One of the enduring myths about the Great Depression is that Herbert Hoover just sat on his haunches and did nothing.
Actually it would have been better if he had. He took active measures to reorganize the economy, but most of his key reforms just made things worse.
Actually it would have been better if he had. He took active measures to reorganize the economy, but most of his key reforms just made things worse.
In fact, at the beginning of the decade, there were signs that things were recovering before Hoover signed the Smoot-Hawley tariffs.
That's when the bottom really fell out and unemployment skyrocketed to 25% — when Hoover made it impossible for people to buy things!
That's when the bottom really fell out and unemployment skyrocketed to 25% — when Hoover made it impossible for people to buy things!
I say this because if we have a recession now, there is a very good chance that Trump will do the same thing. He'll just ratchet up tariffs and be content with the fact that almost no one can buy anything or get a job, but hey, at least the few jobs and goods left are American.
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