What I learned today - The Great Depression

I was doing some background research about the NYSE to fill in some holes about its' history, when I stumbled on a mention of the Smoot-Hawley Tariff Act.

Most of us remember the Great Depression in terms of the Stock Market crash during October 1929, with Black Tuesday being the worst; and The Dust Bowl that destroyed the Great Plains.

But another factor was the tariff act. After it passed, a trade war ensued and reduced US trade by 50%. It was quickly repealed after FDR became President and they created the current system where trade agreements are passed as regular legislation instead of treaties, which require a 2/3rds majority.

So yeah, that it what I learned today.