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mnottertail -> RE: The truth about Trump, Carrier and those jobs (12/3/2016 9:20:58 AM)
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quote:
ORIGINAL: Musicmystery
Yeah, "creating" jobs isn't hard if you just throw money at it--like when Reagan used Star Wars to turn the largest creditor nation in the world to the largest debtor nation in the world, with 1/4 of its assets foreign owned, and quadrupling the national debt in just 8 years.
Wait 'til we get to the tariffs. Herbert Hoover tried that, even though 1000 economists signed a letter begging him not to and explaining the consequences. He didn't listen, and helped usher in the Great Depression.
Of course, Reagan also ushered in an economic collapse in the late 80s, and when W reasserted his policies, ushered in another collapse late in his 2nd term.
Yet people want to do more of what doesn't work, and warn against the dangers of doing what has worked well.
Go figure.
I have a different take on Smoot-Hawley, first of all it went thru congress and into law 8 months or more after the depression started and demand was already zero. The veto letter was signed by the free-market communist economists. While there was some retaliation the entire worlds economies were in depression, so there was not a great deal of demand anywhere. Also, and this is very important, as a trading surplus nation, anything in the way of depression hurt us deeper than it would in a trading deficit nation.
I think the general weakness of the banks and Hoovers lack of any sort of prescriptive fixex to the economic situation prolonged it.
Sorta like a house fire where the fire department says, we have to let it burn, its natural, and the best that can be done for it.
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