Daniel Ikenson, at Cato, notices both houses of Congress are also demonstrating their absence of historical knowledge when it comes to the great depression:
For all practical purposes there is no difference between the Smoot-Hawley tariff bill of 1930 and the “Buy American” provisions in the $819 billion spending bill that passed the House Wednesday.
I know! Let's erect trade barriers which will kill any remaining trade we have left! Shipping rates from Asia to Europe have hit zero, which should give anyone concerned about international trade a clue that maybe we should be getting out of the way rather than causing more problems!
I wonder, if they were intentionally trying to cause a depression, could they actually design something worse? Forget slouching, Mr. Bork, we are now sprinting to Gomorrah.
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