▲ 1415 ▼ TIL About the Smoot-Hawley Act, Which was the 20% Across the Board Tariff That Deepened the Great Depression and Resulted in the Largest Senate Seat Loss in History (en.wikipedia.org) submitted 1 year ago by realitista@lemm.ee to c/til@lemmy.world 205 comments fedilink hide all child comments cross-posted from: https://lemmit.online/post/5566633 This is an automated archive made by the Lemmit Bot. The original was posted on /r/todayilearned by /u/MechCADdie on 2025-04-04 08:19:11+00:00.
[–] Sam_Bass@lemmy.world 30 points 1 year ago (3 children) Tarrifs are billionaire cash grabs, nothing more. Nobody likes those. Except billionaires of course. permalink fedilink source hideshow 6 child comments replies: [–] stoly@lemmy.world 22 points 1 year ago (5 children) Even the billionaires are going to lose money. It's just unjustifiably stupid. permalink fedilink source parent hideshow 10 child comments replies: [–] eugenevdebs@lemmy.dbzer0.com 24 points 1 year ago (2 children) They have enough money to coast along to buy and hoard failing companies and collect them for whenever the economy rebounds. Billionaires have so much money, they could spend a few thousand a day and it wouldn't hurt their bank account for decades. permalink fedilink source parent hideshow 4 child comments replies: [–] TronBronson@lemmy.world 16 points 1 year ago* They could spend $100,000 a day for 50 years an not have spent through 2 Billion. Elon and musk both command 200 Billion ish. the interest alone is worth that 8 billion a year if it was in treasuries. Every year the interest on Musks fortune could generate enough money to spend $2,100,000 a day without even losing a dollar of principle. on the theoretical interest of his fortune. I lost 10% of my retirement today. Thats not even a fraction of any of these numbers 😂😭 permalink fedilink source parent [–] postmateDumbass@lemmy.world 8 points 1 year ago The old oil money declared war on the neuvo riche tech bros. Its an attrition war. The majority are peeons (sic) in this new feudal trickle down economic game. permalink fedilink source parent [–] 13igTyme@lemmy.world 17 points 1 year ago Every once-in-a-lifetime economic disaster I've personally witnessed has taught me that any economic loss for billionaires is only temporary. permalink fedilink source parent [–] Sam_Bass@lemmy.world 4 points 1 year ago Let them lose enough to put them on the street with the rest of us. Hopefully it can humble them enough to understand that wealth should not be hoarded but shared for the greater good of society permalink fedilink source parent [–] TronBronson@lemmy.world 1 point 1 year ago Some, but it does work nicely as a regressive tax to offset their tax cuts. It's really hard to see who's winning in the race to destroy the global economy, someone has to right? permalink fedilink source parent [+] orcrist@lemm.ee 1 point 1 year ago* (last edited 1 year ago) [deleted] permalink fedilink source parent [–] Tikiporch@lemmy.world 6 points 1 year ago Yeah, look past the self-righteous grandstanding to see it for the big wealth transfer that it is. permalink fedilink source parent [–] humanspiral@lemmy.ca 2 points 1 year ago Tarrifs are billionaire cash grabs Not really. It is possible that Musk envisioned breaking NA auto pact to USMCA agreements on autos for purposes of destroying big 3 auto competition, which has been releasing competitive EVs prior to this aggression. Most billionaires like the status quo with existing protections of their business. A depression does permit billionaires to swoop in later to buy assets. Complete chaos, uncertainty, and yo yo policies does allow for people to make huge short term leveraged returns if they know when the chaos is to be reversed and applied. In this case, its just a cult leader doing stupid cult actions, though chaos profit angle can easily be there. permalink fedilink source parent
[–] stoly@lemmy.world 22 points 1 year ago (5 children) Even the billionaires are going to lose money. It's just unjustifiably stupid. permalink fedilink source parent hideshow 10 child comments replies: [–] eugenevdebs@lemmy.dbzer0.com 24 points 1 year ago (2 children) They have enough money to coast along to buy and hoard failing companies and collect them for whenever the economy rebounds. Billionaires have so much money, they could spend a few thousand a day and it wouldn't hurt their bank account for decades. permalink fedilink source parent hideshow 4 child comments replies: [–] TronBronson@lemmy.world 16 points 1 year ago* They could spend $100,000 a day for 50 years an not have spent through 2 Billion. Elon and musk both command 200 Billion ish. the interest alone is worth that 8 billion a year if it was in treasuries. Every year the interest on Musks fortune could generate enough money to spend $2,100,000 a day without even losing a dollar of principle. on the theoretical interest of his fortune. I lost 10% of my retirement today. Thats not even a fraction of any of these numbers 😂😭 permalink fedilink source parent [–] postmateDumbass@lemmy.world 8 points 1 year ago The old oil money declared war on the neuvo riche tech bros. Its an attrition war. The majority are peeons (sic) in this new feudal trickle down economic game. permalink fedilink source parent [–] 13igTyme@lemmy.world 17 points 1 year ago Every once-in-a-lifetime economic disaster I've personally witnessed has taught me that any economic loss for billionaires is only temporary. permalink fedilink source parent [–] Sam_Bass@lemmy.world 4 points 1 year ago Let them lose enough to put them on the street with the rest of us. Hopefully it can humble them enough to understand that wealth should not be hoarded but shared for the greater good of society permalink fedilink source parent [–] TronBronson@lemmy.world 1 point 1 year ago Some, but it does work nicely as a regressive tax to offset their tax cuts. It's really hard to see who's winning in the race to destroy the global economy, someone has to right? permalink fedilink source parent [+] orcrist@lemm.ee 1 point 1 year ago* (last edited 1 year ago) [deleted] permalink fedilink source parent
[–] eugenevdebs@lemmy.dbzer0.com 24 points 1 year ago (2 children) They have enough money to coast along to buy and hoard failing companies and collect them for whenever the economy rebounds. Billionaires have so much money, they could spend a few thousand a day and it wouldn't hurt their bank account for decades. permalink fedilink source parent hideshow 4 child comments replies: [–] TronBronson@lemmy.world 16 points 1 year ago* They could spend $100,000 a day for 50 years an not have spent through 2 Billion. Elon and musk both command 200 Billion ish. the interest alone is worth that 8 billion a year if it was in treasuries. Every year the interest on Musks fortune could generate enough money to spend $2,100,000 a day without even losing a dollar of principle. on the theoretical interest of his fortune. I lost 10% of my retirement today. Thats not even a fraction of any of these numbers 😂😭 permalink fedilink source parent [–] postmateDumbass@lemmy.world 8 points 1 year ago The old oil money declared war on the neuvo riche tech bros. Its an attrition war. The majority are peeons (sic) in this new feudal trickle down economic game. permalink fedilink source parent
[–] TronBronson@lemmy.world 16 points 1 year ago* They could spend $100,000 a day for 50 years an not have spent through 2 Billion. Elon and musk both command 200 Billion ish. the interest alone is worth that 8 billion a year if it was in treasuries. Every year the interest on Musks fortune could generate enough money to spend $2,100,000 a day without even losing a dollar of principle. on the theoretical interest of his fortune. I lost 10% of my retirement today. Thats not even a fraction of any of these numbers 😂😭 permalink fedilink source parent
[–] postmateDumbass@lemmy.world 8 points 1 year ago The old oil money declared war on the neuvo riche tech bros. Its an attrition war. The majority are peeons (sic) in this new feudal trickle down economic game. permalink fedilink source parent
[–] 13igTyme@lemmy.world 17 points 1 year ago Every once-in-a-lifetime economic disaster I've personally witnessed has taught me that any economic loss for billionaires is only temporary. permalink fedilink source parent
[–] Sam_Bass@lemmy.world 4 points 1 year ago Let them lose enough to put them on the street with the rest of us. Hopefully it can humble them enough to understand that wealth should not be hoarded but shared for the greater good of society permalink fedilink source parent
[–] TronBronson@lemmy.world 1 point 1 year ago Some, but it does work nicely as a regressive tax to offset their tax cuts. It's really hard to see who's winning in the race to destroy the global economy, someone has to right? permalink fedilink source parent
[+] orcrist@lemm.ee 1 point 1 year ago* (last edited 1 year ago) [deleted] permalink fedilink source parent
[–] Tikiporch@lemmy.world 6 points 1 year ago Yeah, look past the self-righteous grandstanding to see it for the big wealth transfer that it is. permalink fedilink source parent
[–] humanspiral@lemmy.ca 2 points 1 year ago Tarrifs are billionaire cash grabs Not really. It is possible that Musk envisioned breaking NA auto pact to USMCA agreements on autos for purposes of destroying big 3 auto competition, which has been releasing competitive EVs prior to this aggression. Most billionaires like the status quo with existing protections of their business. A depression does permit billionaires to swoop in later to buy assets. Complete chaos, uncertainty, and yo yo policies does allow for people to make huge short term leveraged returns if they know when the chaos is to be reversed and applied. In this case, its just a cult leader doing stupid cult actions, though chaos profit angle can easily be there. permalink fedilink source parent