"The stock market collapse began on Oct. 28, 1929, as news spread that the Smoot Hawley Tariff Bill would become law. The front-page New York Times article read: “Leaders Insist Tariff Will Pass.” Although the tariff bill didn’t become law until June 1930, its effects were felt eight months prior. Markets reacted immediately, as they discount future earnings."
Sigh.......Even your own post says that the stock market collapse began months before the tariffs were put in place. The notion that the entire world went into a depression simply because it looked like the U.S. might succeed in putting some regulations into effect in a few months is so ridiculous that it blows my mind anyone actually believes that fairy tale. .
I'm aware that it is the received wisdom taught in schools, universities and parroted in the media but that doesn't mean anyone has to believe it any more than NATO tracks Santa Clause across the North Pole every Christmas.
Please, distinguish between a market crash and depression. The market crash of 1929 was only a drop in highly overvalued securities market (artificially caused by government), but the depression started later by several different compounded causes.
Then and today lower projected future earnings by introduction of upcoming tariffs played a role in provoking a correction in stocks, as it should.
That was my point. Your post reprinting the article disconnected and without context seemed like just another warning that "history will repeat itself."
I mean the whole point of your article was the complete folly of Trump's approach to tariffs. Nothing in your article suggests that Trump's tariffs are at worst, simply a trigger for a much needed stock market correction. And that any sensible person is aware that the stock market crash of twenty nine was just a symptom of the economic problems that created the depression and had little bearing on when and if that event occurred.
Ok, I see. Indeed, I should have given some context. I am not saying history will repeat itself at all, just saying that the stock market reaction or correction resulting from the introdcution of the tariffs is completely normal considering the uncertainy and costs these tariffs will bring to US companies as well as to US consumers.
This is indeed aligned with the point I am making about the folly of these tariffs.
There are cyclic converging, transformative, global, geo-political, cultural, socio-economic fundamental alterations coming to the current world order. Putin, Xi and now Trump are watching the train come down the tracks and are choosing their own method for how and when to jump off the track.
Most countries and leaders are like deer in the headlights mesmerized by the speed at which it is approaching. It is not enough to say a particular response is folly. Otherwise, you need to have some kind of alternative to just getting flattened.
I am personally more comfortable with Trump's response than either Putin or Xi. It is not necessarily more likely to succeed. I am just more comfortable with it. And I don't see anyone else with both the will and at least temporary authority trying to do anything in response.
Here is Bessent, Treasury Sec, interview with Tucker Carlson. This is not convincing at all and makes me more convinced of the lack of real plan from the Trump administration. It's more like wishful thinking from people who do not know economics. "Let's try this and hope it works" kind of attitude.
Btw, Bessent is also a snake, he worked for Soros and nearly broke the Bank of England when he bet against Sterling and made 1 Bln USD in profit for Soros.
"The stock market collapse began on Oct. 28, 1929, as news spread that the Smoot Hawley Tariff Bill would become law. The front-page New York Times article read: “Leaders Insist Tariff Will Pass.” Although the tariff bill didn’t become law until June 1930, its effects were felt eight months prior. Markets reacted immediately, as they discount future earnings."
Sigh.......Even your own post says that the stock market collapse began months before the tariffs were put in place. The notion that the entire world went into a depression simply because it looked like the U.S. might succeed in putting some regulations into effect in a few months is so ridiculous that it blows my mind anyone actually believes that fairy tale. .
I'm aware that it is the received wisdom taught in schools, universities and parroted in the media but that doesn't mean anyone has to believe it any more than NATO tracks Santa Clause across the North Pole every Christmas.
Please, distinguish between a market crash and depression. The market crash of 1929 was only a drop in highly overvalued securities market (artificially caused by government), but the depression started later by several different compounded causes.
Then and today lower projected future earnings by introduction of upcoming tariffs played a role in provoking a correction in stocks, as it should.
That was my point. Your post reprinting the article disconnected and without context seemed like just another warning that "history will repeat itself."
I mean the whole point of your article was the complete folly of Trump's approach to tariffs. Nothing in your article suggests that Trump's tariffs are at worst, simply a trigger for a much needed stock market correction. And that any sensible person is aware that the stock market crash of twenty nine was just a symptom of the economic problems that created the depression and had little bearing on when and if that event occurred.
Ok, I see. Indeed, I should have given some context. I am not saying history will repeat itself at all, just saying that the stock market reaction or correction resulting from the introdcution of the tariffs is completely normal considering the uncertainy and costs these tariffs will bring to US companies as well as to US consumers.
This is indeed aligned with the point I am making about the folly of these tariffs.
There are cyclic converging, transformative, global, geo-political, cultural, socio-economic fundamental alterations coming to the current world order. Putin, Xi and now Trump are watching the train come down the tracks and are choosing their own method for how and when to jump off the track.
Most countries and leaders are like deer in the headlights mesmerized by the speed at which it is approaching. It is not enough to say a particular response is folly. Otherwise, you need to have some kind of alternative to just getting flattened.
I am personally more comfortable with Trump's response than either Putin or Xi. It is not necessarily more likely to succeed. I am just more comfortable with it. And I don't see anyone else with both the will and at least temporary authority trying to do anything in response.
Here is Bessent, Treasury Sec, interview with Tucker Carlson. This is not convincing at all and makes me more convinced of the lack of real plan from the Trump administration. It's more like wishful thinking from people who do not know economics. "Let's try this and hope it works" kind of attitude.
Btw, Bessent is also a snake, he worked for Soros and nearly broke the Bank of England when he bet against Sterling and made 1 Bln USD in profit for Soros.
Video:
https://www.youtube.com/watch?v=zLnX1SQfgJI
The Rothschild-Soros Crime Syndicate plays a key role in currency and derivatives speculation for the
London-Wall Street Casino Royale.