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Politics : Politics for Pros- moderated
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To: LindyBill who wrote (120470)6/17/2005 12:56:08 AM
From: Maurice Winn  Read Replies (1) of 793801
 
Hooray for Thomas Sowell: <Many thanks to Tom Sowell for reminding us that tomorrow, June 17, marks the 75th anniversary of the Smoot-Hawley Tariff that helped trigger the 1930's depression.

Barriers to trade, coupled with retaliatory measures around the world, raised the unemployment rate from 9 percent in 1930 to 16 percent in 1931 and 25 percent in 1932. Farmers who supported the tariff saw their exports cut by two-thirds.>

AND, the depression pretty much led to German marching and WWII.

If they aren't careful, they'll be "Those who fail to learn from history are doomed to repeat this cliche".

Mqurice
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