Ron Paul worried trump tariffs will return 1930's decimation to GOP

[Lesh]

Nope, absolute facts.

Only massive factory orders for defense goods c.1940 got the economy going.

The Fed was tight money policy throughout the 1930s.

Yes, many economists believe that the tight monetary policy pursued by the Federal Reserve in the 1930s, particularly after the 1929 stock market crash, exacerbated the Great Depression by allowing the money supply to shrink and failing to act as a lender of last resort.



Here's a more detailed explanation:

• Initial Tightening:
  In the wake of the 1929 stock market crash, the Fed, instead of injecting liquidity into the system, allowed the money supply to decline, which led to a contraction of the economy.
  

• Failure to Act as Lender of Last Resort:
  The Fed's charter mandates it to be a lender of last resort, meaning it should provide liquidity to banks facing distress. However, during the Great Depression, the Fed failed to fulfill this role, leading to a collapse of the banking system and a further contraction of the money supply.
  
  
• Consequences of Tight Money:
  The tight monetary policy led to a sharp drop in prices, output, and a rise in unemployment, further deepening the economic crisis.
  
  
• Milton Friedman and Anna J. Schwartz's Argument:
  Economists Friedman and Schwartz argued that monetary factors were a major cause of the Great Depression, pointing to the Fed's policy mistakes as a key factor in the

downturn.​

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Freedman? The guy who admitted he got it all wrong in the crash of 2007-2008?

FDR got us out of the Depression. His policies began a positive trend that continued until he listened to conservatives in 1937 which caused a Recession within a Depression.

The numbers were trending positive right up until then

Recession of 1937–1938 - Wikipedia

en.m.wikipedia.org

 

[Lesh]

The thread is about Ron Paul, not Rand Paul

Read the OP stupid

 

[excalibur]

Freedman? The guy who admitted he got it all wrong in the crash of 2007-2008?

FDR got us out of the Depression. His policies began a positive trend that continued until he listened to conservatives in 1937 which caused a Recession within a Depression.

The numbers were trending positive right up until then

Recession of 1937–1938 - Wikipedia

en.m.wikipedia.org

Milton Friedman passed away in 2006.

FDR did no such thing, unemployment was still above 15% in 1940, then came huge spending on national defense plus foreign orders for military supplies.

https://www.cato.org/commentary/how-fdrs-new-deal-harmed-millions-poor-people#

FDR’s ‘New Deal’ Worsened and Prolonged the Great Depression

Think the New Deal worked? Check out the first chart.

fee.org

Policy Failure During the Great Depression - Econlib

with Charlie Mathews Generations of students learned that the Great Depression was a conspicuous failure of free-market capitalism that only ended with the New Deal. Instead, the New Deal and other policies enacted to fight the Depression prolonged it. The Smoot Hawley Tariff was a conspicuous...

www.econlib.org

 

[cnm]

What tax?

The taxes on imported aluminium and steel that will be used in manufacturing processes in the US are my favourite taxes at the moment.

 

[cnm]

Before the income tax all of our wealth came from tariffs. Can you explain how that happened?

Paranoia choked your growth even then.

 

[elektra]

Read the OP stupid

Ron Paul worried trump tariffs will return 1930's decimation to GOP​

I read the title, lush

 

[elektra]

I'll take him over Lisa Murkowski every day of the week.

All I care about are the people who support Trump

 

[elektra]

^ One of the dumbest things I've ever read on USMB. And that's saying a lot!

Funny, that was a lot for you to say

 

[Leo123]

What is the greatest thing Ron Paul has done for me or you. Ron Paul was silent while democrats destroyed our country. Ron Paul is an idiot.

The only reason I know of Ron Paul is cause he is an idiot.

Paul changed after his neighbor rang his bell. He's more like his dad today.

 

[Dr. Phosphorous]

Will the Republicans in Congress really sit by for the next 18 months and let Trump singlehandedly destroy this country with his tariffs? I have my doubts.

Maybe Republicans don't care about their country, but they do care about their own personal wealth....and I don't think they want to see it all go up in smoke. And they also care about their future political careers.

There was a good column in the Washington Post yesterday that talked about how disastrous tariffs have decimated the Republican Party in previous elections. --

Republicans who are evidently not too comfortable with President Donald Trump’s decision to announce large new global tariffs have tried plenty of hints to push him in a different direction. And one of Trump’s most vocal tariff critics on the GOP side, Sen. Rand Paul of Kentucky, tried a relatively novel one on Wednesday.

He pointed to electoral peril for the GOP.

“Tariffs have also led to political decimation,” Paul told reporters. “When [William] McKinley most famously put tariffs on in 1890, they lost 50 percent of their seats in the next election. When [Sens. Reed Smoot and Willis C. Hawley] put on their tariff in the early 1930s, we lost the House and the Senate for 60 years.

“So they’re not only bad economically; they’re bad politically.”

This is a good point.

After the McKinley Tariff was enacted in 1890, Republicans lost 93 seats in the House that year — losses that included McKinley’s own reelection defeat. (He was then a congressman, but would later become president.) They also lost an 1892 presidential election in which the tariffs remained a major issue.

After the Smoot-Hawley Tariff Act was signed into law in 1930 — and, according to many historians, worsened the Great Depression — House Republicans lost 52 seats in the 1930 midterm elections and then 101 more in the 1932 election. Part of that was undoubtedly due to the Depression rather than merely the tariffs, but Democrats focused on the tariffs in both campaigns.

https://www.washingtonpost.com/poli...iffs-could-cause-gop-decimation-he-has-point/

 

[Crepitus]

Will the Republicans in Congress really sit by for the next 18 months and let Trump singlehandedly destroy this country with his tariffs? I have my doubts.

Maybe Republicans don't care about their country, but they do care about their own personal wealth....and I don't think they want to see it all go up in smoke. And they also care about their future political careers.

There was a good column in the Washington Post yesterday that talked about how disastrous tariffs have decimated the Republican Party in previous elections. --

Republicans who are evidently not too comfortable with President Donald Trump’s decision to announce large new global tariffs have tried plenty of hints to push him in a different direction. And one of Trump’s most vocal tariff critics on the GOP side, Sen. Rand Paul of Kentucky, tried a relatively novel one on Wednesday.

He pointed to electoral peril for the GOP.

“Tariffs have also led to political decimation,” Paul told reporters. “When [William] McKinley most famously put tariffs on in 1890, they lost 50 percent of their seats in the next election. When [Sens. Reed Smoot and Willis C. Hawley] put on their tariff in the early 1930s, we lost the House and the Senate for 60 years.

“So they’re not only bad economically; they’re bad politically.”

This is a good point.

After the McKinley Tariff was enacted in 1890, Republicans lost 93 seats in the House that year — losses that included McKinley’s own reelection defeat. (He was then a congressman, but would later become president.) They also lost an 1892 presidential election in which the tariffs remained a major issue.

After the Smoot-Hawley Tariff Act was signed into law in 1930 — and, according to many historians, worsened the Great Depression — House Republicans lost 52 seats in the 1930 midterm elections and then 101 more in the 1932 election. Part of that was undoubtedly due to the Depression rather than merely the tariffs, but Democrats focused on the tariffs in both campaigns.

https://www.washingtonpost.com/poli...iffs-could-cause-gop-decimation-he-has-point/

There are already a few revolting.

 

[Dr. Phosphorous]

There are already a few revolting.

Even pathetic Trump ass-eater Ted Cruz is expressing his concerns.

 

[Toddsterpatriot]

After the McKinley Tariff was enacted in 1890, Republicans lost 93 seats in the House that year — losses that included McKinley’s own reelection defeat. (He was then a congressman, but would later become president.)

There was already a financial crisis and the tariff passed 5 weeks before the election.

You can hardly claim the tariff caused the House losses. Well, you could, but not honestly. I guess that's not an issue for most leftists.

 

[Dr. Phosphorous]

There was already a financial crisis and the tariff passed 5 weeks before the election.

You can hardly claim the tariff caused the House losses. Well, you could, but not honestly. I guess that's not an issue for most leftists.

Biden had 48 straight months of job growth....that is a FACT. And Trump is about to end that almost overnight with his insane fucking tariffs.

Take responsiblity for your stupid fucking voting decision....supporting this mentally ill deranged dumb fuck Trump.

And kiss the Republican Party good bye in Nov 2026.

 

[kyzr]

Congress can't do anything about tariffs, except whine about them.

 

[kyzr]

Biden had 48 straight months of job growth....that is a FACT. And Trump is about to end that almost overnight with his insane fucking tariffs. Take responsibility for your stupid fucking voting decision....supporting this mentally ill deranged dumb fuck Trump.
And kiss the Republican Party good bye in Nov 2026.

Democrats are at 21% approval. UE is at 4.3%
Stop the incessant whining.

 

[Dr. Phosphorous]

Congress can't do anything about tariffs, except whine about them.

Congress can pass laws to end the tariffs. Just like they have passed laws to implement new tariffs in the past.

What the fuck are you talking about???

 

[Toddsterpatriot]

Biden had 48 straight months of job growth....that is a FACT. And Trump is about to end that almost overnight with his insane fucking tariffs.

Take responsiblity for your stupid fucking voting decision....supporting this mentally ill deranged dumb fuck Trump.

And kiss the Republican Party good bye in Nov 2026.

Biden had 48 straight months of job growth....that is a FACT.

None of his policies can be credited with that job growth.
Unless you want to count the fact that he added more to the debt than Trump?

Take responsiblity for your stupid fucking voting decision....supporting this mentally ill

I didn't vote for either one of your left-wing, mentally ill candidates.

 

[westwall]

There was already a financial crisis and the tariff passed 5 weeks before the election.

You can hardly claim the tariff caused the House losses. Well, you could, but not honestly. I guess that's not an issue for most leftists.

Correct, leftists take lying to new heights.

It's their specialty.

 

[kyzr]

Congress can pass laws to end the tariffs. Just like they have passed laws to implement new tariffs in the past.
What the fuck are you talking about???

To be a LAW it needs to be passed by BOTH houses and signed by the president.

How Congress delegates its tariff powers to the president | Constitution Center

President Donald Trump is expected to announce wide-sweeping tariffs on Wednesday, in a move with potentially broad consequences. So how does the president have the ability to levy tariffs under the Constitution?

constitutioncenter.org

The Constitution actually grants Congress the power to levy tariffs, but in recent years as a result of certain laws Congress has passed, the president and the executive branch have controlled when and how tariffs are placed on goods entering the United States.