Hope and Change. Step right up ...
Posted on 01/31/2009 3:04:09 PM PST by bruinbirdman
The White House has promised to review the protectionist proposals, passed last week by Democratic allies in the House of Representatives, which would ban the use of non-American steel in the $800 billion of construction projects.
Obama officials are under pressure from what European diplomats in Washington describe as a discreet but outspoken campaign of "quiet fury" from America's closest allies.
They regard the move as a provocative shift away from free trade and towards economic populism at a time of turmoil.
In a bid to win further favour with impoverished voters, Mr Obama announced yesterday that his Treasury team will launch a dramatic overhaul of the existing bank bailout programme this week, designed to rein in executive bonuses and ensure banks do more to help mortgage holders.
In his weekly radio address, Mr Obama promised to "help lower mortgage costs" and repeated his moral denunciation of corporate executives who ask for taxpayers money and then pay gigantic bonuses to their staff.
"We learned this week that even as they petitioned for taxpayer assistance, Wall Street firms shamefully paid out nearly $20 billion in bonuses for 2008," Mr Obama said. "The American people will not excuse or tolerate such arrogance and greed."
His Treasury team has calculated that a "big bang" announcement to overhaul the unpopular bailout programme - including new measures to reduce home repossessions - is most likely to restore public confidence. The plan will include limits on executive bonuses in firms which take public cash.
Mr Obama also called for the stimulus package to be passed quickly. But the Buy America provisions in the plan are forcing him to choose between a showdown with Congress and a collision course with other Western governments that could end in a trade war.
"The administration is reviewing that provision," said
(Excerpt) Read more at telegraph.co.uk ...
Smoot-Hawley ... in a PorktheUS bill.... say it ain’t so... Obama pissing off the Europeans....
LOL... Hey OBAMA you are making it so that the world really hates us now....
I guess the toadies in the Obamedia will call this yet another “win” for Obama.
What a Pussy!
The guy is a dim bulb. He was probably told by one of his mysterious advisers that this would make him look like he was on the side of the “little people” and make him popular with the God and guns crowd he despises but fears. Fortunately, we’re smarter than he is, although that’s not saying much.
If I (a Dewars guzzling, parmazzan and brie eating patriot) can do without European goods until the US economy recovers, then so can Obama. He needs to tell them to (diplomatically, of course) kiss his ass.
Exactly how is it any of the Europeans’ damn business how the U.S. government spends U.S. taxpayers’ money? Screw them. Let them spend their own damn money on their own damn steel.
It might be nice for America to have a steel industry if it ever decides to build another tank or warship. It might also be nice to have some manufacturing jobs in the U.S.
That may be the case, but I think one of the biggest factors in what is happening already in his administration is that he has an over simplified world view. This is true, in my opinion, of many liberals. “If we are nice to them they will be nice to us and stop hating us.” “All those who have less have less because they are victims, and they need the government to help them.” “If we just ask people to buy American, they will and this will result in a massive increase in dollars spent in the USA.”, Workers are all well-intentioned Bob Cratchits and owners are generally Scrooge-like”. The world is a lot more complex than that, and no single person or single group of persons has all the answers. Sadly, that is a lesson that the Harvard, Yale, Princeton etc. crowd just doesn't get. They have a very limited world view, even though there are a lot of very capable and smart people in those institutions. Ironic, but true. As an aside, if Obama wants to have a successful administration he should start picking advisors from a much wider distribution of society. So far many of the people he's picked are ideological clones. Just my opinion.
Having said that - what the hell is wrong with a buy American first requirement for any stimulus initiative?
Hope and Change. Step right up ...
” Having said that - what the hell is wrong with a buy American first requirement for any stimulus initiative? “
My first instincts are with you, but refer to lessons learned (and forgotten) from Smoot-Hawley, see above. Protectionism was a major, major part of making the Depression of the 1930’s into THE GREAT Depression.
My uncle who owned a tool and die was buying steel from overseas......40 years ago.
The Council of 500. Sounds familiar. Whatever happened to them? Council of 535 facing a similar fate?
yitbos
DumbObama is a hilarious loser and he’s going to be one huge FAILURE.
The Obamanation opened up Pandora’s box by writing into the bill that the stimulus had to be directed to American companies. What he should have done is what the Europeans do: Bring antitrust charges against any foreign company that is a competitive threat to American business, and then the only companies left to bid are American companies.
Please, please, please bring on the trade war. I want to see various countries around the world complain to the WTO about the “Stimulus” bills and I want to see DumbObama have to deal with problem after problem. They will fail because, even if they were to stumble on the cause of the problems, they would never figure out the right solution.
Please let it get worse for the Obamessiah.
There are three parts to a job - schedule, cost and labor. If the U.S. steel plants are unable to supply the required structures at a fair price, program managers will look elsewhere for material to keep on schedule. Either that or pay U.S. steel companies a big pile and increase the program cost.
Program manager and his company get a beating from the customer, an possibly the last contract, for increased costs. Hence, the law of supply and demand - and self interest - keep costs in line.
The education of Hussien continues, and will take a long time.
BTW, the Dem’s wrote the bank bailout bill. Hussien supported the bailout bill.
These guys have zero creditbility with respect to making corrections and revisions
And Canada is also pissed off, not just the Euros.
Nobody wants a trade war
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