InvestorsHub Logo
Followers 91
Posts 13604
Boards Moderated 1
Alias Born 07/09/2003

Re: CaribbeanJim post# 8386

Thursday, 10/23/2008 8:47:11 AM

Thursday, October 23, 2008 8:47:11 AM

Post# of 43547
Will Obama follow through on his promises and repeating mistakes made in '30's>>>>>>>

"Creating the first Great Depression required a horrific stock-market crash, followed by several major policy miscues. Key among them:

A huge increase in tariffs (The Smoot-Hawley Tariff Act of 1930) at a time when world trade was already in a fragile state, and trade barriers were much higher than they had been before 1914.

A 30% decrease in the money supply caused by bank failures, which made prices drop 20%, made real interest rates correspondingly high and was a major cause of real GDP dropping 25%.

A major tax increase at the bottom of a deep recession, taking the top marginal rate of income tax from 25% to 63%."



lll & pj

Volume:
Day Range:
Bid:
Ask:
Last Trade Time:
Total Trades:
  • 1D
  • 1M
  • 3M
  • 6M
  • 1Y
  • 5Y
Recent GOLD News