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Politics : Foreign Affairs Discussion Group -- Ignore unavailable to you. Want to Upgrade?

To: Maurice Winn who wrote (22079)	3/23/2002 11:26:40 PM
From: Ilaine	Respond to of 281500

On the "Booms, Busts and Recoveries" thread, I am always saying if Uncle Al and his cadre make mistakes they are not going to be the same mistakes the Fed made in the 1920s-1930s. We do learn from our mistakes. Maybe we make new mistakes, but we tend not to repeat the old ones. Same with Dubya. Tariffs on steel and Canadian softwood, onerous though they are, are not Smoot-Hawley all over again. For Kiwis (who did not study the history of American tariffs when they were children- American school children are taught that Smoot-Hawley was a Bad Idea), that was a 30-40% tariff across the board on most imported goods. A tariff here and a tariff there don't quite rise to the level of protectionism. And we are not going to repeat Chamberlain's mistake at Munich. Maybe it's finally dawning on everyone that we lost the Gulf War. Yes, we threw Saddam out of Kuwait and kept him out of Saudi Arabia, but he got to stay in power and has not complied with the terms of the peace treaty.