Author: pnp

Trump, The Tariff Man Is At It Again! [Copy link] 中文

Post time 2019-5-19 18:23:10 |Display all floors
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Post time 2019-5-20 13:46:56 |Display all floors
This post was edited by pnp at 2019-5-21 12:13

Trump is  making the same mistake as President Hoover in 1930s who refused to take the advice of hundreds of experts not to sign the tariff act, Smoot Hawley Act. After the act became law, US imposed tariffs on several imported products, its trading partners retaliated, and that brought about the Great Depression!  History is about to be repeated because of that ignoramus tariff man in the White House!

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Post time 2019-5-21 12:03:33 |Display all floors
This post was edited by pnp at 2019-5-21 12:18

Trump has lied again and again that his tariffs on Chinese goods are working, and that China is paying those tariffs.   CNN reported: "Nike, Adidas, Under Armour, Foot Locker and other sneaker brands and retailers told President Donald Trump on Monday that proposed tariffs on imported shoes from China would be "catastrophic" for American consumers.
"Any action taken to increase duties on Chinese footwear will have an immediate and long-lasting effect on American individuals and families," a coalition of more than 170 footwear companies said in a letter to Trump. "It will also threaten the very economic viability of many companies in our industry."   "The Footwear Distributors and Retailers of America estimated that 25% tariffs on shoes coming from China would add $7 billion in additional costs for US customers annually."This appeal comes straight rom the horses' mouth!  Trump should stop lying!  

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Post time 2019-5-22 06:35:36 |Display all floors
pnp Post time: 2019-5-20 13:46
Trump is  making the same mistake as President Hoover in 1930s who refused to take the advice of hun ...

The Stock Market crashed in October, 1929, causing world markets to crash. THAT was the start of the Great Depression. The Smoot-Hawley Tariff Act became law in June, 1930. Canada, France, and other nations retaliated by raising tariffs, resulting in a contraction of international trade and a worsening of the economy. The Great Depression was already well underway when the Act was signed.
Stupid people are like Glowsticks. You want to snap them in half and shake the crap out of them until they see the light.
I love sarcasm. It's like punching someone in the head ... only with words

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Post time 2019-5-22 11:07:12 |Display all floors
cmknight Post time: 2019-5-22 06:35
The Stock Market crashed in October, 1929, causing world markets to crash. THAT was the start of t ...

That Act exacerbated the situation!!

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Post time 2019-5-23 07:42:38 |Display all floors
pnp Post time: 2019-5-22 11:07
That Act exacerbated the situation!!

That may, or may not be, but you stated that Hoover's actions CAUSED the Great Depression, which is simply not true. During the "Roaring Twenties", the U.S. economy, and the stock market, experienced rapid expansion and stocks hit record highs. The Dow increased six-fold from August 1921 to September 1929, leading economists such as Irving Fisher to conclude, “Stock prices have reached what looks like a permanently high plateau.” The market officially peaked on September 3, 1929, when the Dow shot up to 381.

By this time, many ordinary working-class citizens had became interested in stock investments, and some purchased stocks “on margin,” meaning they paid only a small percentage of the value and borrowed the rest from a bank or broker. Additionally, the overall economic climate in the United States was healthy in the 1920s. Unemployment was down, and the automobile industry was booming.

While the precise cause of the stock market crash of 1929 is often debated among economists, several widely accepted theories exist.

The market, and the public, were overconfident.
Some experts argue that at the time of the crash, stocks were wildly overpriced and that a collapse was imminent. That same sense of reckless overconfidence extended to average consumers and small investors, too, leading to an “asset bubble.” The crash happened after a long period of rising market growth that led to consumer overconfidence. In fact, after 1922, the stock market had increased by nearly 20 percent each year until 1929.

People bought stocks with easy credit.
During the 1920s, there was a rapid growth in bank credit and easily acquired loans. People encouraged by the market’s stability were unafraid of debt. The concept of “buying on margin” allowed ordinary people with little financial acumen to borrow money from their stockbroker and put down as little as 10 percent of the share value. A similar type of overconfidence was seen in industries such as manufacturing and agriculture: overproduction led to a glut of items including farm crops, steel, durable goods and iron. This meant companies had to purge their supplies at a loss, and share prices suffered.

The government raised interest rates.
In August 1929 – just weeks before the stock market crashed – the Federal Reserve Bank of New York raised the interest rate from 5 percent to 6 percent. Some experts say this steep, sudden hike cooled investor enthusiasm, which affected market stability and sharply reduced economic growth. Another factor was an ongoing agricultural recession: Farmers struggled to make an annual profit to keep their businesses afloat. Some believe this agricultural slump affected the financial climate of the country.

After the crash, panic made a bad situation worse.
Public panic in the days after the stock market crash led to hordes of people rushing to banks to withdraw their funds in a number of “bank runs,” and investors were unable to return their money because bank officials had invested the money in the market. This led to massive bank failures and further deepened an already dire financial situation.

There was no single cause for the turmoil.
Most economists agree that several, compounding factors led to the stock market crash of 1929.

A soaring, overheated economy that was destined to one day fall likely played a large role. Equally relevant issues, such as overpriced shares, public panic, rising bank loans, an agriculture crisis, higher interest rates and a cynical press added to the disarray. Many investors and ordinary people lost their entire savings, while numerous banks and companies went bankrupt. While historians sometimes debate whether the stock market crash of 1929 directly caused the Great Depression, there’s no doubt that it greatly affected the American economy for many years.
Stupid people are like Glowsticks. You want to snap them in half and shake the crap out of them until they see the light.
I love sarcasm. It's like punching someone in the head ... only with words

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Post time 2019-5-23 10:12:12 |Display all floors
SEARU Post time: 2019-5-12 18:34
Maybe it is true that Trump had been a smart businessman who could earn quick money by increasing th ...

It's like one US. news paper reporter said, "trump think he's dealing with a sub-contractor or a real-estate agent... no he's dealing with highly educated Chinese politicians"  
Human lives mean nothing when the western warmongers see a bigger gain through war

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