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Rep. Don Bacon (R-Neb.)
Heres the impact bringing back those Smoot-Hawley glory days could have on your finances and the worlds.
After Smoot-Hawley, unemployment literally doubled in 1931 at 16%, then leapt to 25% in 1932.
In the 2008 financial crisis, interbank lending was halted, credit fell off and banks sufferedtremendous revenue losses.
Additionally, the mortage securities crisis of the time drove many banking institutions to the brink of bankruptcy.
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