Oddly enough, today we also learn that the Obama administration is launching a complaint at the World Trade Organization over China’s allegedly unfair backing of its auto industry. The United States will charge the Chinese government with subsidizing auto and auto parts producers from 2009 and 2011 with $1 billion. Protectionism and China bashing are vital, apparently, when campaigning inOhio.
When President Barack Obama engages in nationalization, he’s making a gutsy call and “saving” the American auto industry. Democrats, in fact, brought up the bailout 150 times during the Democratic National Convention. It was such a gutsy call thatU.S. taxpayers, who rescued the heavily unionized automaker, now own around 26.5 percent of the company.