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Offthemat

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    Let The Stock Market Burn!!!

    in Non Wrestling Topics

    Posted · Edited by Offthemat

    9 hours ago, Boring said:

    Did you vote for Elon Musk? Did you vote for Trump to intentionally tank the stock market???

    The only elected member of the executive branch (I don’t count the VP) is the president, and I knew Trump’s intentions before the election.  He made them very clear.

    When our companies have to pay tariffs to sell their goods to other countries isn't that just a form of extortion?

    in Non Wrestling Topics

    Posted

    1 hour ago, scourge165 said:

    Congress

    Got it.  The House passed it in May of 1929.  After Hoover asked them to devise a tariff to help farmers, who were already experiencing the depression.  They didn’t follow his guidance.  It wasn’t until June, 1930 that the Senate passed it.  The farmers were experiencing pressure from tariffs imposed by Europe due to their farmers increased/over production and the higher interest rates imposed by the fed in early 1928. 
     

    I said from the beginning that tariffs didn’t help matters during the depression, but to say they were the cause of it is just wrong.  There is plenty of blame for the Fed.  The stock market was so crazy that people were borrowing from the bank to buy stocks on margin.  Waited too long and overreacted.
     

     The best thing about this is Trump’s inclusion of trade barriers and currency manipulation in the formula.  And he’s let it be known that tariffs can be lifted if fair agreements can be reached, but few will move without being prodded. 

    When our companies have to pay tariffs to sell their goods to other countries isn't that just a form of extortion?

    in Non Wrestling Topics

    Posted

    11 hours ago, scourge165 said:

    The part people often get wrong is they ignore that the tariffs were passed BEFORE the market crash.

    What dates do you have for the crash and passing of Smoot/Hawley?  Because I’m getting October 1929 for the crash and June 1930 for passing and signing of Smoot/Hawley.  Also showing that S/H raised tariffs from ~40% to ~60%.  How do the acceptable pre S/H rates compare to Trump’s?

    When our companies have to pay tariffs to sell their goods to other countries isn't that just a form of extortion?

    in Non Wrestling Topics

    Posted

    11 minutes ago, scourge165 said:

    Is that what "many now believe?"

    Scholarly historians, like yourself, have an advantage over me. 

     

    14 minutes ago, scourge165 said:

    No, we should listen to the guy who proved the saying "the house always wins," is...ACTUALLY not true. Not when HE is President...

    It’s easy to figure what the carried interesters are after, but why do you suppose the President is doing this?

    When our companies have to pay tariffs to sell their goods to other countries isn't that just a form of extortion?

    in Non Wrestling Topics

    Posted

    56 minutes ago, scourge165 said:

    Also, you mind telling me what the point of this post is?

    “Scholars now believe that these policies may have reduced trade somewhat but were not a significant cause of the Depression among the large industrial producers.”
     


    And you shouldn’t listen too much to those Wall Street carried interest folks, they’re unholy, and will exploit anything to fleece you.  In about six months or a year, or a couple of weeks, when all this starts paying dividends, we’ll be fine.  We’ve got some in the market, some in gold, and some in cash that’ll be real handy now that it’s time to buy. 

    When our companies have to pay tariffs to sell their goods to other countries isn't that just a form of extortion?

    in Non Wrestling Topics

    Posted

    6 hours ago, scourge165 said:

    The part people often get wrong is they ignore that the tariffs were passed BEFORE the market crash. They just weren't implemented until after the crash. But as we've seen the past 3 months, the prospect of tariffs cause a great deal of uncertainty. Earnings season was incredible...and stocks still dropped(by in large) despite beating...over and over. 

    “The 1930 enactment of the Smoot-Hawley Tariff Act in the United States and the worldwide rise in protectionist trade policies created other complications. The Smoot-Hawley tariff was meant to boost farm incomes by reducing foreign competition in agricultural products. But other countries followed suit, both in retaliation and in an attempt to force a correction of trade imbalances. Scholars now believe that these policies may have reduced trade somewhat but were not a significant cause of the Depression among the large industrial producers. Protectionist policies, however, may have contributed to the extreme decline in the world price of raw materials, which caused severe balance-of-payments problems for primary-commodity-producing countries in Africa, Asia, and Latin America and led to contractionary monetary and fiscal policies.”
     

    https://www.britannica.com/event/Great-Depression/Causes-of-the-decline
     

    6 hours ago, scourge165 said:

    So YOUR belief is that all we did was if China had a 10% tariff on Steel, we just matched that? 

    China is a special case and I fully support punitive measures against them.  Though the administration’s numbers show that we’re not hitting them as hard as they hit us, just almost. 

    When our companies have to pay tariffs to sell their goods to other countries isn't that just a form of extortion?

    in Non Wrestling Topics

    Posted

    1 minute ago, scourge165 said:

    Do you really not see how this is harmful?

    We just started a trade war with all of our allies. 

    This is just shockingly stupid...

    No we didn’t.  It’s reciprocal.  Why do you believe it’s okay for other countries to have tariffs on our goods, but catastrophic for us to put equal tariffs on them. 

    • Bob 1
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    When our companies have to pay tariffs to sell their goods to other countries isn't that just a form of extortion?

    in Non Wrestling Topics

    Posted · Edited by Offthemat

    2 hours ago, scourge165 said:

    There's already been one. The last time someone was stupid enough to try this.

    It’s been a long time since I’ve heard anyone claim that tariffs were the cause of the depression.  Most economists today recognize that the Fed probably deserves the most blame, while an untimely tax increase  and the tariffs didn’t help, they were enacted after the depression had already begun.  Here’s a link to your NPR that might help you.  Odd that the Fed seems to be up to their old tricks, again. 
     

    https://www.npr.org/2025/03/06/nx-s1-5318076/tariffs-great-depression-explainer

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