Date: Wed, 13 Jan 2010 17:04:11 -0800 (PST) From: Mervyn Lobo <[email protected]>
Thanks to the policies of George Bush (43) and co, for the past eight years, the US has been importing more than it exports. It now has no money to pay for its imports and is surviving only by printing?more. The?cost of?this madness is that the US dollar has lost about 18% of its value?during this period. Mario responds: To begin with, here is what is happening under President Obama's policies: http://online.wsj.com/article/SB126330289707626093.html?mod=WSJ_hpp_LEFTWhatsNewsCollection Anyway, thanks for helping me win a bet that we would hear from you on this subject with the same tired old poppycock about President Bush - this time blaming his policies for something the US has always done, before Bush and since, i.e. extend its foreign aid by helping poorer countries by buying their products. Most of China's vaunted foreign exchange reserves come from US imports, and the recession in the US that President Obama is working very hard to worsen, is causing all kinds of problems of overcapacity in China. Mervyn wrote: Secondly, people in the US are buying foreign goods because the few manufacturers that are left are producing goods that US residents do not want. For example, US residents prefer to buy foreign cars rather than US ones as: 1) Foreign cars are more dependable and 2) They have better fuel economy than US made ones. Mario responds: LOL! I wonder where Mervyn gets his information from. http://www.foxnews.com/story/0,2933,465005,00.html Most of the "foreign cars" sold in the US are made by foreign car manufacturers in the USA. Toyota, Honda, BMW, Mitsubishi, Mercedes-Benz, Subaru, Nissan and Hyundai all have manufacturing plants in the USA. The manufacturing plants of foreign companies in the USA create more well paying jobs in the US than the lower paying jobs that are outsourced to foreign countries under America's relatively free trade policies.
