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Pastimes : The Justa & Lars Honors Bob Brinker Investment Club -- Ignore unavailable to you. Want to Upgrade?

To: Sam who wrote (8375)	9/4/1999 12:42:00 AM
From: JF Quinnelly	Respond to of 15132

It's in his book. Wanniski thinks the mere debate over the Smoot Hawley Tariff was the trigger of the stock market crash. He spends an entire chapter trying to connect the Congressional debates over this tariff to the behavior of the stock market. It's significant that the Smoot Hawley Tariff wasn't at all the highest tariff in American history, Lincoln's were much higher, and that the other tariffs aren't connected to crashes and depressions. International trade accounted for less than 5% of the American GNP in that era. A complete blockade would have left 95% of the economy intact, except for depriving us of bananas and coffee beans. Which I suppose would have brought the world to its knees.