Times Online: The European Union warned the US yesterday against plunging the world into depression by adopting a planned “Buy American” policy, intensifying fears of a trade war. ...“I agree that we can’t send a protectionist message,” he said in an interview with Fox TV. “I want to see what kind of language we can work on this issue. I think it would be a mistake, though, at a time when worldwide trade is declining, for us to start sending a message that somehow we’re just looking after ourselves and not concerned with world trade.”
The mere fact that Democrats are even considering this proves that the crapulus bill is about payback to unions and other Dem constituencies, not about reviving the economy. Anyone who's even mildly observant of economic history knows the disastrous effects of the Smoot-Hawley tariffs of the Depression and how they made a bad situation much worse.
No country ever went broke from free trade. Plenty have from protectionist policies that set off trade wars. Obama seems more interested in becoming FDR 2.0 and expanding government power than with doing things that actually work.
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