$9 Trillion

“At home, from March 2008 to May 2009, the Fed extended a cumulative total of nearly $9 trillion in short-term loans to 18 financial institutions under a credit program….

Even bedrock corporations like Caterpillar, Harley-Davidson, General Electric, McDonald’s, Toyota and Verizon relied on a Fed program that supported the market for commercial paper….

So did the California Public Employees Retirement System, the nation’s largest public pension fund, and several insurers and university endowments.”

source:  http://www.nytimes.com/2010/12/02/business/economy/02fed.html

source: http://www.nytimes.com/2009/05/10/business/10every.html

EXCERPT:

“Otherwise, the Smoot-Hawley Tariff Act of 1930 was a wildly misguided attempt by two Republican senators, Reed O. Smoot of Utah and Willis C. Hawley of a very different Oregon, and the Republican-controlled Congress to stimulate domestic production by raising (“raising or lowering … anyone, anyone?”) tariffs on many goods from abroad. Signed reluctantly by President Herbert Hoover, who most certainly did know better, the law did not do much to ameliorate the onrushing Depression, but it did anger foreign trading partners. They slapped retaliatory tariffs on American-made goods.”

source: http://online.wsj.com/article/SB10001424052748704575304575296610452014710.html

“Eighty years ago, on June 17, 1930, President Herbert Hoover signed the infamous Smoot-Hawley tariff, significantly raising the duties on imported goods….

Ever since, the ghosts of Reed Smoot and Willis Hawley (a Republican congressman from Oregon) have stood in the way of anyone arguing for higher trade barriers. They almost singlehandedly made the term ‘protectionist’ an insult rather than a compliment.”

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