The Trail: A Daily Diary of Campaign 2008

Archives

Channel 08

Obama Ad: McCain Helps Ship Jobs Overseas

By Ed O'Keefe
The Obama campaign's advertising folks have been busy in recent days, releasing several messages about immigration and the economy. One of the ads, airing in Pennsylvania and other battleground states, blames John McCain for the loss of hundreds of jobs at a Corning plant in State College, Penn.

"The workers are rehired to disassemble the plant. And ship the equipment to China," says the ad's announcer. "Washington sold them out. With the help of people like John McCain. He supported tax breaks for companies that ship jobs overseas. And voted against cracking down on China for unfair trade practices. We can't afford more of the same."

Corning closed its State College plant in 2004 and then rehired many workers to pack up most of the plant's equipment and ship it to China, an incident mentioned by a few presidential candidates over the course of the primary campaign.

The ad cites three votes McCain cast in 1995, 2004 and 2005 in support of "tax breaks for companies that ship jobs overseas." It also cites McCain's 2005 vote against a measure that would have cracked down on China for manipulating its currency. The Obama campaign has circulated a report by the Economic Policy Institute that reports the U.S. has lost 1.7 million jobs due to the U.S.-China trade deficit, with 78,200 jobs lost in Pennsylvania.

"Barack Obama has no record of reforming government and does not know how to fix the current crisis, so he's going on the attack," RNC spokesman Alex Conant said in response. "Pennsylvanians rejected Obama's name calling and false attacks this spring, and they'll do it again this fall," he added, citing Obama's loss to Hillary Clinton in the commonwealth's Democratic primary last April.

Posted at 7:45 PM ET on Sep 17, 2008  | Category:  Channel 08
Share This: Technorati talk bubble Technorati | Tag in Del.icio.us | Digg This
Previous: Palin's Yahoo! Account Hacked | Next: Bishops Use iPods to Lure Faithful Voters


Add 44 to Your Site
Be the first to know when there's a new installment of The Trail. This widget is easy to add to your Web site, and it will update every time there's a new entry on The Trail.
Get This Widget >>


Comments

Please email us to report offensive comments.



Caveat: I am a Corning employee. Here's the problem with this ad. It implies that Corning closed a US plant in favor of a Chinese plant. In fact, Corning was exiting the business of making cathode ray tube glass. Do we expect Corning to maintain a plant that makes a component for a product that is in rapid decline? Do we expect US companies to pay to maintain business segments that are dying? If Obama wants US companies to do this, he'll need to put up a very large sum of taxpayer money to support it.

I have no doubt that companies ship jobs over seas. This ad, however, uses a misrepresentation of the truth to make its point. I am an Obama supporter, but this ad is quite disappointing to me.

Posted by: Steve | September 21, 2008 11:29 AM

I am a prolife moderate christian republican female and for the first time in my life will vote democrat.
I just found out that the campaign yard signs for Obama are made here in the USA in Houston whereas McCain's yard signs are made in Taiwan.
Who cares more about American workers?
I live in San Diego and McCain has 3 houses here: one in Coronado worth $2,100,00, another one in Coronado worth $2,705,040 and one in La Jolla worth $1 million. He also owns a parking lot in 817 Jackson Street in Phoenix worth about $2.4 million and the Diamond Backs charge $10 per car. He has a house in Sedona worth $1,942,365, one house in Phoenix worth $4,660,000 and in Arlington,VA worth $847,800. His and Cindy's assets are worth between $36.5 million some estimate maybe $100million. So that is why he said "the fundamentals of our econoomy are strong" and his economic adviser Gramm said we are a "nation of whiners".

Posted by: blanca | September 19, 2008 12:57 PM

The "maximum marginal tax rates will crush small business/employment" areuments are childishly bogus.

The costs of employing workers, their health care, and associated overhead are all deductible, so no employer pays tax on those costs. The maximum tax rate applies only to that fraction of NET PROFITS that exceed the bracket boundary. Net profits are what's left after all employees and operating expenses are taken away.

These arguments only work on people who don't think, and amount to attempts to generate fear by exploiting ignorance.

Be ashamed.

Posted by: Ken in Dallas | September 19, 2008 12:47 PM

The argument that our corporate tax rate is the "Second highest in the world" is misleading and not meaningful. This is because our corporate tax code has so many loopholes that very few companies actually pay that much tax. Corporations in the United States pay a lot less in taxes than they pay in any developed nation.

Posted by: Sam | September 18, 2008 9:30 PM

In a few weeks we will make a choice that will decide our future.
This time the stakes are much higher then most people could imagine
I would like to point out some things you may already know in a new way.

I follow an economist named Bob Proctor who has called the top and bottom of every market crash since the 70s correctly.
He perfectly predicted the current real estate market meltdown, and the picture he paints about what will happen in the next couple years
is terrifying. He thinks it could get worse then the great depression.
Banks in the US are going under one after the other. Country wide the largest mortgage bank in the world, Bear Stearns, Lehman brothers, and Merrill Lynch which are 3 out of the top five Wall Street firms, and now Fanny and Freddy which hold 50 percent of the home loans in the United States.
The government took them over because they are essentially bankrupt.
If they didn't the entire financially system would virtually shut down, the stock market would crash and we would suffer beyond what any of us have seen before.
The future of these companies will fall into the hands of our next president and all of our economic future depends on them reorganizing these companies right.
Lehman, Merrill Lynch, and Bear Sterns have survived for over 150 years and survived even the great depression. They are important because they’re the biggest engines of growth in America and are connected to everything, not to mention AIG the largest insurance company in the world.
Never in our lives have so many vital companies gone under in a 4 week period.
Already one out of 10 Americans is somewhere in the foreclosure process.
During the last 8 years the average person saw there salary drop instead
Of increase. These are all facts no one will argue with. The truth is we are only in the start of the worst economy we have seen in our generation and a very real possibility of another depression. Bush just like McCain doesn't understand the economy, that’s not just my opinion it’s his own words. Not only does he not understand how to fix it
He does not understand exactly what is broken. It’s no surprise that he doesn’t. The people that make up these securities use complex math models very few people understand. Bush and McCain both can take the credit for this mess since they helped deregulate the laws that were protecting us. Banks took huge risks and now we have spent 800 billion to bail them out that’s about 2000 to 3000 for every family in the U.S. we are the ones that are suffering and we have every right to hold the administration and Wall Street accountable since we are paying for it. It will take the best and brightest minds in the world to get us out of this nightmare. The same things Bush and McCain Have done for the last 8 years created this mess and can h only make it much worse.
If you do what you have always done then you will do get what you have always
90 percent of the time they have voted the same. So why are the polls even close then? The chairman of McCain’s campaign recently said that people don't vote on issues they vote on a personality composite which means. He is trying to sell personality instead of results.
He believes you can be sold into voting against your own best interest with personality.
McCain admits in the year 2008 he cannot use a computer even for something easy like email which any 10 year old can do. In this mess that should pretty much disqualify him right there
We are not bulletproof America it time to wake up and hold these people accountable. Lets stand up and fight for our country now while it will still make a difference Lets elect Obama Biden 08.

Posted by: ObamaBidenNOW | September 18, 2008 8:03 PM

In a few weeks we will make a choice that will decide our future.
This time the stakes are much higher then most people could imagine
I would like to point out some things you may already know in a new way.

I follow an economist named Bob Proctor who has called the top and bottom of every market crash since the 70s correctly.
He perfectly predicted the current real estate market meltdown, and the picture he paints about what will happen in the next couple years
is terrifying. He thinks it could get worse then the great depression.
Banks in the US are going under one after the other. Country wide the largest mortgage bank in the world, Bear Stearns, Lehman brothers, and Merrill Lynch which are 3 out of the top five Wall Street firms, and now Fanny and Freddy which hold 50 percent of the home loans in the United States.
The government took them over because they are essentially bankrupt.
If they didn't the entire financially system would virtually shut down, the stock market would crash and we would suffer beyond what any of us have seen before.
The future of these companies will fall into the hands of our next president and all of our economic future depends on them reorganizing these companies right.
Lehman, Merrill Lynch, and Bear Sterns have survived for over 150 years and survived even the great depression. They are important because they’re the biggest engines of growth in America and are connected to everything, not to mention AIG the largest insurance company in the world.
Never in our lives have so many vital companies gone under in a 4 week period.
Already one out of 10 Americans is somewhere in the foreclosure process.
During the last 8 years the average person saw there salary drop instead
Of increase. These are all facts no one will argue with. The truth is we are only in the start of the worst economy we have seen in our generation and a very real possibility of another depression. Bush just like McCain doesn't understand the economy, that’s not just my opinion it’s his own words. Not only does he not understand how to fix it
He does not understand exactly what is broken. It’s no surprise that he doesn’t. The people that make up these securities use complex math models very few people understand. Bush and McCain both can take the credit for this mess since they helped deregulate the laws that were protecting us. Banks took huge risks and now we have spent 800 billion to bail them out that’s about 2000 to 3000 for every family in the U.S. we are the ones that are suffering and we have every right to hold the administration and Wall Street accountable since we are paying for it. It will take the best and brightest minds in the world to get us out of this nightmare. The same things Bush and McCain Have done for the last 8 years created this mess and can h only make it much worse.
If you do what you have always done then you will do get what you have always
90 percent of the time they have voted the same. So why are the polls even close then? The chairman of McCain’s campaign recently said that people don't vote on issues they vote on a personality composite which means. He is trying to sell personality instead of results.
He believes you can be sold into voting against your own best interest with personality.
McCain admits in the year 2008 he cannot use a computer even for something easy like email which any 10 year old can do. In this mess that should pretty much disqualify him right there
We are not bulletproof America it time to wake up and hold these people accountable. Lets stand up and fight for our country now while it will still make a difference Lets elect Obama Biden 08.

Posted by: ObamaBidenNOW | September 18, 2008 8:02 PM

Its the Trickle Down Theory Globalized..

Soon they will be rich and send the money back.. Right?

Posted by: dickcheneyisacorruptliar | September 18, 2008 6:29 PM

The reason so many jobs are going overseas is we as a country have the second highest corporate tax rate in the world.

For those small business owners making over $250,000, Sen. Obama wants to raise their tax rate to 39%. He also wants to raise the payroll cap on those same Small Biz owners. That means, an owner of a small business will be paying nearly 54% of their income to tax (39% + 6.2% employee Social Security + 6.2% Employer Social Security + 2.9% Medicare).

Source:: BarackObama.com

Posted by: LeeHInAlexandria | September 18, 2008 3:35 PM

Posted by Vince::
The RACISTS can only name call...

Has anyone else noticed how Obama and his supporters are starting to inject race into everything? We people who are against Obama are NOT against him because of his color. We are against him because he is an 'anti-capitalism' marxist.

Posted by: LeeHInAlexandria | September 18, 2008 3:30 PM

Attention Hillary Voters:
Vote for Obama and you will have DESTROYED Hillary's chance at
becoming President!!

Obama has already destroyed Hillary's chances for this time around. He
couldn't even do her the honor of making her VP.

Consider this:
If you elect Obama for 2008 , Hillary CAN'T RUN IN 2012!! The
incumbent always runs for their party in reelection.

Hillary will then be 69 when she gets a chance to run as democrat.
Then people will call her old(like they do McCain who is 72) and she
will NEVER become President.

Reagan was 69 when he got elected but he wasn't trying to break the
glass ceiling at the same time.

So if you care at all about Hillary, you will VOTE AGAINST Obama this
time around. Plus, you will break the glass ceiling and Hillary WILL
BE THERE in 2012!!

Think about it!! It makes sense!!

If you support Hillary, YOU MUST VOTE AGAINST OBAMA!!!

Posted by: Eric | September 18, 2008 9:54 AM

I have a feeling Mr. Will didn't include the first six years of the Bush administration in his figures. Remember that great freshman college textbook by Huff, "How to Lie With Statistics". It should be required reading for every registered voter.

Posted by: DikesforPalin | September 18, 2008 9:37 AM

George Will on yet another reason to vote McCain/Palin-

"Divided government compels compromises that curb each party's excesses, especially both parties' proclivities for excessive spending when unconstrained by an institution controlled by the other party. William Niskanen, chairman of the libertarian Cato Institute, notes that in the last 50 years, "government spending has increased an average of only 1.73 percent annually during periods of divided government. This number more than triples, to 5.26 percent, for periods of unified government."

By picking Palin, McCain got the country's attention. That is a perishable thing and before it dissipates, he should show the country his veto pen."

Posted by: scott | September 18, 2008 9:29 AM

I love the comments , I should say , name calling against Obama particularly the ones who says HE doesn't offer solutions.

Where are McCains solutions , heck , they change everyday.

The RACISTS can only name call

Posted by: Vince | September 18, 2008 8:03 AM

Dear: Obama ticket is better qualified

This clown is to the left of Lenin. He is only qualified to stir disenchantment. Not a shred of solutions just pandering.

Posted by: JimH | September 18, 2008 1:53 AM

You ain't seen nothing yet if the Obama group of neo-commies get their paws farther int corporate America. The anti-business tax structure is at the root of jobs going overseas. This is why you need a President with some real life experience and not just a street agitator.

Posted by: JimH | September 18, 2008 1:52 AM

Obama has lately been accusing McCain of giving tax breaks to special interests or to companies that send jobs overseas. I've seen it reported that what he really means is that McCain supports rolling back corporate taxes across the board, which therefore includes whatever Obama calls "pecial interests" or any company that opens plants elsewhere.

If this is correct, wouldn't this be at least as misleading as any of the things that Obama has been hammering McCain about?

Posted by: Steve | September 17, 2008 11:48 PM

n a few weeks we will make a choice that will decide our future.
This time the stakes are much higher then most people could imagine
I would like to point out some things You may already know with a new perspective.
I follow a economist named bob proctor who has called the top and bottom of every market crash since the 70s correctly.
He perfectly predicted the current real estate market meltdown ,and the picture he paints about what will happen in the next couple years
Is terrifying. He thinks it could get worse then the great depression.
Banks in the US are going under one after the other. Country wide the largest morgage bank in the world
Bear Stearns and Lehman brothers , and Merrill Lynch which are 3 out of the top 5 wall street firms.
And now Fanny and Freddy which hold 50 percent of the home loans in the United States.
The goverment took them over because they are essentially bankrupt.
If they didn't the entire financially system would virtually shut down, the stock market would crash
And we would suffer beyond what any of us have seen before
The future of these companies will fall into the hands of our next president
And all of our economic future depends on them reorganizing these companies right.
Lehman, Merill Lynch, and Bear Sterns have survived for over 150 years and survived even the great depression
They are important because the are the biggest engines of growth in america and
they are connected to almost everything.
The last time the real estate market numbers looked this bad was during
The great depression and real estate often leads the way into major economic recessions.
One out of 10 Americans is somewhere in the foreclosure process.
During the last 8 years the average person saw there salary drop instead
Of increase. These are all facts no one will argue with.
The truth is we are only in the start of the worst economy we have seen in our generation
and a very real possibility of another depression.
Bush just like Mcain doesn't understand the economy.
That not just my opinion its his own words. Not only does he not understand how to fix it
He does not understand exactly what is broken. Its no surprise that he doesnt. The people that make up these
securities use complex math models very few people understand.
They are basically bundles of thousand of loans some good and some bad that are then given rules based on quantitiative
math. It will take the best and brightest minds in the world to get us out of this, and the same things bush and mcain have done for the last 8 years
Have not worked so far and wont work in the future.
If you do what you have always done then you will do get what you have always __________
90 percent of the time they have voted the same.
Please don't just take my word for it Start to read up on some of this yourself. MSN money, elliot wave and, bloomberg
Have tons of articles That prove we are in the heading into one of the worst economies any one has ever seen.
So why are the polls even close then ?
The chairman of mcains campaign recently said that people don't vote on issues
they vote on a personality composite which means. He is trying to sell personality instead
of results.
He believes people will vote against there own self interests.
Lets teach him we are smarter then that and elect the ticket that can
bring us back from the brink of a economic abyss.
If you think i am kidding do your own home work you will find
We are at the start of this mess not the end.
Mcain admits in the year 2008 he cannot use a computer even to send email
Its almost impossible then he will understand the complex securities such as cdos that are destroying wall street
and the home values on your street.
We are not bulletproof america it time to wake up and hold these people accountable.
How many people that you go out and have drinks with would you really want running the country?
Lets stand up and fight for our country now while it will still make a difference
Lets elect Obama Biden 08
Mccain straight out lied in his convention speech when he said that he would lower taxes for the common man while Obama would raise the taxes. Yes! Obama will raise taxes but not for the common man but for the wealthiest top 5% of the American people in which Mccain is included. And by the way political analysts agree that Obama's tax policy is more beneficial for the common man because he is going to decrease taxes for 95% of Americans which has to include the common man because a common man is not 5% of the American population.
!!!!!!!The Truth is Mccain lies and deceives voters like in his convention speech where he presented the incomplete truth about his policies.!!!!!1
By the Way Grant was also a military hero who won because of his character. And his term was full of corruption. Why?
it is because he had no clue about wat the common man experiences just like MCcain and Palin. Well for all of u who claim that Obama is too young and inexperienced and young to be president. Guess wat? Mccain is too old to be president and fighting as a soldier is different from commanding a whole country's army and handling the economy (which does not only depend on the fundamentals (workers) but on the policies of the president for investors to invest in a crashing economy)and Palin is the worst possible VP candidate because she has no foreign policy experience which is needed in diplomatic relationships with other nations which the VP is responsible for. And being incharge of the Alaskan National Guard which had no crisis to face is not a qualification to be 2nd to commander in chief.
Obama on the other hand is willing to go against issues because of his minimal exposure to the corruption in washington.
For example, he opposed the War in Iraq which mccain supported just because the oil prices would go up leading to more profits for people like Bush and others in washington who own an oil drilling facility.
Mccain is just like Bush who deceived the public and charged into the War in Iraq (very similar to Vietnam war which had no reason but destroyed that country). Mccain lied to the public in his convention speech on his and Obama's tax policy for the common man.
And Bidden is a very good choice for VP because the VP is supposed to be the invisible leader of the Senate and maintain diplomatic relationships with foreign countries( Bidden was in the senate in charge of Foreign policy)
i say Mccain would be a good VP candidate because of his foriegn policy experience and long time in the Senate but asking him to be president is going too far. Having good character does not mean he is right on policies ( especially regarding the economy and the common man).
Go Obama and Bidden the better qualified ticket for the Presidency and the VP.

Posted by: Obama ticket is better qualified | September 17, 2008 11:43 PM

MORE HAS CAME OUT TODAY ABOUT PALINS ALLEDGED AFFAIR.
http://www.theveep.com

MORE PEOPLE SET TO TESTIFY IN TROOPER GATE
IS PALIN DONE? http://www.hotpres.com

DID PALIN VOTE FOR RON PAUL IN THE PRIMARIES?? http://www.BarrPaul08.com

Posted by: Anonymous | September 17, 2008 11:36 PM

Alan Chernoff's CNN Report on Fannie Mae/Freddie Mac Buying Influence in Washington DC- Guess who DID take their money in a BIG way (yep B. Obama):


"Freddie Mac (FRE, Fortune 500) spent over $94.8-million on lobbyists since 1998, making it the nation's 12th-largest lobbying client, while Fannie Mae (FNM, Fortune 500) bought $79.5-million of influence, the 20th biggest spender, according to the Center for Responsive Politics.

"They wanted to fend off regulation of their enterprises," said Massie Ritsch of the Center.

Until recent months, Fannie Mae and Freddie Mac largely succeeded in that effort - functioning with relatively little oversight as they aggressively grew their portfolio of mortgages to try to increase earnings.

Campaign contributions bought influence as well, including donations to the presidential candidates.

Sen. Barack Obama is the No. 3 recipient of Fannie and Freddie campaign dollars, having collected $123,000 from the companies since he first ran for the Senate in 2004, according to the Federal Election Commission and the Center for Responsive Politics.

The former chief executive of Fannie Mae, James Johnson, was the original head of Obama's vice presidential search team. Johnson resigned from Obama's campaign amid controversy over discounted home loans he had received.

Sen. John McCain has received $19,000 from the two companies in the past ten years."
________

That's $40,000 a year for Obama and $1900 a year for McCain- Wow, Obama what do you owe them in return?

Posted by: Scott | September 17, 2008 11:29 PM

Thank you again Free Trader.

And as I am getting beyond my depth (and it is late here) I will ask others to add their comment.

One last comment from me -

You say:

"It's hypocritical to develop one's own economy over a century, only to demand that less developed economies somehow do that overnight. How will enforcing these "American standards" help starving cotton farmers in Africa, mill workers in China, or rice farmers in Thailand? It won't."

I find this puzzling since it would seem more hypocritical to me to spend a century espousing a higher standard of living and quality of life only to throw it away for cheap T-shirts.

Starving cotton farmers are often created when they are dis-placed by international agribusiness interests who push out small holders to create large farms to serve the larger market. Those former land owners are then reduced to paltry wages and in places where child labor standards do not exist, their kids make your T-shirts instead of getting an education.

Free Trader - I enjoyed our debate. But I must retire.

Best wishes!

Posted by: Anonymous | September 17, 2008 10:43 PM

Anon,

Allow me to respond pt by pt:

1) Obama's patriot tax plan is problematic for several reasons, including: 1) Even Dem economists admit that it's completely untenable (what's to prevent a US company from simply opening a shell company or "joint venture" overseas; how many jobs mean the tax break is lost? etc etc); 2) as a net exporter of services, the US would suffer as other countries retaliate; and 3) a dynamic labor market is critical for the competitiveness of American firms (again, they'll just move the entire company offshore, not just 1000 jobs).

2) The dollar is indeed weakened by some of these things (I personally think the Fed's been way too loose with rates), but it's also hurt by "signaling" from federal policymakers (i.e, Dems in Congress) who demand that other currencies are overvalued. The market reacts by dumping dollars. Also, let's not forget that Obama's foreign aid plan wanted to send 750 BILLION dollars to the corrupt and ineffectual UN. And re: energy, I agree. Hence, until alt fuels are economically efficient (unlike, say, corn ethanol that Obama supports), we should DRILL DRILL DRILL.

3) Caring abt labor standards and the environment sounds nice, but enforcing such "standards" does no good for us or developing countries. First, it denies american families and businesses with cheap capital and consumer goods (steel or t-shirts). Second, trade helps economies develop, and as they do, they get better enviro/labor standards. It's hypocritical to develop one's own economy over a century, only to demand that less developed economies somehow do that overnight. How will enforcing these "American standards" help starving cotton farmers in Africa, mill workers in China, or rice farmers in Thailand? It won't. Third, a vast majority of economic studies show that old-world US manufacturing and farming jobs are replaced by higher wage service jobs ("McJobs" is a fallacy). The displacement is not easy (although it's not as pervasive as Obama and Dems want to scare you into believing), but that's why our 1950s worker re-training and wage insurance programs need to be overhauled (not simply expanded), as McCain wants to do. But here's why union leaders hate trade - dynamic job churn inevitably leads to fewer union jobs and thus less POWER (as US businesses head south to Alabama, SC, NC, etc, where union membership is voluntary).

I beg everyone out there to know the facts. They are out there, and they are overwhelmingly on the side of free trade. It's not perfect, but no policy is. But it benefits a vast majority of the American public, at the expense of a well-connected few. Unfortunately, most politicians and unions don't want you to know these facts for that very reason.

Posted by: FreeTrader | September 17, 2008 10:24 PM

Free Trader -

Obama is suggesting incentives to companies that don't ship jobs overseas and closing tax loopholes that favor American corporations who move offshore.

The dollar is weakened by policy that spends borrowed money to maintain bad (or at least unpopular) foreign policy and unsustainable domestic debt (created by war and mis-management) which foreign lenders don't support. Meanwhile we export trillions for the energy that drives our economy.

Further, I would suggest that forcing our workers to compete with lower wage labor economies who have none of the economic or environmental protections that Americans want is crippling workers in this country.

American business can compete with global companies if we include standards that reflect the economic reality of our market.

I thank you for your intelligent comments - please explain how am I proving your point?

Posted by: Anonymous | September 17, 2008 10:01 PM

Fight fascism, vote Obama.

Posted by: Anonymous | September 17, 2008 9:54 PM

Doofus,

You just proved my point. Obama wants to kill foreign investment (which is a huge part of free trade) by keeping corporate taxes high (the 2nd highest in the world), closing our borders (nothing in, nothing out), and keeping the dollar weak (see, e.g., his stance on china currency). These "policies" are a recipe for economic disaster and the flight of foreign investment. They also cripple the ability of our domestic companies to compete in a global economy that's not going away. But they're great for unions - at the expense of 98% of American families and businesses.

And remember, 95% of the world's consumers live outside our borders. Sticking America's head in the sand doesn't make reality go away. It just lets the rest of the world pass us by.

Posted by: FreeTrader | September 17, 2008 9:41 PM

JakeD

What are you gargling about? Pick up your fiddle and play us another tune so we can dance as the Titanic sinks and Rome Burns.

Free Trader - what built the America we've known since 1932 is a stable economy and regulated financial markets that fueled foreign investment and the growth of the middle class.

That (and patriot blood) is what bought us
victory over fascism in WWII, the cold war and prosperity in every decade until the present time. While Europe and Asia were on their knees, only America provided safe haven for the world's business and economic interests with stable and reliable markets.

That's my proof - where's yours?

Posted by: Doofus H Numnutz | September 17, 2008 9:29 PM

Mullet,

Our economy is indeed hurting, but trade's been one of the few bright spots. GDP growth last quarter was 3.3%. Almost all (3.1%) of that was from exports - a huge portion of which to Canada and Mexico. Yet Obama wants to re-negotiate NAFTA and close our borders to investment. Why? To appease the unions that control his voice on trade.

And newsflash: Dems following bad union policies ain't reform. Just ask Dick Gephardt.

Posted by: FreeTrader | September 17, 2008 9:26 PM

Hey JakeD, whats going on?

When did you start using "ALL CAPS" in your comments? Are you getting nervous?

Posted by: MyName | September 17, 2008 9:24 PM

JakeD,

I have read your responses to various Washington Post articles and blogs with a mix of disagreement and amazement at your ability to have an opinion on so many issues (in many, if not most, cases, having at least some facts to back you up). Mostly, however, I have wondered how you possibly could have the time to respond to so many articles, so often, and so many times. Now I finally understand.

Posted by: Understanding in Las Vegas | September 17, 2008 9:21 PM

Sorry, free trader, but the economic studies you are talking about must exist in a vacuum, but thats all they are, studies.They should have seen the current melt down coming, but their studies didnt, as most studies couldnt have seen the BAIL OUTS folding one after the other.
And make no mistake, the economy is'nt as bad as reported, the wealthy in America, and investors far and wide know that REFORM is coming, and they will not be able to manipulate the market as freely as they have under the current administration.McSame, McShame, whatever you want to call him, will be an extention of the current policies Bush has allowed to go un-checked for too long.The wealth of America has played with our future, our currency, and our well being like little kids in a sand box, but soon enough, someone will find all the little turds they've tried to bury.
You thought the SNL fallout was a mess, wait until you see this one come down.Bush will be remembered as the BIGGEST FAILURE this country has ever seen, and were only seeing the tip of the iceberg.

Obama/ Biden 08

Posted by: Mullett | September 17, 2008 9:17 PM

Almost every economist on the planet - and every reputable economic study - states that free trade overwhelmingly benefits ALL americans. Indeed, a study from the Peterson institute shows that trade makes the avg american family of four $10,000 richer than without it. Also, let's also keep in mind that imports cause only 3% of all job losses. In fact, it's not trade that's causing lost jobs, it's technological advances and bad corporate management. But Dem claims on trade are intended to scare voters into helping them get elected and helping their union benefactors stay in power.

Of course, let's also remember that this very paper (http://www.washingtonpost.com/wp-dyn/content/article/2008/09/07/AR2008090702262.html) and many others have recently showed that the outsourcing issue is OLD NEWS.

Of course, Obama doesn't care abt the facts - or American well-being. All he cares abt is getting elected and enhancing the power of unions by peddling OLD ideas that have failed over and over and over (remember Smoot Hawley).

McCain '08

Posted by: FreeTrader | September 17, 2008 9:03 PM

In a few weeks we will make a choice that will decide our future. I follow an economist named Bob Proctor who has called the top and bottom of every market crash since the 70s correctly. He perfectly predicted the current real estate market meltdown, and the picture he paints about what will happen in the next couple years is terrifying. He thinks it could get worse then the great depression. Country wide the largest mortgage bank in the world Bear Stearns, Lehman brothers, and Merrill Lynch which are 3 out of the top 5 Wall Street firms, and now Fanny and Freddy which hold 50 percent of the home loans in the United States. The government took them over because they are essentially bankrupt. Lehman, Merrill Lynch, and Bear Sterns have survived for over 150 years. Bush just like McCain doesn''t understand the economy, thats not just my opinion it’s his own words. The people that make up these securities use complex math models very few people understand. They are basically bundles of thousand of loans some good and some bad that are then given rules based on complex math. MSN money, Elliot wave and, Bloomberg have many articles. So why are the poll’s even close? The chairman of McCain’s campaign recently said that people don''t vote on issues they vote on a personality composite, he is trying to sell personality instead of results. Lets teach him we are smarter then that and elect the ticket that can bring us back from the brink of a economic abyss. obama08

Posted by: ObamaBidenNOW | September 17, 2008 8:44 PM

In her acceptance speech, Sarah Palin approvingly quoted Westbrook Pegler, who among other things was a racist, an anti-semite and a fascist who advocated killing Robert F. Kennedy.

In Spanish, there is a phrase, "To s/he who understands, few words are needed."

Palin's literary choice speaks volumes about why her ignorance does not portend bliss for the American people and their ideals.

In this time of economic turndown, a moment when the search for scapegoats may be just around the corner, it might be wise to remember the words of author Sinclair Lewis, which hopefully will not turn out to be prophetic:

“When fascism comes to America, it will be wrapped in the flag and carrying the cross.”

Posted by: Martin Edwin Andersen | September 17, 2008 8:29 PM

Children are all grown, and I'm retired, with plenty of time to waste here (when I'm not golfing ; )

Posted by: JakeD | September 17, 2008 8:15 PM

Do you have a job Jake? do you have children to raise?

Posted by: Anonymous | September 17, 2008 8:00 PM

The equity markets have lost over a trillion dollars in value over the last three days.

Two major mortgage lenders, Countrywide and Indymac are gone.

The two largest mortgage intermediaries, Fannie Mae and Freddie Mac have been taken over by the government.

Three of the five giant investment banks on Wall Street no longer exist as independent entities.

The largest insurer in the world got an $85 billion loan from the Fed today. It had been unable secure it in the private sector.

Hundreds of billions of dollars of home value has evaporated.

We have an enormous federal budget deficit and external debt which can only be financed by foreign lenders.

Today we saw the largest one day increase in gold prices in history.

Today we saw hundreds of billions of dollars fleeing the equity markets into 3 month treasury bills at ZERO interest, looking only for safety.

We are witnessing the impoverisment of America.

The Republican Party, which enabled all of this with their deregulation pipe-dreams now suddenly are for re-regulation.

The media was talking about lipstick and celebrity until last weekend.

Half of America thinks the world was created 7,000 years ago and are waiting for the rapture.

Where is our President?

....and this Party wants 4 more years??

Posted by: toritto | September 17, 2008 7:59 PM

Think of it this way.

We have been hearing since Reagan that “Government is the problem”; that government should get “out of the way”; that the private sector can always do it better and cheaper.

If one has this philosophy then it is natural to undermine government; to get it “out of the way”.

The Bush administration has systematically undermined the efficacy of the government by gutting any agency which it views as “standing in the way”.

You appoint “your guys” no matter how incompetent; you oust the professionals; you gut their budgets. You oppose anything which might “impede” the private sector corporations - consumer protections; food inspections; road and bridge inspection; financial regulations. You politicize the Justice Department, so that it finds nothing, even torture, objectionable. Anti-trust enforcement becomes non-existent.

You never lift a voice or use the bully pulpit against corporations shipping jobs wholesale overseas. Our retailers buy their inventory from China and you ship them our money, never insisting that China adjust its foreign exchange rate. Then you borrow the money back from China to plug our budget deficit, caused by corporate tax cuts and cuts for the top 1% of Americans. You ship the borrowed money to our oil suppliers and oppose any effort to reduce dependency by seeking alternative renewable sources of fuel. After all, you’re an oil man.

You start an unnecessary war costing hundreds of billions of dollars much of it going to favored construction companies doing work shoddy enough to electrocute ten soldiers in their showers. Hired thugs masquerading as “security details” rake in more of the money, answering to no one. You “rebuild” Iraq (which we never had to destroy anyway) while the Iraqis have almost $80 billion in the bank.

You shred the Constitution, abridge habeas corpus. You get elected by selling your “values” while robbing the country blind. You never talk about economics. You always scare the voters with the next bogeyman around the corner. When the media disagrees with you, you attack it as “unfair” with “liberal bias”. You start your own media outlets that parrot the party line.

You take the country into a permanent state of war with a volunteer army - a state so permanent no one even notices it anymore as they go to the mall. You ask nothing from them but their acquiescence.

“Just go shopping folks!”

What we clearly have now is a corporate state run by those who think law doesn’t apply to them.

Call it fascist.

Posted by: toritto | September 17, 2008 7:55 PM

LOL!! Big surprise: lower-paying jobs have been going overseas (BILL CLINTON signed NAFTA). At least McCain was a U.S. Senator in 1994, 2004, and 2005 ; )

Posted by: JakeD | September 17, 2008 7:51 PM

The comments to this entry are closed.

 
 

© 2009 The Washington Post Company