The Anchoress makes a worthwhile observation: We’ve watched the press pretend to beat their breasts for “not asking the tough questions of Bush” in the time leading up to the……

Seth, I highly recommend a course entitled Principles of Economics 101. When you make irrational comments like this one, you put on full display the breadth of your ignorance.

Took the courses, was like an indoctrination.

At the same time, when we learn that such anti-trade features are inserted into the so-called “stimulus” bill, we realize that not only our friend Seth but this entire liberal administration have no comprehension of sound economic principles. Where are Obama’s appointed economic geniuses when we need them?

DrStock on January 30, 2009 at 8:43 AM

I translate that as: “Where are the True Believers of the Reagan Doctrine? All I see are heathens.”

When they mean enemies foreign and domestic, they don’t make an exception for economics.

It shows, once again, that governmentbusiness is usually at the bottom of evil. And proves Einsteins quote “Insanity is doing the same thing over and over again and expecting different results.”

FIFY.

Get the business influence out of government.

We don’t want our “stimulus” remitted to Mexico.

This is what we deserve for Bush selling out our nation to the Third World.

I hope this bill succeeds.

sethstorm on January 30, 2009 at 7:08 AM

Seth, I highly recommend a course entitled Principles of Economics 101. When you make irrational comments like this one, you put on full display the breadth of your ignorance.

At the same time, when we learn that such anti-trade features are inserted into the so-called “stimulus” bill, we realize that not only our friend Seth but this entire liberal administration have no comprehension of sound economic principles. Where are Obama’s appointed economic geniuses when we need them?

which will virtually recreate the Smoot-Hawley fiasco that made the Depression exponentially worse:

This is what we deserve for Bush selling out our nation to the Third World.

I hope this bill succeeds.

sethstorm on January 30, 2009 at 7:08 AM

This may come as a shock…but Bush wasn’t president during the depression…
The “third world” is the liberals playground…turn to the liberals for there efforts…you do know that Feinstein was kicked off committees for making sure contracts and favorable legislation was passed to help her husbands businesses…do you have any Republicans where that happened?
No? I didn’t think so…

Next week’s Global Economic Forum in the ski slopes of Davos

…because for some, Aspen is too accessible and first-worldly.

Democratic protectionists loaded up the bill with “Buy American” clauses that shut out foreign producers of steel and iron. Just as in the Depression, however, that will force other nations to close their markets — which will virtually recreate the Smoot-Hawley fiasco that made the Depression exponentially worse:

This is what we deserve for Bush selling out our nation to the Third World.

I hope this bill succeeds.

Oh good, Biden will be MORE blunt with China!! Gawd Save Us..

ginaswo on January 29, 2009 at 6:15 PM

Currency trading has always interested me. I came across this blog:

http://www.marketoracle.co.uk/Article8436.html

Next week’s Global Economic Forum in the ski slopes of Davos should prove as a warm-up exercise for GBP-related chatter, speculation and verbal and intervention, leading to the Feb 14 G7 meeting in Rome. Having reached $1.3618, GBPUSD is increasingly expected to extend $1.30 in the medium term, a figure last seen in September 1985. Parity in EURGBP remains a more plausible target than $1.25 in GBPUSD.

Geithner’s FX Message to Asia

Yesterday’s remarks from US Treasury Secretary designate Tim Geithner expressing his views in favour of flexible exchange rate systems were largely targeted at China, but more of such remarks could be interpreted as his green light to allow the further declines in the USDJPY exchange rate, currently at 14-year lows. Geithner is familiar with FX matters at the NY Fed, including the notion of double standard policy espoused by the Bush administration in past years whereby US officials pressured Beijing against yuan-selling intervention while allowing Tokyo to engage in yen-buying interventions in 2002-2003 as both measures served the interests of the U.S. economy.

Geithner’s allusion yesterday that China is engaging in currency manipulation would be a departure from the US Administrations repeated shrugging of the matter. In the event the Obama Treasury pressures China into further currency revaluation, the dollar/yen exchange rate would make the transition from falling to collapsing, especially if Beijing stonewalls Washington as it is likely to do considering its slowing economy.

Forex traders may reason that Geithners experience with international monetary affairs grants him the ability to attain successful coordination with European and Asian policy makers in stabilizing currency swings. But there is validity to the opposite argument stating that Geithners experience implies his awareness of the non-viability of currency intervention due to prevailing fundamentals. With US interest rates expected to remain at zero and UK interest rates have yet to reach that level, the downside for both USD and GBP is here to stayparticularly against JPY. Reiterating the notion of a high correlation between Fed tightening cycles and USDJPY , the exchange rate is expected to break below 80 and onto 72-73.

By Ashraf Laidi
CMC Markets NA
AshrafLaidi.com

I think Geithner has his own reasons for turning up the heat on the Chinese, and those reasons probably have little to do with strengthening our currency. The Democrats do have their routine down, though. Scapegoating, populism and pie in the sky claims. More people fall for it every year.

Obviously the dip$hits slept through US History.

Oink on January 29, 2009 at 12:13 PM

FIFY

Stupid question here. If this crap passes, and countries begin closing their doors to US trade – will that include the arts, like – movies? I know France and some other countries try real hard to prop up their own film industries, but they are still dominated by Hollywood. Would an international trade war keep Hollywood movies out? Cause that would be kind of funny…I want to see the recession/depression begin to have tangible effects on Hollywood. I want to see the stars who made that horrificly stupid Pledge video see their paychecks dry up, I want to see them have to lay off assistants, fly first class instead of private, find they can’t afford to shop as much. I want to see them suffer.

does that make me a bad person?

stubbylibrarian on January 29, 2009 at 7:44 PM

You’re not a bad person. You’re one of the people that can make every nitwit in that Pledge video look back and remember it as the day his career ended. All you have to do is stay away from the theaters, and convince a few friends to join you. It should become increasingly easy to do, after a couple years of Obamanomics. The voters, as a class, don’t like to admit they made a mistake, but they might begin to nurse a quiet anger at the people who fooled them into voting this horror show into office. Plus, they won’t be able to afford movie tickets, and the theaters will be dark from the rolling blackouts anyway.

Interesting that Hollywood, government service, and tyrannical despotism are the only three occupations that can earn gigantic amounts of money without the slightest criticism from liberals. It’s because they love the romantic notion of a ruling class, which deserves to be rewarded for its commitment to The People. They’re just better than you.

The same liberal who pulses with rage at the income of “fat cat executives” can flip on the TV and purr with awe and pride as he gets a guided tour through the palatial estate of a Dixie Chick. When you point out that someone like Al Gore is a sickening hypocrite for preaching self-imposed poverty to Americans while he tools around in private jets, the liberal is honestly puzzled by your statement.

(HEADDESK)

Nothing, if you don’t mind killing the entire American export sector.

Should read: Nothing, if you don’t mind killing the entire American export sector and screwing the American consumer on price and quality.

Oink, oink, oink. Load me up!…

stubbylibrarian on January 29, 2009 at 7:44 PM

Imagine…Alec Baldwin knocking on your door and yelling “DOMINOS!”

That, alone, is worth causing a depression.

I don’t think it was under worse circumstances. We need to realize that we are in the begginning throes of a global economic depression that is going to make the “Great Depression” seem micro-small by comparison.

paulsur on January 29, 2009 at 7:19 PM

I don’t know. Granted it’s still in the initial stages, but at this point I think the economy has contracted at about .5%. At the height of the GD, I believe it had shrunk approximately 30%. All from (sometimes shoddy) memory, so the numbers may be a little off. Inside ballpark for sure though.