17 June 2005

A day of import, or yet another reason why I don't like this branch of the Republican party!

Quoth one of the 21st Century's noblest men: "Only a few economic historians are likely to notice June 17 marks the 75th anniversary of the signing of the Hawley-Smoot tariff bill, and even economic historians are unlikely to be nostalgic about that disastrous legislation.
Who was opposed? Most of the leading economists. A Page One headline in the New York Times of May 5, 1930, read: '1,028 economists ask Hoover to veto pending tariff bill.' Those signing this public appeal against the new tariffs included many top economists -- 25 professors of economics at Harvard, 26 at the University of Chicago, and 28 at Columbia.
The economists' appeal spelled it out: "The proponents of higher tariffs claim that the increase in rates will give work to the idle. This is not true. We cannot increase employment by restricting trade."
Yes, the emphasis is mine.

Read it all

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