Lefties apparently can't be trusted with the economy either.
I was watching Lou Dobbs on the TV this morning. Well, actually I caught only the last few minutes of his show. I never really knew who he was until he started appearing on the TV in the mess hall at about the time I was eating breakfast. Now that I know him a little bit better, I have to say he's either deeply into BDS or else a terrible writer/commentator on things economic.
This morning, as with most mornings, he ended his show with a poll. As usual, the poll was a chance for his fellow sufferers of BDS to show their loyalty. Today's poll was "Who's responsible for the huge trade deficit and loss of jobs to China? President Bush or President Hu?" The poll showed that an overwhelming percentage (about 97%) of Lou Dobbs viewers have absolutely no idea how economies work, but are well aware of evil when they see it.
Later today, I came across this article on CNN.com. If this is Lou Dobbs' level of commenting on how economies work, then the poll results (confirming how little his viewers understand about economies) are almost excusable. According to Dobbs:
"...the Red Storm (PRC-ed) cannot be blamed for its continued manipulation of its currency, for its record $202 billion trade surplus with the United States or for buying up American businesses and hard assets around the globe while restricting access to its market and economy.
Uh...why would anyone want to blame a government for their economy having a trade surplus? And if a government cannot be blamed for manipulation of its currency, or for restrictions on access to its markets, who should be blamed? After all, it is the government that sets monetary policy and sets tarrifs and limitations on access to markets. So Lou, who is to blame?
Well of course, it's the Chimplerburton Christiancorporated. Take it away, Lou:
"The fault lies entirely with the U.S. government, our lack of strategy and our failed policies.
Awful generous passing out the blame there Lou. Don't you want to narrow it down a bit on who's really at fault?
This administration and U.S. multinational corporations have lost sight of the national interest.
Of course. That's better.
This administration and the Republican-led Congress...
Even better.
...have permitted the dismantling of America's manufacturing base and created a dependency on China for our clothing, computers, consumer electronics and a host of other products that is greater than our dependency on foreign oil."
So it has nothing to do with the consumer's desire to obtain the best possible goods at the cheapest possible price? Bush has somehow figured out a way to circumvent this basic economic reality, the same one that has built WalMart into the world's largest corporation? Sears would love to know that magic.
China has a trade surplus because the wages the PRC pays their workers (when they are paying them at all, instead of using slave labor provided by thousand, perhaps millions, of dissidents) are low, keeping prices low; and Americans like to buy things that are a good value. The reason that the average Chinese consumer doesn't buy an equivalent amount of products from the US is (try to follow along now, it's hard to comprehend) they also like to find value, and because the wages earned by Chinese laborers are low and they don't have the disposable income of the average American. Can it really be that simple? Not according to Lou:
"Make no mistake: Our leaders are the fools, and China's leaders are not to be blamed for taking advantage of this administration's commitment to faith-based economic theories and so-called free trade that permits the Chinese access to the world's richest consumer market while China denies our businesses access to its emerging market."
Really? All our leaders are fools? Or perhaps just one particular "leader".
"When you watch President Hu and President Bush shake hands at the White House, it would be wise for all of us to remember what that handshake costs America."
Yup, just one. So what exactly is a "faith-based economic theory"? Hmm, Lou doesn't really say. The implication is that it's bad though. It's got to be bad, because, well, it's Bush's, and it's faith-based. Enough said!
And what exactly is the problem with the "so-called free trade that permits the Chinese access to the world's richest consumer market" when that access provides billions of dollars annually in savings to American consumers? Lou doesn't really have the answer on that one either. I guess when your paycheck puts you in the top ten percent of wage earners in the US, it doesn't occur to you to save a couple of dollars here and there, like the rest of us.
I understand that Lou Dobbs has many years under his belt as a commentator on all things economic. Though not everyone agrees that those years have been beneficial to his viewers. And I've no doubt that the paper on his wall proclaims him to be a sage in financial matters. But like other experts around him, he's clearly been overcome by BDS and is willing to destroy his credibility among economists in order to increase his credibility among the Looney Left. At least his speaking appearances at Lefty gatherings should increase in direct proportion to his ability to blame everything bad economic on President Bush. When it comes to the fellow BDS sufferers, the sky's the limit on how much you can rake in playing to their paranioa.
Hmm...maybe Dobbs is not that economically challenged after all.
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