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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Earlie who wrote (143436)1/13/2002 8:45:49 AM
From: sun-tzu  Read Replies (1) of 436258
 
herbert hoover, not having benjamin strong to run the FED, began raising tariffs on agricultural and industrial products in june of 1930...the smoot-hawley tariff bill. in response, other nations immediately raised their tariffs and world trade came to a grinding halt.

the FED during this time kept the anti-inflationary policy that benjamin strong had maintained in 1928. rates remained too high and money supply shrank while banks began to fail hand over fist.

to add insult to injury, hoover pushed through a tax-increase in 1932 at a time when the economy was dead. the easing and money injections did not occur until franklin roosevelt became president.

i continue to consider herbert hoover the #1 clown of all time.
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