Al-O-Meter
Well-Known Member
Sure.Any good reads on this?
In 1920, a decade before the Great Depression, the economy crashed harder that it did in 1929. The government did mostly nothing except for impose emergency tariffs in 1921.
Emergency Tariff of 1921 - Wikipedia
The Federal Reserve existed, but it didn't do anything. President Woodrow Wilson had a stroke and wasn't capable of doing anything. President Warren Harding didn't do anything, and the economy cured itself. Not only did the emergency tariffs not crush the recovery, it supercharged it, and Congress passed even more tariffs.
Fordney–McCumber Tariff - Wikipedia
That era is now referred to as the Roaring 20's, and it was one of the most economically prosperous periods in our nation's history. As a side note, in addition to imposing tariffs, they also sought to tamp down immigration.
Immigration Act of 1924 - Wikipedia
It made the 1920's. They were boom times. If I had to guess, @Sardines is referring to the Smoot-Hawley Tariff, but that wasn't what caused the Great Depression contrary to what is taught in Middle School. The best source on that is Nobel Prize winning former Federal Reserve Chairman Ben Bernanke who has written extensively on the subject in which he pinned the blame on the Federal Reserve of the period in no uncertain terms, and said he used what he learned from their missteps to fix the US economy during the Great Recession.
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