Comments on: Making a Bad Bill Worse http://www.thefreemanonline.org/columns/give-me-a-break/making-a-bad-bill-worse/ Ideas on Liberty Wed, 15 Feb 2012 00:25:45 +0000 hourly 1 http://wordpress.org/?v=3.3 By: Sheldon Richman http://www.thefreemanonline.org/columns/give-me-a-break/making-a-bad-bill-worse/comment-page-1/#comment-9688 Sheldon Richman Fri, 01 May 2009 15:04:12 +0000 http://www.thefreemanonline.org/?p=9084#comment-9688 Re Smoot-Hawley's effects, "U.S. exports to Europe fell from $2,341 million in 1929 to $784 million in 1932. Overall, world trade declined by some 66% between 1929 and 1934" (http://tinyurl.com/3xgfx). It obviously harmed firms at the margin at least. Auto exports to Spain and Italy virtually ceased. France put quotas on 3,000 US products. Farm exports fell dramatically. Besides that, it had other effects, as Jim Powell shows in "FDR's Folly." Exchange controls became common beginning in 1931 and American creditors had trouble getting repayment from foreigners. One last thing: whatever the effects on exporters, depriving American consumers and businesses of low-cost foreign products was equivalent to shooting oneself in the foot. Re Smoot-Hawley’s effects, “U.S. exports to Europe fell from $2,341 million in 1929 to $784 million in 1932. Overall, world trade declined by some 66% between 1929 and 1934″ (http://tinyurl.com/3xgfx). It obviously harmed firms at the margin at least. Auto exports to Spain and Italy virtually ceased. France put quotas on 3,000 US products. Farm exports fell dramatically. Besides that, it had other effects, as Jim Powell shows in “FDR’s Folly.” Exchange controls became common beginning in 1931 and American creditors had trouble getting repayment from foreigners.

One last thing: whatever the effects on exporters, depriving American consumers and businesses of low-cost foreign products was equivalent to shooting oneself in the foot.

]]> By: Sheldon Richman http://www.thefreemanonline.org/columns/give-me-a-break/making-a-bad-bill-worse/comment-page-1/#comment-9687 Sheldon Richman Fri, 01 May 2009 14:45:50 +0000 http://www.thefreemanonline.org/?p=9084#comment-9687 It's Smoot-Hawley, signed in 1930, that dealt the blow to the economy by 1932. It’s Smoot-Hawley, signed in 1930, that dealt the blow to the economy by 1932.

]]> By: Bill http://www.thefreemanonline.org/columns/give-me-a-break/making-a-bad-bill-worse/comment-page-1/#comment-9563 Bill Wed, 29 Apr 2009 22:09:35 +0000 http://www.thefreemanonline.org/?p=9084#comment-9563 If Hoover signed it into law on his last day in office, that would have been in January 1933. How did it cause our exports to fall 64% by 1932?? Besides, in the 20\'s and 30\'s, our economy was essentially closed. Export spending was not a significant factor in our economy and did not become so until the push for free trade in the late 70\'s and 80\'s. I\'m guessing Mr. Stossel is a fan of Rep. Harman. If Hoover signed it into law on his last day in office, that would have been in January 1933. How did it cause our exports to fall 64% by 1932?? Besides, in the 20\’s and 30\’s, our economy was essentially closed. Export spending was not a significant factor in our economy and did not become so until the push for free trade in the late 70\’s and 80\’s.
I\’m guessing Mr. Stossel is a fan of Rep. Harman.

]]> By: Louis http://www.thefreemanonline.org/columns/give-me-a-break/making-a-bad-bill-worse/comment-page-1/#comment-9428 Louis Tue, 28 Apr 2009 04:19:36 +0000 http://www.thefreemanonline.org/?p=9084#comment-9428 Obviously Mr. Stossel has read and understands Austrian economics. This sounds like it came directly out of Henry Hazlitt's Economics in One Lesson. More people need to understand this! Obviously Mr. Stossel has read and understands Austrian economics. This sounds like it came directly out of Henry Hazlitt’s Economics in One Lesson. More people need to understand this!

]]> By: John Galt http://www.thefreemanonline.org/columns/give-me-a-break/making-a-bad-bill-worse/comment-page-1/#comment-9110 John Galt Fri, 24 Apr 2009 19:46:37 +0000 http://www.thefreemanonline.org/?p=9084#comment-9110 Great blog! You should check this one out too: www.riseofreason.com Great blog!

You should check this one out too: http://www.riseofreason.com

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