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>> GOOD EVENING AND I JUST MANAGED TO TURN OFF MY CELL PHONE, JUST AS YOU WERE TURNING TO ME. JUST IN TIME. >> I LOVE IT. HAVE A GOOD NIGHT. >> READ SNOOT WAS ELECTED TO THE UNITED STATES SENATE IN 1902. NO VOTER EVER SAW HIS NAME ON A BALLOT. HE WAS ELECTED TO THE SENATE THE OLD-FASHIONED WAY, IN A WAY THE FOUNDERS THOUGHT SENATORS SHOULD BE ELECTED. A STATE LEGISLATURE CHOSE AND VOTED FOR REED SMOOT TO GO TO THE UNITED STATES SENATE TO REPRESENT THE STATE OF UTAH. IN HIS 30 YEAR CAREER AS A SENATOR, REED SMOOT ROSE TO THE MOST POWERFUL CHAIRMANSHIP IN THE SENATE, CHAIRMAN OF THE SENATE FINANCE COMMITTEE WITH JURISDICTION OVER THE FEDERAL GOVERNMENT WAYS OF RAISING REVENUE, BRINGING MONEY INTO THE TREASURY. TAXATION AND TARIFFS. WITH THE STOCK MARKET CRASHING IN 1929 AND THE COUNTRY AND DURING THE GREAT DEPRESSION, REED SMOOT HAD THE WORST IDEA ANY CHAIRMAN OF THE SENATE FINANCE COMMITTEE EVER HAD. IT WAS AN IDEA THAT WOULD END HIS CAREER IN THE SENATE. THE HOUSE WAYS AND MEANS COMMITTEE HAD THE SAME JURISDICTION IN THE HOUSE THAT THE FINANCE COMMITTEE HAS IN THE SENATE. TAXATION AND TARIFFS. THE CHAIRMAN OF THE HOUSE WAYS AND MEANS COMMITTEE LOVED REED SMOOT'S VERY BAD IDEA. THAT IDEA ALSO ENDED CHAIRMAN HOLLY'S CAREER IN THE HOUSE OF REPRESENTATIVES. IN 1930, WITH THE COUNTRY SINKING DEEPER INTO AN ECONOMIC DEPRESSION, THE CHAIRMAN PUT THE TARIFF ACT OF 1930 THROUGH THEIR COMMITTEES AND THEN THEY BOTH GOT IT PASSED IN THE HOUSE OF REPRESENTATIVES AND IN THE SENATE AND BY THE TIME IT REACHED THE PRESIDENT'S DESK FOR SIGNATURE IT HAD COME TO BE KNOWN AS THE SMOOT-HAWLEY TARIFF ACT. IT RAISED TARIFFS ASTRONOMICALLY, HIGHER THAN EVER BEFORE ON THOUSANDS OF GOODS. IT WAS EXACTLY WHAT DONALD TRUMP IS NOW PROPOSING AS A PRESIDENTIAL CANDIDATE. ECONOMICS WAS A MUCH LESS COMPLEX FIELD OF SCHOLARSHIP. IN 1930 THAN IT IS TODAY. THE ANALYTICAL TOOLS AVAILABLE TO ECONOMISTS WERE FAR FEWER AND VERY UNSOPHISTICATED COMPARED TO TODAY, BUT EVEN THEN THE SMOOT-HAWLEY TARIFFS WERE SOMETHING ECONOMISTS COULD AGREE ON. OVER 1000 ECONOMISTS SIGNED A PETITION TO PRESIDENT HERBERT HOOVER, REPUBLICAN PRESIDENT HERBERT HOOVER, ASKING HIM TO VETO THE SMOOT-HAWLEY TARIFFS. AMERICA'S MOST FAMOUS INDUSTRIALIST AT THE TIME, HENRY FORD, KNEW IT WOULD BE A DISASTER FOR BUSINESS AND A DISASTER FOR THE ECONOMY. HE WENT TO THE WHITE HOUSE TO TRY TO CONVINCE REPUBLICAN PRESIDENT HERBERT HOOVER TO VETO THE TARIFF BILL WRITTEN BY REPUBLICAN SENATOR REED SMOOT AND CONGRESSMAN WILLIS HOLLY AND PASSED WITH OVERWHELMING REPUBLICAN SUPPORT IN THE HOUSE AND SENATE. HENRY FORD CALLED THE TARIFFS, QUOTE, AND ECONOMIC STUPIDITY. J.P. MORGAN'S CHIEF EXECUTIVE SAID, QUOTE, I ALMOST WENT DOWN ON MY KNEES TO BEG HERBERT HOOVER TO VETO THE ASININE SMOOT-HAWLEY TARIFF. HERBERT HOOVER, A SUCCESSFUL BUSINESSMAN IN HIS OWN RIGHT, THOUGHT HE KNEW BETTER. AND HE SIGNED THE SMOOT-HAWLEY TARIFFS INTO LAW AND IN THE NEXT ELECTION HERBERT HOOVER LOST HIS REELECTION CAMPAIGN FOR THE PRESIDENCY TO THE GOVERNOR OF NEW YORK, FRANKLIN DELANO ROOSEVELT. IN THE SAME ELECTION IN 1932 WHEN VOTERS WERE LIVING WITH THE DISASTER OF REED SMOOT'S BRIGHT IDEA AND WILLIS HAWLEY'S SUPPORT OF THAT IDEA, SENATOR SMOOT AND CONGRESSMAN HAWLEY LOST THEIR REELECTION CAMPAIGNS. THERE IS UNIVERSAL AGREEMENT AMONG ECONOMISTS THAT SMOOT- HAWLEY TARIFFS MADE THE GREAT DEPRESSION EVEN WORSE. THOSE TARIFFS DID NOT PROTECT AMERICAN JOBS. THEY KILLED AMERICAN JOBS. THEY KILLED AMERICAN JOBS. AND IT MEANT THAT THE PORTRAIT OF WILLIS HAWLEY HANGING IN THE OFFICES OF THE HOUSE WAYS AND MEANS COMMITTEE ALONG WITH THE PORTRAITS OF THE OTHER CHAIRMAN OF THE COMMITTEE AND THE PORTRAIT OF REED SMOOT HANGING IN THE OFFICES OF THE FINANCE COMMITTEE ALONG WITH THE PORTRAITS OF ALL OF THE OTHER CHAIRMAN OF THAT COMMITTEE, IT MEANS THAT THOSE PORTRAITS HANG FOREVER IN DISGRACE AND INFAMY. SMOOT AND HAWLEY HURT AMERICA MORE THAN ANY OTHER CHAIRMAN OF THE SENATE FINANCE COMMITTEE AND HOUSE WAYS AND MEANS COMMITTEE AND HISTORY. THEY DESTROYED LIVES. PEOPLE LOST THEIR HOMES, LOST THEIR JOBS, LOST THEIR HOPE, BECAUSE OF WHAT SENATOR SMOOT AND CONGRESSMAN HAWLEY DID WHEN THEY DID NOT HAVE ANY IDEA WHAT THEY WERE DOING. JUST LIKE DONALD TRUMP. AND SO WHEN YOU HEAR ECONOMISTS NOW SAYING DONALD TRUMP'S IDEA ABOUT TARIFFS IS EVEN WORSE THAN SMOOT-HAWLEY, YOU HAVE TO KNOW SOMETHING TO REALLY UNDERSTAND JUST HOW BAD DONALD TRUMP'S IDEA IS. HENRY FORD WOULD HAVE TO REACH FOR A NEW EXTREME TO DESCRIBE IT BECAUSE HENRY FORD'S PHRASE, AND ECONOMIC STUPIDITY, WOULD FEEL INADEQUATE. LAST WEEK DONALD TRUMP SAID HE WANTS TO ELIMINATE THE TAX CODE. ELIMINATE THE PERSONAL INCOME TAX AND CORPORATE INCOME TAX AND REPLACE THE INCOME TAX WITH NOTHING BUT TARIFFS. DONALD TRUMP WANTS TO ELIMINATE THE INCOME TAX, REPLACE THE REVENUE TO THE GOVERNMENT WITH NOTHING BUT TARIFFS. THE BIGGEST TARIFFS IN AMERICAN HISTORY. CNBC REPORTS DONALD TRUMP ON THURSDAY BROUGHT UP THE IDEA OF IMPOSING AN ALL TARIFF POLICY THAT WOULD ULTIMATELY ENABLE THE U.S. TO GET RID OF THE INCOME TAX. SOURCES IN A PRIVATE MEETING WITH THE REPUBLICAN PRESIDENTIAL CANDIDATE TOLD CNBC. EVERY TRUMP SUPPORTER WHO ATTENDS TRUMPS RALLIES BELIEVES DONALD TRUMP'S BIG LIE WHEN HE SAYS THIS. >> NOBODY EVER TOOK MONEY OUT OF CHINA. I TOOK HUNDREDS OF BILLIONS OF DOLLARS OUT IN THE FORM OF TARIFFS AND TAXES. >> NOPE, HE DID NOT TAKE A PENNY FROM CHINA, NOT ONE PENNY. IT IS REASONABLE TO ASSUME THAT MOST TRUMP VOTERS BELIEVE THAT CHINA PAYS THE TARIFFS IMPOSED BY DONALD TRUMP, BECAUSE DONALD TRUMP SAYS CHINA PAYS THE TARIFFS, BUT IN HIGH SCHOOL THEY SHOULD HAVE LEARNED AND MAYBE BEFORE HIGH SCHOOL FOR A LOT OF STUDENTS, THEY SHOULD HAVE LEARNED THAT TARIFFS ARE PAID BY THE PEOPLE IN THE COUNTRY THAT IMPOSES THE TARIFFS. THAT IS HOW TARIFFS WORK. YOU DON'T HAVE TO TAKE ADVANCED PLACEMENT AMERICAN HISTORY IN HIGH SCHOOL TO LEARN ABOUT TARIFFS, INCLUDING THE SMOOT- HAWLEY TARIFFS. DONALD TRUMP KNOWS THAT CHINA DOES NOT PAY THE TARIFFS THAT HE IMPOSED. HE KNOWS THAT AMERICAN CONSUMERS PAY THOSE TARIFFS. THEY FUNCTION AS SALES TAXES ON AMERICAN CONSUMERS. AND DONALD TRUMP IS CONSCIOUSLY LYING WHEN HE SAYS THAT HIS AUDIENCE ABOUT CHINA PAYING THE TARIFFS AND BECAUSE AMERICAN CONSUMERS PAY THE TARIFFS, IN EFFECT AS SALES TAXES, AND INCREASE IN TARIFFS MEANS AN INCREASE IN PRICES THROUGH, IN EFFECT, SALES TAX, WHICH IS THE VERY DEFINITION OF INFLATION. THAT INCREASE IN PRICES THAT DONALD TRUMP'S TARIFFS WOULD BRING ABOUT. DONALD TRUMP IS PROPOSING THE SINGLE MOST INFLATIONARY IDEA OF OUR LIFETIMES AND THAT IS JUST ONE ASPECT OF THE PAIN DONALD TRUMP WOULD INFLICT WITH THIS IDEA, WHICH HARVARD ECONOMIST LAWRENCE SUMMERS, THE FIRST TO RAISE CONCERNS ABOUT POSSIBLE INFLATION DURING THE COVID-19 PANDEMIC, SAYS IS THE WORST ECONOMIC POLICY PROPOSAL IN U.S. HISTORY. IN U.S. HISTORY. LARRY SUMMERS KNOWS ECONOMIC U.S. HISTORY AND THAT MEANS DONALD TRUMP'S IDEA IS WORSE THAN SMOOT-HAWLEY, MUCH WORSE. >> REPLACING THE INCOME TAX WITH THE REVENUE WITH TARIFF WOULD BE THE WORST MACROECONOMIC POLICY PROPOSAL IN U.S. HISTORY. IT OF COURSE BURDENS THE MIDDLE CLASS AND THE POOR WHO PURCHASED GOODS THAT EXIST ON INTERNATIONAL MARKETS, SO IT IS REGRESSIVE AS MANY ECONOMIC COMMENTATORS HAVE SUGGESTED, BUT THAT IS ACTUALLY THE LEAST OF IT. THINK OF IT THIS WAY. THE SMOOT-HAWLEY TARIFFS, WHICH DID ENORMOUS DAMAGE, SOME PEOPLE WOULD SAY MADE THE DEPRESSION GREAT, WERE 6/10 OF 1% OF GDP. IF YOU REPLACED HALF OF INCOME TAX REVENUES, NOT ALL LIKE HE TALKED ABOUT. IF YOU REPLACED HALF OF INCOME TAX REVENUES WITH TARIFFS, THOSE WOULD BE SIX TIMES THE SMOOT- HAWLEY LEVELS. THAT'S GOT THE POTENTIAL TO DO ENORMOUS DAMAGE TO THE COMPETITIVENESS OF EVERY U.S. EXPORTER. TO DO HUGE DAMAGE TO ALL KINDS OF WORKERS WHO USE IMPORTED GOODS AND WHAT THEIR BUSINESSES PRODUCE. TO CREATE A DOWNWARD SPIRAL AS MUCH HIGHER PRICES FOR EVERYTHING WE IMPORT. IT MEANS CONSUMERS HAVE LESS TO SPEND ON EVERYTHING ELSE. CREATE WORLDWIDE ECONOMIC WARFARE AS THE REST OF THE WORLD RESPONDS. THIS IS A PRESCRIPTION FOR THE MOTHER OF ALL STAGFLATION. >> STAGFLATION IS A NOT SO EASILY ACHIEVED ECONOMIC CONDITION OF STAGNANT ECONOMIC CONDITION OF STAGNANT ECONOMIC GROWTH COMBINED WITH HIGH INFLATION AND HIGH UNEMPLOYMENT AT THE SAME TIME.