Wednesday, June 13, 2007

Regretful Smoot-Hawley Anniversary to you all

By way of Don Boudreaux:
Seventy-seven years ago today, the U.S. House of Representatives passed the Smoot-Hawley tariff. Seventy-seven years ago tomorrow the knaves in the Senate followed suit, and seventy-seven years ago on June 17th the ludicrous President Herbert Hoover signed it into "law," thus helping to mire the world for years in a Great Depression.

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