"Buy America" (we've always thought this particular version of patriotic claptrap somewhat unfortunately spelled) provisions haven't exactly been a popular notion, but we wouldn't go so far as to compare them with addictive stimulants (though this depends on the stimulant). Others seem to have no issue with throwing around the C-word. To wit:
Dallas Federal Reserve President Richard Fisher warned on Monday against "Buy America" provisions in a proposed fiscal stimulus law and said it could lead to devastating trade protectionism."Let me just be blunt. Protectionism is the crack cocaine of economics. It may provide a high. It's addictive and it leads to economic death," Fisher told C-Span television in an interview for its "Washington Journal" program.
Well, it made headlines, so he's got that going for him.
Fed's Fisher says protectionism equals "economic death" [Reuters]
Posted by guest , Feb 02, 2009 3:41PM
Don't tell that to an American milk producer!!!!
Posted by guest , Feb 02, 2009 3:43PM
I knew it! The UAW are top-secret crack dealers!
Posted by guest , Feb 02, 2009 3:43PM
Economic Protectionism is the political equivelent of staging a Lycan fight in an inflatable moon bounce. Sure its fun in the begginning (and especially in the middle when they inevitably puncture and deflate it, then run around like dogs under a blanket). But ultimately, when they emerge, they are likely to hunt down and eat each of you and your friends. It just isn't worth it unless you have a speedboat nearby and the water is very cold.
Posted by guest , Feb 02, 2009 3:46PM
@3 - Isn't that what the TARP is for?
Posted by guest , Feb 02, 2009 3:47PM
I'm curious - what American company manufactures (right here in the States, of course) high quality flat-panel plasma or LCD TVs? I need to know if I'm going to "Buy American"? Also, does buying an Acura or Lexus that is made entirely here in the US count?
Posted by guest , Feb 02, 2009 4:02PM
What does 'Buy America' even mean? Does this mean I can buy a Toyota made in Texas by Mexican workers with parts from Ohio made of Chinese steel and not pay any tariffs? I'm sure I own some Toyota stock through one of my ETFs, so that money trickles back to me, an American.
Isn't that why we abandoned GNP for GDP--because it was all too damn confusing? Is there even really any such thing as an "American" product anymore?
/crack is whack and tariffs are gey
Posted by BlackSwan06 , Feb 02, 2009 4:02PM
Then what are farm subsidies? Methadone of the fly-over masses?
Posted by BSD , Feb 02, 2009 4:06PM
No, no, no - Buy America is how we're pitching the stimulus debt to China.
Posted by guest , Feb 02, 2009 4:11PM
Off topic, but an interesting hub-bub is brewing at huffington post over Erin Burnett and her stimulus comments on Meet The Press yesterday.
See:
http://www.huffingtonpost.com/adam-green/nbc-has-an-erin-burnett-p_b_163022.html
Posted by guest , Feb 02, 2009 4:15PM
@6 - ghey (you forgot the h.)
Posted by Anal_yst , Feb 02, 2009 4:16PM
@6
You try explaining that to the idiots these pols are pandering to, I'm sure they'll understand that distinction...
Posted by guest , Feb 02, 2009 4:18PM
too high, didn't down
Posted by guest , Feb 02, 2009 4:20PM
@10, I'll spell my neologisms how I like, buddy
-6
@Anal_yst,
They tuk our jobs!
Ner durk ner jerbs!
Posted by guest , Feb 02, 2009 4:20PM
Let’s face the shitty music, this money is going to be wasted in the most spectacular manner conceivable. If we’re flushing the money down the toilet anyway, I don’t see the benefit of using the money on any more Chinese or European goods/services than are absolutely necessary . When we find out in 8 months that we bought a few billion dollars worth of faulty and phantom goods, we’ll feel much better knowing that an American got away with the cash rather than some smelly Finnish bastard.
Posted by guest , Feb 02, 2009 4:22PM
too finn, didn't swede
Posted by merkin capital partners , Feb 02, 2009 4:23PM
Fish, what's the regular cocaine of economics? After all, crack is pretty trashy. Or "whack" as the kids say.
Posted by guest , Feb 02, 2009 4:24PM
@7 lay off. They expire and need renewal every 3-5 years, so we can quit anytime we want
Posted by fsrg , Feb 02, 2009 4:26PM
Using Government money to BUY products and services made in the USA is not protectionism. Blocking foreign companies from selling their products here or taxing them at a different rate is protectionism.
It would help if economists defined their terms.
Posted by guest , Feb 02, 2009 4:26PM
@3, whats all this lycan shit. only zitty teenage fuck wits watch shit like that and then talk about it ever again. leave that for the video game blogs you fuck head.
Posted by guest , Feb 02, 2009 4:27PM
@9 - I'll bet that she is pretty freakin pumped that they gave out her email address.
Posted by guest , Feb 02, 2009 4:29PM
@13 - http://www.youtube.com/watch?v=Q2fGl9587X8
Posted by guest , Feb 02, 2009 4:35PM
Since we are buying American, I guess the WH will have to stop buying that Japanese Kobe, and start serving more of these...
http://www.nytimes.com/2009/01/28/dining/28bacon.html?_r=1&ref=dining
Posted by guest , Feb 02, 2009 4:37PM
He seems a little manic about the analogy doesn't he?
Posted by BSD , Feb 02, 2009 5:07PM
@20 - I doubt that http://mailto:Squawkonthestreet@cnbc.com/[sic]is Erin's personal email.
Anyways, Huffington Post is the cyanide-laced Kool-Aid of liberal journalism.
Posted by Anal_yst , Feb 02, 2009 5:12PM
@18
How is that not protectionism? Blatently and intentionally using state funds to buy only products manufactured/assembled/whatever in that country is de facto protectionism.
Posted by guest , Feb 02, 2009 5:41PM
I'm against protectionism. I say lets ship all the analyst, banker and trader jobs to Mumbai and Hong Kong. And if that's too hard, lets bring the Mumbai and Chinese here to take over those jobs that are still left. Imagine the $$$ saved, it can be the thing that saves the industry. I'm not kidding.
Posted by BSD , Feb 02, 2009 5:47PM
@26, well we already outsourced running Citi to India and look how that turned out...
Posted by guest , Feb 02, 2009 6:00PM
@27
Funny! But that's only one job. That's not saving any money, whether he does a good job or not. I mean, Ken Lewis is from Georgia or some other hillbilly state, and he and Pandit are competing for worst CEO. I'm talking about the huge number of employees that will bring costs down radically if they could just be offshored or brought in with relaxed visa restrictions.
I could have also mentioned lawyers and CPAs, but those guys have built in so many protectionist laws at the state and federal level that it will take a little time to crack that one. Ooops, I said crack.
Posted by guest , Feb 02, 2009 6:06PM
Hey does anyone else notice that the blonde, curly haired chick in the diet ad has major nips in the red polo (pre weight loss) and then the nips are no longer visible once she's in the white top and skinny?
Posted by guest , Feb 02, 2009 6:12PM
And The Messiah wants the bill voted out of the House to be rubber stamped by the Senate with no opposition and sent to the White House for immediate signing.
Just wait until more details of what is buried in this bill starts being disclosed. We don't have the intellectual firepower in Congress to solve the economic crisis we are in. Sadly, we don't have the intellectual firepower on Wall Street either, hence, we leave the decision making to the idiots in Congress.
Posted by Bulging Bracket , Feb 02, 2009 6:56PM
@28 Your utter divorce from the real world is demonstrated by your comment on offshoring. All white collar professions are outsourcing as much as possible to India. It's actually a great thing since they get a lot of the makework and provide 24 hour coverage.
Even regulated professions are using outsourcing heavily since most of the hours don't actually require a designation or can be supervised by a certified professional. There are also many certified professionals who live in/will move to India and work for less than a North American salary. Radiology work is being outsourced right now, to grab the most highly regulated example.
Go back to Yahoo or Clusterstock and leave this site to the adults.
Posted by guest , Feb 02, 2009 7:06PM
Bulging asshole:
There are barriers to foreign professionals working in the United States. That's protectionism. And I'm very much aware of some white collar jobs outsourced to India, etc. That's just one side of the coin.
Here, get educated:
http://www.cepr.net/documents/publications/professional_supplement.htm
Your friendly @28
Posted by guest , Feb 02, 2009 8:12PM
28, 32: You are either wealthy, insane or both. Outsourcing is nasty stuff.
Posted by guest , Feb 02, 2009 9:41PM
lets outsource drugs to china, what do we get crap and toxins in medicine.
lets outsource baby formula, what do we get crap and toxins in baby formula.
lets outsource kids toys, what do we get lead paint on toys.
lets outsource customer service to india, what do we get people who can not speak the language.
lets outsource dog food, what do we get all our pets fall over dead.
lets outsource our food, what do we get all of our foods have human feces thrown on them and we all get sick from salmonilia
yea, this outsourcing is really working well.
Posted by guest , Feb 02, 2009 10:23PM
34, you are missing the point, outsourcing is great if you are a highly paid executive who benefits from stock pops when you announce big outsourcing initiatives.
Posted by guest , Feb 02, 2009 11:02PM
@34 - And, let's drive companies to "increase shareholder value" over all else, creating an unsustainable race to the bottom during which stupid things like securitization of subprime mortgages, outsourcing of key jobs and technical capabilities sound like good ideas!
Posted by guest , Feb 03, 2009 8:55AM
Will this force Obama (TARP bankers) to give up his blackberry?
Posted by guest , Feb 03, 2009 9:23AM
@19 sorry you don't get it. Ask one of the guys sitting next to you in the back office.
The BAC Lycan
Posted by NotNasser , Feb 03, 2009 10:55AM
The crack cocaine of anthropology?
Foucaultian "discourse studies," of course.