.@SenSchumer flubs history, claims Herbert Hoover, "blinded by his ideology, said [of the 1929 market crash] 'let the private sector take care of this'”
@SenSchumer Hoover signed into law:
— The Smoot-Hawley tariffs
— The Reconstruction Finance Corporation (RFC)
— Federal Home Loan Bank Act
— Glass Steagal Act
— Emergency Relief and Construction Act
— Revenue Act of 1932 (huge tax hikes)
— The Smoot-Hawley tariffs
— The Reconstruction Finance Corporation (RFC)
— Federal Home Loan Bank Act
— Glass Steagal Act
— Emergency Relief and Construction Act
— Revenue Act of 1932 (huge tax hikes)
@SenSchumer Rexford Tugwell, a member of FDR’s “brain trust”: “When it was all over, I once made a list of New Deal ventures began during Hoover’s years as secretary of commerce and then as president … The New Deal owed much to what he had begun”
@SenSchumer Had Hoover actually done what Schumer claims, America would have been spared the Great Depression
@SenSchumer “Gov’t management of the late 1920s and 1930s hurt the economy ... Hoover ordered wages up when they wanted to go down. He allowed a disastrous tariff, Smooth Hawley, to become law … He raised taxes when neither citizens nor the economy as a whole could afford the change …"
@SenSchumer “… After 1932, New Zealand, Japan, Greece, Romania, Chile, Denmark, Finland, and Sweden began seeing industrial production levels rise again — but not the United States.” — @AmityShlaes
