U.S. Senator Arlen Specter (D-PA) walks across the tarmac after stepping off Air Force One at Andrews Air Force Base near Washington, March 8, 2010. REUTERS/Jim Young (UNITED STATES - Tags: POLITICS)
Posted on 04/04/2010 11:54:07 AM PDT by NormsRevenge
WASHINGTON (AFP) – A prominent US lawmaker scolded President Barack Obama's administration Sunday for delaying the release of a report that could declare China a currency manipulator and lead the way to trade sanctions.
"We have a real problem with the Chinese. They are very shrewd and customarily they outmaneuver us," said Democratic senator Arlen Specter, one of many American lawmakers clamoring for China to revalue its overpriced yuan.
"They take our jobs. They take our money and then they lend it back to us and own a big part of America," Specter told the "Fox News Sunday" television show, adding: "I'm not too happy about a delay."
US Treasury Secretary Timothy Geithner on Saturday delayed a semi-annual report scheduled for April 15 that could have declared that China was manipulating the value of its yuan, paving the way for trade sanctions.
The delay was widely expected after China said President Hu Jintao would visit Washington for an April 12-13 summit on nuclear security.
China watchers say Hu would not dare come and risk the loss of face of a reprimand days later unless he had at least an informal assurance from the Treasury.
Specter said efforts to placate Beijing might be aimed at getting China's support for Iran sanctions, but insisted that "we can't stand back and let them manipulate the currency and run us ragged on the economy.
"The trade imbalance is now 337 billion dollars in Chinese imports to the United States -- about a fifth of that from the US to China. So I'd like to see our system on a level playing field," ..
He added that he and fellow Congress members would closely "watch exactly what's happening" with China's overvalued currency, particularly its effect on economically depressed areas like his rustbelt state of Pennsylvania.
(Excerpt) Read more at news.yahoo.com ...
U.S. Senator Arlen Specter (D-PA) walks across the tarmac after stepping off Air Force One at Andrews Air Force Base near Washington, March 8, 2010. REUTERS/Jim Young (UNITED STATES - Tags: POLITICS)
Hot ziggedy, Arlen, did you find another “magic bullet?”
Hey Arlen - who voted to make China a permanent preferred trading partner?
BTW if China raises its prices, we will only have to borrow more from them. So make the stuff here, already.
Intellectually a blind, one legged, club footed midget on rollerskates missing a wheel could run circles around this administration.
Thanks Captain Obvious! They own our debt, what do you suggest?
“Thanks Captain Obvious! They own our debt, what do you suggest? “
He’s working on a few thousand more regulations for American businesses.
It’s just part of your party’s hopey/changey “transparency” thing, Arlen!
Oh GOODY! An Arlen Spector soundbite..Pat Gray Alert tomorrow....
Just what I was wondering about. China plays economics to win. Can't say as I blame them.
Nobody listens to the JINO Specter anymore.
Whining about the yuan is not going to bring jobs here. As for Arlen, he’s in trouble. Such a pity.
Nobody listens to the JINO Specter anymore.
Hey Arlen, just get you buddies at the EPA to write a few more thousands of regulations restricting and eliminating manufacturing in the U.S.
That should fix it.
The Aging Whore
Darlin Arlen huh? This guy is desperate for anything that will blow away the stink of his self-serving jump to the Democratic Party. This creep is over eighty years old and he is still willing to do anything to stay in power. He is a disgrace to himself and to Congress.
Screw you Arlen. YOU gave them our jobs. YOU and all your corrupt buddy CongressCritters.
The USA needs Red China to now join us on sanctions against Iran’s A-bomb building. Iran is only a few months away from having the bomb. We need both China and Russia on board as those two are Iran’s enablers.
To get sanctions the US has to ignore other areas of conduct we don’t like, such as the too low Chinese Yuan.
Sanctions aren’t going to do anything to stop Iran from getting the bomb. China and Russia are supplying all the usual actors with nuclear and missile tech. If Specter was serious about the Chinese owning the United States he would put legislation forward that would ban the United States from selling our debt to China.
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