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Historian Michele Bachmann Blames FDR's "Hoot-Smalley" Tariffs For Great Depression
Eric Kleefeld –
Make no mistake: When it comes to economics, Rep. Michele Bachmann (R-MN) knows her history -- even if that history is from another planet.
On Monday night, our friends at Dump Bachmann reported, Bachmann took to the House floor and paid tribute to the economic policies of Calvin Coolidge and the "Roaring 20s" (the era that ended with a massive monetary contraction and the Great Depression). One particular line really does stand out, though -- saying Franklin Roosevelt turned a recession into a depression through the "Hoot-Smalley" tariffs:
Here's what really happened: When Franklin Roosevelt took office, unemployment was already about 25%. And the tariff referred to here was actually the Smoot-Hawley bill, co-authored by Republicans Sen. Reed Smoot of Utah and Rep. Willis Hawley of Oregon, and signed into law by President Herbert Hoover.
Interestingly, this speech also happened on the same day as when Bachmann connected the 1970s swine flu outbreak to Democrat Jimmy Carter being president, even though it was actually Gerald Ford in office at the time.