EU attacks 'Buy American' clause

The EU has increased its pressure on the US to reconsider the "Buy American" clause in the $800bn (£567bn) economic recovery package now before Congress.

//news.bbc.co.uk/2/hi/business/7866900.stm



Bankrolling charitable gifts

Financial firms and other companies receiving billions of dollars in federal bailout money spent hundreds of thousands of dollars to pay for meetings and charitable gifts on behalf of lawmakers.

//tinyurl.com/ddraen



The Whole World Is Rioting as the Economic Crisis Worsens -- Why Aren't We?

The Telegraph (UK) warned last month that protests over governments' handling of the crisis "are widespread and gathering pace," and "may spark a new revolution".

//www.alternet.org/workplace/124836



Ford and GM see big fall in sale

Sales at Ford plunged 42% last month from a year earlier, while those at GM declined even further, slumping 49%.

//news.bbc.co.uk/2/hi/business/7868141.stm


From Information Clearing House

--------

Buy American, buy a trade war

Christian Science Monitor
by staff

02/04/09

American tax dollars directed at America’s ailing economy should be spent only on American products. That sounds logical — and compassionate to US workers, who can use all the lovin’ they can get. But the ‘Buy American’ provision of the megastimulus package winding through Congress makes little sense. … Last week, the House passed an $819 billion economic recovery plan with the stipulation that all public projects funded by the bill … use only iron and steel produced in the U.S. of A. The Senate version goes further, to include all manufactured products. The lawmakers’ thinking on this is understandable. … With an economy this bad, better take care of our own, they reason. But the gain in US jobs will not be worth the ultimate cost...

//www.csmonitor.com/2009/0204/p08s01-comv.html

--------

Protectionism is the embrace of fear, the rejection of hope

Competitive Enterprise Institute
by Eli Lehrer

02/06/09

In the context of America’s $17-trillion economy, $12-trillion national debt and $4-trillion federal budget, a few billion dollars worth of international trade doesn’t sound like much. Yet Americans and foreigners concerned about free trade have every reason to get worked up about the proposed ‘Buy America’ mandate in Washington’s massive stimulus plan. Although modest in its likely economic consequences, a Buy America mandate represents the exact opposite of what the new president promised in his campaign — it’s a triumph of fear over hope...

//tinyurl.com/d8l2fp


Informant: Thomas L. Knapp



//freepage.twoday.net/search?q=bailout
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