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 Posted: Thu Nov 05, 2009 9:32 am |
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19 of the g-20 countries practice protectionism:illegal subsidies,
currency manipulation and poor environmental practices by our trading
"partners," most notably China, and they all run surpluses:)
http://finance.yahoo.com/tech-ticker/article/366907/The-Case-for-Protectionism-%22Buy-American%22-Program-Will-Fix-Jobless-Recovery;_ylt=AsO0oGuOdbw_CeV7rs.QRlZl7ot4;_ylu=X3oDMTE2ZTZyajE1BHBvcwM0BHNlYwNyZWNlbnRQb3N0cwRzbGsDdGhlY2FzZWZvcnBy?tickers=%5Egspc,%5Edji,dia,spy,%5Eixic,FXI,PGJ
please click on the link for the impressive video
The Case for Protectionism: "Buy American" Program Will Fix Jobless
Recovery
Posted Nov 05, 2009 12:21pm EST by Heesun Wee in Investing, Recession
Related: ^GSPC, ^DJI, DIA, SPY, ^IXIC, FXI, PGJ
American worker productivity surged in the third quarter and new
jobless claims fell to their lowest level since January, the
government reported today, more signs of a nascent economic recovery.
But no one's cheering just yet.
With businesses reluctant to hire, economists forecast the
unemployment rate will tick up to 9.9%, when October’s figure is
reported tomorrow.
"I think we're going to lose another million jobs between now and the
middle of next year," says our guest Leo Hindery, managing partner at
InterMedia Partners. Hindery, a former cable executive, has also
advised President Obama and John Edwards on economic policy. "There
need to be some prescriptions," he says.
His proposed game plan?
Genuine manufacturing policy. With less than 12% of U.S. GDP stemming
from manufacturing, the sector must be energized to stabilize and
offset an economy now hinged on consumer spending and services.
Domestic labor costs are not what's costing Americans jobs, Hindery
says. The real culprits are illegal subsidies, currency manipulation
and poor environmental practices by our trading "partners," most
notably China.
Buy domestic program. While critics cry foul, with charges of
protectionism, Hindery argues U.S. policies simply need to be in line
with other industrialized nations. But how do you implement "Buy
American," when for example a GM car includes Chinese parts? The
solution lies in buy domestic programs for the federal government,
Hindery says.
Infrastructure spending. A billion-dollar, years-long infrastructure
commitment will create jobs, and upgrade our sagging roads, bridges
and mass transit systems.
For now, key Senate members such as senators Byron Dorgan and Debbie
Stabenow among others "get it," Hindery says. But groundswell support
will need to rise from Congress to get the White House's attention. |
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