BACHMANN: The recession FDR had to deal with wasn't as bad as the one Coolidge had to deal with in the early '20s, Yet the prescription that Coolidge put on that, from history, is lower taxes, lower regulatory burden, and we saw the Roaring '20s, where we saw markets and growth in the economy like we've never seen before in the history of the country. FDR applied just the opposite formula. The Hoot-Smalley Act, which was a tremendous burden on tariff restrictions, and of course trade barriers and the regulatory burden and tax barriers. That's what we saw happen under FDR, that took a recession and blew it into a full-scale Depression. The American people suffered for almost ten years under that kind of thinking.
None of this is right, but "Hoot-Smalley" deserves some kind of medal. Hoover signed Smoot-Hawley into law, by the way.
Bachmann is like a college student who skimmed the entire history book the night before the test, and knows a couple dates and places, and just connects dots randomly, making sense only to her.