More rhetoric and leanings towards protectionism (if not mercantilism as well). If such provisions are enacted in the fiscal spending bill, we can expect more instability from major (surplus) trading partners. I will post something soon about the history of China and its "tendency" to expropriate all foreign owned property, close up shop, and wait another few hundred years to emerge to the outside world.
We KNOW that markets provide better information to consumers regarding their consumption decisions given various budget constraints. We KNOW that markets are more egalitarian (read: "fair") than top-down decisions rife with special interest manipulation.
Given the sheer size of the fiscal stimulus bill, we once again see that our elected officials hold sway over incredible portions of public wealth...and access to those officials, for the express purpose of influence, is absolute power.
I would quote Lord Acton here...but you probably have done that already.
Link:
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aPWqWZX1SyC4#
"President-elect Barack Obama’s advisers are looking at including a “buy American” provision in the economic-stimulus legislation that the incoming administration has made its first priority.
“We are reviewing the buy American proposal and we are committed to a plan that will save or create 3 million jobs, including jobs in manufacturing,” said Jen Psaki, a spokeswoman for Obama’s transition team."
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