-killing cap-and-trade legislation, to barely pass the House of Representatives. At the time it seemed dead on arrival in the Senate if it was brought up there this year. Once again, as with their medical plan, the Democrats seek to better the odds by putting a GOP hood ornament on a Democratic clunker....
  • Stimulating Our Way to Depression

    09/27/2009 4:50:52 AM PDT · by Scanian · 1 replies · 250+ views
    The American Thinker ^ | September 27, 2009 | David Nace
    In 1932, FDR had an opportunity to change the conventional way that governments deal with a recession. His predecessor, Herbert Hoover, who also had a tendency towards central planning, had started the process. Instead of allowing markets to correct themselves as they had in all the previous panics, as depressions were then called, both men instituted programs of government intervention. Hoover signed the Smoot Hawley tariff even after many of the leading economists of the time personally implored him not to sign it. A tariff would help improve farm prices, which was a cornerstone of the progressive movement. He asked...
  • Carbongate (Obama's EPA Cover-up)

    06/26/2009 6:07:35 PM PDT · by WhiteCastle · 63 replies · 6,753+ views
    IBD Editorials ^ | June 26, 2009 | Investor's Business Daily
    Climate Change: A suppressed EPA study says old U.N. data ignore the decline in global temperatures and other inconvenient truths. Was the report kept under wraps to influence the vote on the cap-and-trade bill? This was supposed to be the most transparent administration ever. Yet as the House of Representatives prepared to vote on the Waxman-Markey bill, the largest tax increase in U.S. history on 100% of Americans, an attempt was made to suppress a study shredding supporters' arguments.
  • Only Warming Is On The Left (Mark Kirk And The GOP's Cap-And-Traitors)

    06/29/2009 5:36:24 PM PDT · by WhiteCastle · 19 replies · 1,784+ views
    IBD Editorials ^ | Jun | Investors Business Daily
    Climate Change: A switch of four Republican votes would have defeated Waxman-Markey, the Democrats' global warming legislation. But like the Clinton Btu tax, the bill could die in the Senate and turn the House over to the GOP. What were these RINOs thinking? The GOP is supposed to be the party of low taxes and free markets. Rep. Mike Castle, one of the eight offered an explanation right off of President Obama's teleprompter...Illinois Republican Mark Kirk, who has senatorial ambitions to replace the choice of impeached former Gov. Rod Blagojevich, Sen. Roland Burris, demonstrates why GOP fortunes in the Land...
  • Debunking The "Smoot-Hawley Caused The Great Depression" Myth

    02/04/2009 2:40:10 PM PST · by UCFRoadWarrior · 309 replies · 6,095+ views
    Vanity | February 4, 2009 | UCFRoadWarrior
    "The Smoot-Hawley Tariff Act caused the Great Depression" as a number of talk-radio show hosts, politicians, and cable news channel reporters have lamented in recent weeks. "The 'Buy American' clause in the Stimulus Bill will be another Smoot-Hawley" rails others. Did Smoot-Hawley cause the Great Depression? The answer to that is "no". Did Smoot-Hawley continue the Great Depression. The answer to that is "no", also. -------------------------------------------- When it was announced last week that the proposed "Stimulus Bill" would contain a "Buy American" clause, every advocate of Free Trade...from conservative GOP members to Socialist European Union politicians...decried the "Buy American" clause,...
  • Balancing Trade Act of 2007

    02/28/2009 9:56:50 AM PST · by dtom · 14 replies · 395+ views ^ | 2007 | open congress
    Balancing Trade Act of 2007 To require that, in cases in which the annual trade deficit between the United States and another country is $10,000,000,000 or more for 3 consecutive years, the President take the necessary steps to create a more balanced trading relationship with that country. previous 110th session of congress
  • China: Can Smoot-Hawley only happen in the US?

    02/26/2009 9:37:08 PM PST · by TigerLikesRooster · 36 replies · 764+ views
    China Financial Markets ^ | 02/26/09 | Michael Pettis
    Can Smoot-Hawley only happen in the US? February 26th, 2009 by Michael Yesterday in a meeting I was asked by an investor why, even while I have been writing maniacally about the crucial importance of global cooperation, I was so consistently pessimistic about the possibility of the major economies arriving at a “grand bargain” that will minimize over the long term the cost of the current crisis. I think, in fact, that a nasty fight over trade is very probable and I worry that not only will trade conflict come as a huge shock to China’s economy, but also that...
  • H-1B Curbs Not For Indian IT Companies

    H-1B curbs not for Indian IT cos: Infy 11 Feb, 2009 NEW DELHI: Software exporter Infosys which has sizeable onsite employee base in the US said the latest amendment to the H-1B visa rules for the country will not be applicable to it. "We believe the amendments are restricted to the US companies which receive funding under TARP (Troubled Asset Relief Programme) and is not applicable to companies like us. Having said that we have to wait for the law to be passed.
  • Forgotten Facts About Smoot-Hawley for the Stimulus Package Buy American Crowd

    02/05/2009 11:36:21 AM PST · by frithguild · 44 replies · 1,126+ views
    2/5/2009 | frithguild
    The Republican Party of the 1920's swept into power during a financial crisis. Errors in the Fed’s monetary policy in 1919 in kept rates too low to benefit the sale of Victory bonds. The Fed then tightened excessively due to inflation, creating a financial shock and depression from 1920 to 1921. At that time, the Republican Party viewed increasing tariffs as good policy. Thus, during the sixty seventh Congress, the Emergency Tariff Act of 1921 was passed as a temporary measure until a more comprehensive measure could be drafted. Ultimately, Fordney-McCumber passed in 1922, imposing an ad valorem rate of...
  • President Obama To Water Down 'Buy American' Plan After EU Trade War Threat

    02/03/2009 6:41:48 PM PST · by Steelfish · 12 replies · 510+ views
    London Times ^ | February 3, 2009
    February 4, 2009 President Obama to water down 'Buy American' plan after EU trade war threat The European Union warned the US yesterday against plunging the world into depression by adopting a planned “Buy American” policy, intensifying fears of a trade war. The EU threatened to retaliate if the US Congress went ahead with sweeping measures in its $800 billion (Ł554 billion) stimulus plan to restrict spending to American goods and services. Gordon Brown was caught in the crossfire as John Bruton, the EU Ambassador to Washington, said that “history has shown us” where the closing of markets leads —...
  • Top Republican: Scrap 'buy American' stimulus clause

    02/02/2009 10:56:33 PM PST · by Tempest · 141 replies · 2,118+ views
    The US Senate should strip a "Buy American" clause from President Barack Obama's economic stimulus plan, the chamber's top Republican said Monday amid anger at the restriction from US allies. "I don't think we ought to use a measure that is supposed to be timely, temporary, and targeted to set off trade wars when the entire world is experiencing a downturn in the economy," said Senator Mitch McConnell.
  • Smells like Smoot-Hawley (Second Great Depression a comin')

    01/29/2009 7:22:27 PM PST · by Crazieman · 80 replies · 2,113+ views
    Hotair Blog ^ | 1/29/09 | Ed Morissey
    As if the Democratic Porkfest Bill didn’t do enough damage on its own to the long-term prospects for the American economy, the Washington Post reports that it could set off a trade war that would bring the global economy crashing, too.  Democratic protectionists loaded up the bill with “Buy American” clauses that shut out foreign producers of steel and iron.  Just as in the Depression, however, that will force other nations to close their markets — which will virtually recreate the Smoot-Hawley fiasco that made the Depression exponentially worse: The stimulus bill passed by the House last night contains a...
  • Another Great Depression? (Thomas Sowell)

    12/22/2008 9:07:58 PM PST · by jazusamo · 119 replies · 5,715+ views ^ | December 23, 2008 | Thomas Sowell
    With both Barack Obama's supporters and the media looking forward to the new administration's policies being similar to President Franklin D. Roosevelt's policies during the 1930s depression, it may be useful to look at just what those policies were and-- more important-- what their consequences were. The prevailing view in many quarters is that the stock market crash of 1929 was a failure of the free market that led to massive unemployment in the 1930s-- and that it was intervention of Roosevelt's New Deal policies that rescued the economy. It is such a good story that it seems a pity...
  • Paulson: Protectionism no answer to financial crisis

    10/12/2008 3:58:50 PM PDT · by BGHater · 72 replies · 1,178+ views
    Reuters ^ | 12 Oct 2008 | Glenn Somerville
    Treasury Secretary Henry Paulson cautioned on Sunday that countries that turn to protectionist policies to try to escape damage from the global financial crisis may make it worse. "Isolationism and protectionism will not offer a way out," Paulson said in a statement prepared for delivery to the World Bank's development committee.
  • WSJ: So This Is a Weak Economy? - We're on the right path, but need more structural improvements.

    06/28/2005 5:14:12 AM PDT · by OESY · 8 replies · 701+ views
    Wall Street Journal ^ | June 28, 2005 | DAVID MALPASS
    ...The U.S. expansion has been strong and steady despite the warnings of fragility, the repeated claims of a slowdown, and the fear of China (as intense as the Japan fears of the 1980s). U.S. growth has averaged a fast 3.9% pace since the initial 7.4% tax-cut-related growth celebration in the third quarter of 2003. Thanks in large part to smaller businesses, U.S. unemployment has fallen to 5.1%, with wage and salary income growing at a 10% annual rate in the revised fourth-quarter data. Beyond housing, household liquid assets have increased more than both total debt and foreign debt, helping build...
  • The Insanity of Smoot Schumer and Hawley Graham-(history says free trade benefits both US and China)

    06/25/2005 7:33:12 PM PDT · by CHARLITE · 38 replies · 530+ views
    If a store is selling quality products at low prices, why would anyone want to shut it down? This rhetorical question was asked by economist Arthur Laffer last week in connection to an unprecedented attack on China trade by numerous U.S. senators. In response to the China bashing, the stock market plunged. How fitting that such a misguided approach to both the economy and national security would come on the 75th anniversary of the infamous Smoot-Hawley tariff bill. According to economist Thomas Sowell, that massive tariff helped trigger the Great Depression, with U.S. unemployment rising from 9 percent in 1930...
  • Smoot-Hawley tariffs 21st century style

    04/13/2005 1:00:10 PM PDT · by LowCountryJoe · 61 replies · 806+ views ^ | Jack Kemp | Jack Kemp
    There is a disturbing trend under way in Washington these days where politicians threaten Draconian action as a "stick" to coerce a result they desire. They do this even while they acknowledge that swinging the stick won't solve the problem it purports to address and most likely will exacerbate it and lead to undesirable consequences. They typically justify their use of provocative and extreme threats as the only means available to rectify a situation they characterize as a pending "crisis" or a "systemic meltdown." The most recent instance that comes to mind immediately is levying huge protectionist tariffs on selected...
  • Myths of the Smoot-Hawley Tariff

    12/05/2003 9:32:13 PM PST · by Destro · 211 replies · 831+ views ^ | Roger Simmermaker
    Myths of the Smoot-Hawley Tariff The Fifth Chapter of How Americans Can Buy American - 2nd Editionby Roger Simmermaker To be able to accurately explain the affects of the Smoot-Hawley Tariff of 1930, it is necessary first to rid ourselves of popular myths so that we can start with a clean slate and derive conclusions from fact rather than fantasy. I will list some common myths here, and then disprove them using facts according to history. The myths that prevail, even today, some 72 years after the tariff bill was signed by President Herbert Hoover, are as follows: 1. The...