Jan 30, 2009 Update: Good to see the Obama administration is “reviewing” the ‘Buy American’ clause. Will see what happen.
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I believe when a good friend makes mistakes, we should let them know clearly. The “buy American” rule in the current stimulus bill approved Wednesday night by the House of Representatives is wrong and is setting the worst possible example for the world to follow.
A trading world will benefit participating nations and economies. If countries start “protective” measures to “protect” our own short-sighted individual interests, I believe each of our own recovery periods will lengthen and not shorten. In a global world, protectionism will harm us all.
While President Obama is trying hard to bring peace to the world, I hope he will have the wisdom not start trade worlds with countries around the world, including Canada.
President Obama, you now have an opportunity to trigger a chain reaction of trade wars — America with countries around the world and also other countries amongst ourselves.
President Obama, will you have the wisdom to do the right thing and stop the chain reaction of trade wars? Or will this be the first major policy failure of your administration?
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Didn’t they learn from the Great Depression?
Horace,
Protectionism appeals to the worst instinct in us all and it also unfortunately doesn’t work as trade is a much better tool to make the world prosper and not protectionism.
Obama’s honeymoon with Canada unfortunately is ending soon and now it is right onto governing. Lets hope he will do the right thing. If not, this will indeed be his first failure. I know and expect him to make mistakes, I guess just not so soon and so drastically.
Hey, we had 8 years (actually more) of “Buying from wherever and whoever”. That didn’t serve us well, did it. May be it is time to give “Buy America” a shot. During his campaign, he dropped hints here and there about bringing jobs back from overseas. He won. Obviously Americans are supporting him. Honeymoon is definitely not over here in the U.S.
Looking at today’s news seems like President Obama has changed his mind.
Ultimately, yes America can restrict trade but don’t expect the world (EU, Canada and other countries) to sit idly by. A world of restricted trade will make the whole world worst.
Will see what happen next.