WSJ.com - Hoover's Heirs

Powered by           The problem with Hoover's economic policy isn't that it was passive but that it was actively destructive. In 1930, he signed the Smoot-Hawley Tariff Act, setting off a wave of protectionist retaliation that undid the globalization of the preceding decades and did far more harm to the world economy than the stock-market crash ever did. Two years later...he undid the Coolidge-Mellon tax cuts, raising the top marginal income-tax rate to 63% from 25%. The recession became a Depression.             Click the following to access the sent link:       WSJ.com - Opinion: Hoover's Heirs* This article will be available to non-subscribers of the Online Journal for up to seven days after it is e-mailed.                 Get your EMAIL THIS Browser Button and use it to email content from any Web site. Click here for more information.           *This article can also be accessed if you copy and paste the entire address below into your web browser. http://online.wsj.com/wsjgate?subURI=%2Farticle%2FSB120718359261185135-email.html&nonsubURI=%2Farticle_email%2FSB120718359261185135-lMyQjAxMDI4MDA3MzEwODMzWj.html