FDR inherited boom times and then destroyed the economy with the Hoot-Smally Tariff Act.

Yep, Michelle Bachmann actually said that. Rachel played the tape earlier tonight along with many other insane lies that dingleberry told.

For those who don't know, Bachmann was referring to the Smoot-Hawley Act which was passed in 1930 and signed by Herbert Hoover. It increased tariffs on imports, but had almost zero effect on the Depression. International trade was only about 2 percent of our economy. All trade was declining then because people didn't have any freaking money to buy stuff no matter where it came from. Despite the truth about that act's minuscule effects, free trade zealots (mostly republicans and billionaire investors) continue to this day repeating the lie that Smoot-Hawley caused the Depression.