Saturday, June 17, 2006


This Day in American History

On this day in 1930, President Hoover signs the Smoot-Hawley Tariff, which, anyone? as all government fixes to a problem are wont to do, only makes things worse. The protectionist bill is seen as too aggressive by foreign governments, who retaliate with their own protectionist laws which, anyone? makes a foreign fix to the 1929 crash all but impossible and exacerbates the U.S. fiscal problems so that a mere downturn becomes, anyone? the Great Depression.

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