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Strategies & Market Trends : Commodities - The Coming Bull Market

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To: maceng2 who wrote (1302)	6/6/2002 7:17:31 PM
From: craig crawford	Read Replies (2) of 1643

Hoover then destroyed almost all export markets by signing the Smoot-Hawley Tariff in 1930, even though he was warned in a petition from 1000 economists not to do it. you know, if you repeat a lie often enough, people eventually believe it. only ignorant people who have not reviewed the facts of history believe that the smoot-hawley tariffs caused the great depression. if these 1000 brilliant economists are so smart and should have been listened to, why didn't they predict the crash of '29??? it amazes me why people are foolish enough to listen to what dumb economists tell us. just look at that dumb economist larry kudlow on cnbc. he has been hyping stocks for two years saying the market was just on the verge of exploding into a new bull market. now he must resort to talking about japan.. give me a break! >> I would have thought exports were kind of important for an economy like the USA. You don't have to be a rocket scientist to understand that. << of course now america is becoming heavily dependant on imports for the economy, rather than exports. and yet you still don't like the idea of tariffs. so you see, you are just looking for excuses to dump on tariffs no matter what the situation. >> This tariffs discussion has been completed as far as I can see << sure it has. you never had any intention of looking at the subject objectively. you just know that most current intellectual thinkers believe in free trade so you probably should too. >> There are lots of things wrong that need fixing but tariffs have just made us like the guys in the 1930's (imho) << i'm sorry but this statement shows your ignorance of the subject. the thirties were a rough time economically for america and you choose to equate that with tariffs which passed eight months after the crash. you choose to ignore basic facts such as well more than a thousand banks failing before the tariffs were imposed-- eventually wiping out a third of america's savings. how about the fact that imports only accounted for 4% of american gdp. two-thirds of imports came in duty free! so a marginal tax hike on 1.3% of gdp caused 25% unemployment, a near halving of the U.S. economy and a near 90% drop in stock values?? industrial production fell at an annual rate of 20% in the two months prior to the crash. i want to know how you can blame tariffs 10 months later for that! roosevelt had rolled back most all of the tariff increases by the end of his first term, yet we slumped again and only pulled out of the depression with the advent of world war II. perhaps you better look to king roosevelt for why the depression deepened. he along with hoover even raised income taxes. i don't hear you citing that as a cause. this is the folly of free traders. they love to blame relatively minor tariff increases for the great depression when we had much greater tariffs prior to world war I such as after the civil war when america went from half of britain's manufacturing capacity to twice hers. the united states became the foremost superpower in the world under a high wall of tariffs. britain practiced unilateral free trade and collpased into a second-rate power and had to rely on the america to bail her out in both world wars! sheesh!

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