Suitably Flip

"Remember Smoot-Hawley"

Wisdom from down-under.

In times of crisis, the U.S. loves a rallying cry. “Remember the Alamo.” “Remember the Maine.” “Remember Smoot-Hawley?”

Ok, “Smoot-Hawley” doesn’t exactly roll off the tongue, but Kevin Rudd, prime minister of Australia, suggests it is just the rallying cry needed to keep the global financial crisis from morphing into the 1930s redux. That protectionist tax, enacted in 1930, was in the eyes of many financial experts a low point in U.S. economic history. (Those who are not history buffs can read up on it here.)
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After Rudd’s speech, one thing was clear: If he is ever looking for a second act after Australian politics, Wall Street would be happy to have him. “Why don’t we have him?” wailed one prominent attendee at the conference after Rudd’s speech. Rudd also got high marks from embattled Treasury Secretary Tim Geithner, who said, “The prime minister is A+ on these issues. If we followed his advice we’d be in a better position.”

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"Remember Smoot-Hawley"

Wisdom from down-under.

In times of crisis, the U.S. loves a rallying cry. “Remember the Alamo.” “Remember the Maine.” “Remember Smoot-Hawley?”

Ok, “Smoot-Hawley” doesn’t exactly roll off the tongue, but Kevin Rudd, prime minister of Australia, suggests it is just the rallying cry needed to keep the global financial crisis from morphing into the 1930s redux. That protectionist tax, enacted in 1930, was in the eyes of many financial experts a low point in U.S. economic history. (Those who are not history buffs can read up on it here.)
...
After Rudd’s speech, one thing was clear: If he is ever looking for a second act after Australian politics, Wall Street would be happy to have him. “Why don’t we have him?” wailed one prominent attendee at the conference after Rudd’s speech. Rudd also got high marks from embattled Treasury Secretary Tim Geithner, who said, “The prime minister is A+ on these issues. If we followed his advice we’d be in a better position.”