Friday, February 13, 2009

Obama Democrats by the numbers

I can't vouch for all of them. I knew about Chris Dodd and Tom Daschle. But that Maxine Waters benefiting from the TARP bank thing had completely slipped past me. But the last one is sure big, isn't it? Why does anyone in today's global economy, who claims to have lived abroad and experienced other cultures, who attended over-priced Ivy League colleges, think you can stop trade only on one end? What were they teaching in the 1980s?

"$1,646,000,000,000 ($1.646 trillion):

the approximate amount of annual United States exports endangered by the "Stimulus" package, which provides a "Buy American" stricture. According to international trade experts, a "US-EU trade war looms", which could result in a worldwide economic depression reminiscent of that touched off by the protectionist Smoot-Hawley Act."

Obviously, the days of the "rich Republicans" are long gone.

Update: If the protectionism has been "softened" in this package, apparently Europe didn't get the news. FT Weekend "Berlin fears repeat of 1930s mistakes," and this from Forbes on the 13th:

    ROME, Feb 13 (Reuters) - G7 finance ministers converged on Rome to discuss the economic crisis amid warnings from Germany and Britain on Friday that the world could revert to the dark days of the 1930s if governments resorted to protectionism.

1 comment:

Norma said...

Bob C. wrote to say he thought this "buy American" section had been removed. I checked and found only the term "sofetened."

But who has read the bill, and what will it be when the lawyers get through with it?