Stock Market Crash

Tariffs And Republican Depressions: Benjamin Harrison, Herbert Hoover, Now Donald Trump?

Protective tariffs made sense in the time of Alexander Hamilton and the time of Henry Clay.

But in the late 19th century, big business corporations were able to create higher tariffs that were detrimental to the American worker, consumer, and economy, with the assistance of the corrupt Republican Party of the period.

In 1890, under Republican President Benjamin Harrison, we saw the passage of the McKinley Tariff, named after the future President, and it undermined the economy and contributed to the disastrous Panic of 1893, which affected the nation until 1898.

In 1930, months after the Stock Market Crash, Republican President Herbert Hoover, ignoring the pleas of hundreds of economists, signed the Smoot-Hawley Tariff, which caused a great worsening of the developing Great Depression.

As the decades went by, most Republicans and intelligent Democrats realized that high tariffs were not good, and free trade agreements developed in the 1990s.

Some far left liberals and some far right conservatives joined forces to fight this, and now Donald Trump has declared the inception of “Tariff Wars”, which will bring down the American economy, harm consumers and farmers, and cause unemployment to rise.

Trump is alienating the whole world–including China, Canada, Mexico, the European Union, and more–and instead will destroy the economic lives of millions of his own supporters, if he is not stopped from his crazy, lunatic actions!

Assuming we cannot stop what he is doing, the Republicans will suffer a blood bath, that will put the Republican Party in the dustbin of history.

It is time for Paul Ryan and Mitch McConnell and the Republicans in Congress to show some “cajones”, and turn against Trump before he totally destroys the nation economically, and takes unto World War III against North Korea, who would be helped by China, and Iran, who would be helped by Russia.

82nd Anniversary Of The Great Crash On Wall Street Which Led To The Great Depression

Today is a day that 82 years ago changed the course of history in a way only matched in significance by the outbreak of the Civil War at Fort Sumter, South Carolina on April 12, 1861.

In many ways, the onset of the Great Depression, as a result of the crash of the stock market on Wall Street, had a greater effect, since the population was four times as much, and more people were directly affected by the ten year long Great Depression than by the Civil War.

America would never be the same again, as big government was here to stay with the New Deal of Franklin D. Roosevelt and American involvement in World War II and the ensuing Cold War, along with the improvements on the New Deal best personified by the Great Society of Lyndon B. Johnson.

And yet, now in the midst of the Great Recession and its effect on America, the worst economic times since the Great Depression, we are hearing the same old arguments for less government and deregulation, when it was precisely those factors in the 1920s and the 2000s that led to the two greatest economic collapses of the past century.

Franklin D. Roosevelt faced the same vehement opposition as Barack Obama, although the internet, talk radio, cable news and social media have multiplied the effect as compared to the 1930s.

The same battles keep on being fought, as we do not learn from history, and rather repeat its mistakes.

But as Barack Obama starts conducting himself for reelection in a similar manner as Franklin D. Roosevelt and Harry Truman, the American people will realize that he, not his opposition, is truly interested in resolving the issues that the opposition took which caused the economic mess we are now in.