Monday, December 08, 2008

i dont give a Smoot

You know some folks say im hard on Obama, and others say or ask why I don’t like Jones or give him a chance. I do like jones and I am giving Jones a chance it is just that read and listen to what he says and instead of excepting like a coward or slave, I study his words and approaches to problem solving. This is because my penchant is for him to succeed.

I listened to his radio address this past weekend and was glad to hear that he was changing his tune and even suggesting some things I had suggest a few months ago in this blog when I first heard his economic plan. Namely that he desires to revive the economy through a job-creating public works plan (hopefully on a state by state level). In addition, his prowess showed because I aint her the word “spend” not once, instead it was replaced with the word “invest”. However, he aint mention no cost estimate for his plan or talk about how it will be disseminated, and even more importantly, what structural changes would be implement (laws abrogated) or international issues that needed to be addressed to get the economy rolling. This is important because common folks seem to be more detailed regarding the economic crisis we face than politicians – inclusive of him.

As such I am scared that he may consider a Smoot-Hawley Tariff Act (men in pic) approach to help with this problem – which I don’t think is a smart thing to do. In June 1930 this act was designed to increase the protection afforded domestic farmers against foreign agricultural imports. Now I know it is far fetched, but he has stated on the record that he would “strengthen the productivity of our workers and businesses; by enforcing our existing trade agreements and negotiating better trade agreements.” I also know that he has not said anything about issues related to free trade, especially since the deficit reflects the amount of foreign investment to the U.S. economy; which for the record without, we would have a whole bunch more foreclosures and business closing their doors.

And back then, although it was no bail out, it reminds me of the bail out since it was enacted to protect a certain economic sector – farmers. The bail out has similarly targeted banks, now auto industry and maybe next, states and credit card companies. For after the Smoot-Hawley Tariff Act was put in place, like now with the bailout, folks asking for increased protection came in from all the other industrial sector special interest groups,

Now I’m gonna keep an open mind, and recant, In not hating but rather thinking and want to know what Jones got in mind regarding free trade because legislation like the Smoot-Hawley did not make the depression any better for it was enacted after prior legislation to deal with the economic problem like the Fordney-McCumber tariff. All I am saying is that I don’t give a Smoot, but that enquiring minds would like to know.

15 comments:

clnmike said...

The irony is that acts like the Smoot has been fought by the US in other countries with disasterous consequences.

In Haiti the international community mainly the United states pressured Haiti to change it's taxes on forgeign rice allowing the cheaper stuff in.

Which than drove local farmers out of buisness, which than led to a food shortage recently on the island when they couldnt afford to buy the foriegn goods when cost rose.

Some blame the increase in Bio fuels for the rise in cost.

But regardless, the idea that the goverment should just spend money as opposed to investing and demanding a return on their mony in somer fashion is foolish and short sighted.

No one wants to see jobs lossed by the collapse of certain industrys but bail outs are treating the symptoms and not the disease.

MBR said...

you always push me to look deeper within and strengthen my resolve to get smarter and examine the space between words and even letters from the speech of our leaders....

thanks.

rainywalker said...

Perhaps he is holding back on the details to slowly calm the American people and get them to once again invest in this country?

R. Fitzgerald said...

Never heard of these acts, I will have to do some homework since I'm not quite understanding what you are advocating OR not advocating.

Tee aka The Diva's Thoughts said...

Where do you find room in your brain for all the facts and information you have stored in there? Wow!

msladydeborah said...

I have mixed feelings on the subject of the Obama, the economy and what he is going to do.

First of all, I feel that until he is sworn in we won't receive in depth details on his economic plans. He has had no choice but to bring his position to the center on this subject. Which I am cool with for the moment. I appreciate the fact that he has stated what I believe to be reality, it will get worse before improving.

It bothers me that the Feddies are finally admitting that there is an economic recession. The beginning was cited as December of 2007. Why now? Do they think that the people of the nation do not realize this already?

I do not see how he can step up over Bush during this time to deal with governing. Yet the situation is like a bad roller coaster ride. A ride that needs a switch operator ASAP!

I am going to wait until he is in office and see if details are given in depth.

cordieb said...

Every decision has an impact; some better for some; some better for others. . . . Smoot-Hawley like legislation will help some; will break some. We all need to stay abreast and voice our concerns. I'm glad to see my brothers and sisters taking an interest in economics too and thinking somewhat conservative when it comes to spending our tax dollars. We've gotta stop looking for handouts, because handouts are soon going to run out. Thanks for the lesson. . . once more. Peace, Light and Love to you and yours. . . CordieB.

ActsofFaithBlog said...

I hope you sent this over to the change.org site. There's some other smart people throwing down serious knowledge over there. It makes you wonder why certain people get appointments when there's plenty of real-life knowledge peeps lurking around with much better ideas.

eclectik said...

The title alone is dope lol

I fux with your thought process...your blog is everything mine isnt lol

e.

Veronica Wright said...

I'm just watching and waiting...

..and stashin...

SoulOnIce said...

I had no idea what the Smoot-Hawley Tariff Act was. Thanks for the education, my brotha. I'll be lookin' into it.

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