Happycrow’s Political Quote of the Year

The incredible rightness of FDR’s war policy obscures the flaws in his prior actions.

Puppy-Blender sure picked his link-line correctly.  The one thing that should have been done, and done immediately, a.k.a, repealing the Smoot-Hawley tariff that destroyed tens of millions of jobs and destroyed the U.S. economy so thoroughly that it wouldn’t recover to similar levels until the mid-to-late 1950s… never happened.  We had to do it the hard and ugly way, while fighting off Nazis who could never have come to power had we not gutted the world’s economy with one stroke of a legislative pen.

Can’t wait to get my copy of the book.

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2 Comments

  1. 1) The German economy was obliterated long before Smoot-Hawley. The hyperinflationary period was in the early 20s. S-H was a small pinch compared to the disemboweling caused by hyperinflation, having no credit, etc.

    2) It’s pretty hard to blame FDR for the Hitler’s rise to power, considering Hitler became Chancellor before FDR became president.

    3) Of course, it was Hoover that signed S-H into law. By the time FDR became President, there were no willing buyers anywhere, and all the damage done by S-H was already completed. Tariffs don’t matter if you don’t have anyone to trade with.

    4) S-H was not the only really restrictive trade tariffs out there. Nor where they the first or the last. For example, French tariffs were more restrictive than S-H and passed in the 20s.

    Reply
  2. happycrow

     /  June 26, 2007

    1. No argument on Hoover.
    2. S-H made a recovery impossible.
    3. French tariffs weren’t doing the U.S. much damage, certainly not compared to S-H.
    4. The Crash itself was a bubble phenomenon, and rapidly correcting itself prior to S-H, a correction that died after S-H’s passage.

    Reply

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