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Transcripts For CSPAN2 Burt Folsom The Myth Of The Robber Barons 20240714

To do this they had to pass a tariff that virtually doubled the price of swiss watches so its roughly a 30 tariff on a 30 watch. He went to pay 30 for the swiss watch and 30 for the Customs Service for the tariff so now its become a 60 watch and a lot of american watchmakers thought good, if art of 45 and the swiss is 60, maybe more people will buy our watches. Even though they dont tell time very well. Well, you might say may be and remain at least we gain a few watch sales but look at it this way. We lose car sales. Because switzerland absolutely cut us off in our exports. Now, think about this, old. Applr country, we put a high tariff on british blankets, on french wine. We put a tariff on spanish olives. All of these things. We got tariffs on all of these items and that all of those countries, european and otherwise, refused to buy our products. So now american cars which sold over 5 million in 1929 are down to 1. 5 million by 1932, and michigan, detroit, is in the Great Depression

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