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Politics : Bill Clinton Scandal - SANITY CHECK
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To: Lizzie Tudor who wrote (6974)10/3/1998 6:58:00 PM
From: dougjn  Read Replies (1) of 67261
 
Yes indeed. Messrs. Smoot & Hawley sponsored legislation in the early thirties which sought to respond to the flagging sales of U.S. manufacturers in the early period of the great depression. A flood of foreign textile and other manufacturers were reaching our shores, as the depression spread around the world.

In a surge of patriotic fervor, Congress determined that America had to come first, and passed the legislation. Not to be outdone, countries all around the world followed suit. World trade very quickly dried to a trickle. With major add on depressive effects everywhere.

That legislation has widely been regarded by economic historians, studying the reasons for great depth and length of the Great Depression, as perhaps the single dumbest thing that the U.S. government affirmatively did early on.

Doug
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