Buy American, Buy Depression

IBD Editorials ^ | February 9, 2009

[Kaslin]

Trade: The new administration watered down a protectionist "Buy American" provision in the Senate stimulus bill and hoped all sides would go away happy. But they won't, as the European Union envoy to the U.S. explains.

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As if the $900 billion stimulus package wasn't controversial enough, provisions requiring purchase of U.S.-made iron and steel for government contracts that were slipped into the House version, and of all manufactured goods in the Senate's, have annoyed more people than expected — across the world.

Last week, leaders from Canada, Brazil, China, the U.K., India, Mexico, Germany and the Czech Republic, among others, spoke out against such "Buy American" provisions as protectionist. Some threatened retaliation.

The most assertive voice came from the European Union, our top overseas market, which last year engaged in two-way trade with the U.S. totaling $709 billion.

EU ambassador to the U.S. John Bruton warned Congress that the "Buy American" provisions will damage the U.S. as well as world trade by building protectionist sentiment around the world.

Even a watered-down provision "Buy American" provision passed "in a manner consistent with U.S. obligations under international agreements" is still bad news, Bruton said. It may not violate treaties, he said, but it's protectionism just the same.

We may have our differences with Europe about its lumbering statism and political correctness, but it's worth remembering the trade wars that presaged World War II and the core premise of the EU itself — a trading bloc of free nations designed to ensure continental peace.

[I_Like_Spam]

Well, the liberals would love a depression- as long as they could be assured of not receiving the blame for it.

They seen what programs and what power FDR was able to wield during their salad days back in the 30’s.

[GSP.FAN]

Study: Depression Hits Losers Hardest..

PALO ALTO, CA—According to a report released Monday by Stanford’s Institute For Psychotherapeutic Study, depression, America’s leading mental illness, hits losers worse than any other segment of society.

Losers, sad excuses for human beings who have no reason to feel good about themselves or their failed, miserable lives, are approximately 25 times as likely to suffer the emotionally crippling effects of depression as any other group researched, the study claims.

http://www.theonion.com/content/node/29955

[americanophile]

Why don't we just do what the Europeans, Chinese, et al, do, say we are all for free trade, then cheat. Our policy will be free and fair competition, but contracts will just coincidentally all go to American companies.

[Sursum Corda]

I have nothing against a “Buy American” drive, even if the Dems drive it. Shame on the Republican Party for too consistently supporting money over Americans.

I love this country and its citizenry too much to see it sacrificed on either the altar of Socialism or the altar of laissez faire Capitalism.

People matter. Americans matter.

Sursu

[Sursum Corda]

I have nothing against a “Buy American” drive, even if the Dems drive it. Shame on the Republican Party for too consistently supporting money over Americans.

I love this country and its citizenry too much to see it sacrificed on either the altar of Socialism or the altar of laissez faire Capitalism.

People matter. Americans matter.

Sursum cordC

[Sursum Corda]

Sorry for the double post with the truncated signatures. something is not right with FR tonight.

[familyop]

Don't buy anything, unless you want the corruption to continue! Stop buying, and get nonpolitical!

[familyop]

Well, okay, buy tools that you can use to make and build other things. Foreign machine tools and other tools are fine. But that’s all. Stop buying any products that you don’t really need and can’t produce anything else with. And do start gardening!

[The_Reader_David]

Go read Adam Smith's The Wealth of Nations, or at least familiarize yourself with the concept of comparative advantage in the contest of international trade.

Then look at the historical analyses of the relationship between the Hawley-Smoot Tariff and the Great Depression on the one hand, and the Hawley-Smoot Tariff and the rise of Japanese imperialism, on the other.

After that, get back to us about "Buy American" drives codified into law.

[familyop]

"Study: Depression Hits Losers Hardest.."

Any such study should include the new losers as a group. The new losers made some interesting news lately and will be making much more. ;-)

[ApplegateRanch]

Okay; you got me.

I admit it.

The recession is my fault.

I always buy American, when ever possible.

If only I had purchased cheaper, poison/antibiotic laden, Chinese cesspool raised catfish last fall, instead of the more expensive American farm raised fillets, none of this crisis would have happened.

[Colorado Buckeye]

Even a watered-down provision "Buy American" provision passed "in a manner consistent with U.S. obligations under international agreements" is still bad news, Bruton said. It may not violate treaties, he said, but it's protectionism just the same.

This is a classic case of, if you repeat a lie often enough, people will believe it. NAFTA and GATT are NOT treaties. These laws were passed by simple majorities of both houses of Congress; and in particular, 2/3 of the Senate did not support either as is required for a real Treaty under the Constitution.

[Darwin Fish]

Read Smith or watch Milton Friedman.

[Darwin Fish]

I always buy American, when ever possible. If only I had purchased cheaper, poison/antibiotic laden, Chinese cesspool raised catfish last fall, instead of the more expensive American farm raised fillets, none of this crisis would have happened.

I think that you must know better than to post such a statement here. You know it is full of holes (unless you are really that ignorant--which I doubt). Unless you are a creationist, in which case you will survive and thrive, no matter what you say.

[longtermmemmory]

disect the stimulus bill text:

expose the pork, stop the bill

http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=111_cong_bills&docid=f:s336pcs.txt.pdf

[Altura Ct.]

Heaven forbid we actually wake up and stop the madness.

We sure wouldn’t want to do anything to alter the absolute destruction of America. We must embrace the continuing robbing, raping and pilfering of our assets. Not to mention globalization and third worlding of our country and the entire Western world.

[happygrl]

Just because the government can’t advocate this, doesn’t mean that individual’s can’t.