My friend, you cling to Smoot-Hawley like a drowning man to a reed when the real issue is the sinking boat. Capitalism and greed created the Great Depression, not government intervention. Period. Full stop. It wasn't even introduced until six months after the crash of 1929. Did it make matters worse? You betcha. But it didn't cause the Depression. Nor did banking regulation cause banks to be run irresponsibly. Lack of regulation allowed that. As it consistently does. See, savings and loan crisis; Great Recession.
Quote:
During a period of strong global growth, growing capital flows, and prolonged stability earlier this decade, market participants sought higher yields without an adequate appreciation of the risks and failed to exercise proper due diligence. At the same time, weak underwriting standards, unsound risk management practices, increasingly complex and opaque financial products, and consequent excessive leverage combined to create vulnerabilities in the system. Policy-makers, regulators and supervisors, in some advanced countries, did not adequately appreciate and address the risks building up in financial markets, keep pace with financial innovation, or take into account the systemic ramifications of domestic regulatory actions.
Capitalists always want to blame others for their failures.