BREAKING: Senate Reaches Agreement To Move Fast-Track Trans-Pacific Partnership Trade Authority

[Cali_Democrat]

Senate Democrats reached a deal with Republicans Wednesday to move forward on U.S. President Barack Obama’s fast-track trade agenda, one day after pro-trade Senators stalled the bill by blocking debate, according to Politico and Roll Call. In exchange for their support on a vote for the fast-track trade authority, Democrats will get separate votes on two related bills on currency manipulation and duty-free status to U.S. imports of goods from certain sub-Saharan African countries.

http://www.ibtimes.com/tpp-vote-2015-senate-reaches-agreement-move-fast-track-trans-pacific-partnership-1921111

[Kelvin Mace]

1. So, we are being sold out?

[AuntPatsy]

2. Appears so

[Jack Rabbit]

46. Seems, madam? Nay, 'tis. I know not "seems". (Hamlet)

[hifiguy]

13. you expected something else??

[Kelvin Mace]

17. No,

but a man can dream.

[historylovr]

33. It was a nice dream,

short-lived though it was.

[ananda]

25. I'm so used to gettin sold down the river that ...

I've forgotten what it's like to win something
for real people.

I sometimes wonder why I still live in hope ...

[marym625]

3. Welcome to America Incorporated

Home of the richest and the homeless

[cali]

4. lol. hardly breaking. I posted it over an hour ago. you're late to the party.

[Cali_Democrat]

7. Sorry. I got it in my breaking news inbox just now

I apologize for not being more prompt.

Will you ever forgive me?

[madfloridian]

5. SO Jim Kessler, Third Way, was wrong.

It didn't take 7-10 days.

They screwed us in just one day.

[Autumn]

11. It didn't even take a day, just a few hours after the vote Harry was floating this plan

http://www.democraticunderground.com/10026662718.

The screwings are coming fast and furious now.

[appalachiablue]

29. Unbelievable. What was yesterday and all the great work for? D@!?!

(*That's a great Bernie Logo with Women. Did you make it?).

[JaneyVee]

6. If currency manipulation is in there, I'm for this deal.

If not, I won't like it.

[Renew Deal]

8. I've been wondering if there is a trade deal that liberals would support

Or if all trade deals are off the table.

[JaneyVee]

12. Currency manipulation clause would create 3-6 million jobs.

As someone who used to day trade FOREX this is pretty important.

[Angel Martin]

36. why do you think it would ever be enforced ?

http://www.dvirc.org/obama-administration-declines-to-label-china-a-currency-manipulator/

[JaneyVee]

40. The IMF and WTO are the enforcers.

[closeupready]

43. WTO is a paper tiger.

[onethatcares]

39. I'm a carpenter, could you

explain currency manipulation and how it would create 3 to 6 million jobs in the United States?

I just don't understand this theory.

Many thanks in advance.

[rpannier]

55. Here is an explanation

The United States has accused China of keeping its currency, the yuan, artificially low by hoarding foreign reserves, in order to give Chinese exports an advantage over competitors

snip

By selling its own currency and buying up foreign reserves like the U.S. dollar, China has essentially pegged the yuan's value to the dollar instead of allowing it to move freely in foreign exchange markets.

snip

A weak currency cheapens the price of a country's exports, making them more attractive to international buyers by undercutting competitors.

China's economy is primarily export-driven, so having a leg up on the international competition has allowed its economy to grow at staggering speed.


link

http://money.cnn.com/2010/11/10/news/economy/what_is_currency_manipulation/

it's an older article not sure if the specifics are still relevant
I'm guessing that the idea and how it works are

This is a more wonkish explanation I found from a Policy Brief at the Peterson Institute for International Economics. It's written by Joseph E Gagnon

Currency intervention, also known as foreign exchange market intervention, or currency manipulation, occurs when a government buys or sells foreign currency to push the exchange rate of its own currency away from equilibrium value or to prevent the exchange rate from moving toward its equilibrium value.

Generally, central banks intervene in foreign exchange markets in order to achieve a variety of overall economic objectives: controlling inflation, maintaining competitiveness, or maintaining financial stability. The precise objectives of policy and how they are reflected in currency manipulation depend on a number of factors, including the stage of a country’s development, the degree of financial market development and integration, and the country’s overall vulnerability to shocks.

[onethatcares]

66. ok, I'm almost there

but the linked article is dated 2010. We have a trade deficit and will in my eyes for the forseeable future. How does the TPP prevent inflation and create 3-6 million jobs at this point? Our economy being service driven will never overcome that deficit.

I'm not being or playing dumb here, I just don't understand this monetary mojo.

[JaneyVee]

57. Trade surpluses create jobs, factories, and industry...

But currency is supposed to fluctuate to level the playing field. Instead, places like China buy up dollars and other currencies to force up demand and cause those currencies to have a higher, "stronger" price than their own currency. By keeping their currency “weak” it allows their industries to keep the price of what they are selling more competitive elsewhere. Ending currency manipulation would thus make American industry stronger and able to compete to a wider market.

It's a bit more complex than that but I'm finishing up at work and will possibly post more later. Still paying off the last of my student loan for my economics and film degrees. Ironically.

[cadaverdog]

41. Sorry, but we've been sold this line of Obama

bullshit before.

http://tinyurl.com/qfvl7wg

[JaneyVee]

48. Your own link says tariffs wiped out in 10 years.

[Autumn]

18. Do you think the currency manipulation bill stands an ice cubes chance in hell of passing?

I'm not so sure it could pass.

[Renew Deal]

32. That's the other thing I was wondering.

A symbolic loss does us no good.

[Hoyt]

28. Appears it is in there, but as a separate bill. Not sure what it says, so might not be

effective.

But if it is effective, that would definitely help job situation here, assuming it doesn't start a trade war or something.

[busterbrown]

47. Finally..

All about cheap chinese goods. We need to be able to compete!!

[ucrdem]

10. Hope to see the finished bill soon.

Thanks for the update!

[Wellstone ruled]

14. So screwed!!!!!!

[MohRokTah]

15. Currency Manipulation is included, this is a good deal. eom

[City Lights]

16. Well that turned out to be a short-lived victory.

[ucrdem]

19. I think it's more like a win-win.

Not a loss, because the additional provisions were included.

[appalachiablue]

30. Exactly, what was it all for? Hope and effort built up again to see defeat-and this quick-

[Kelvin Mace]

20. Make a note of every Vichy Dem who votes for this deal

[Egnever]

21. I find it sort of funny you actually thought they wouldn't.

Trade agreements are important and badly needed, in the end this may be a bad deal but the idea it should be stopped before negotiations are done is silly.

[Kelvin Mace]

22. Trade deals are fine

as long as they are fair and can be amended.

[Cali_Democrat]

23. When it comes to international negotiations, amending agreements is pretty much a non-starter

Especially a deal involving so many countries.

Can you imagine what would happen if every country's legislature had the ability to change an agreement and then it would have to be presented again...negotiated...taken back to the legislatures...amended......negotiated...presented again....taken back...etc....etc...etc...

Remember the Iran deal? Having legislatures amend a deal and force the executives to go back to the negotiating table again and again is nearly impossible because everyone has different interests.

There would never be a deal.

One agreement and an up-or-down vote makes more sense.

[ieoeja]

27. Thing to remember, Obama is a Harvard graduate.

Harvard teaches that the full globalization package works.

Half of it did. Globalization has been great for the world’s poor. Pre-internet days I worked with our Jakarta Indonesia office on a networking problem. I stayed up all night working with them without finding anything wrong until they had to leave at the close of their business day. I pointed out that I stayed all night to work with them on their problem. They told me they had to leave before the power company shut down for the night and the elevators stopped working.

Networking problem solved. Computers, as you may not know if you’re not a great computer whiz like myself, do not run well without electricity.



The high rise office building sat on a dirt road! Today, it’s a bustling metropolis that wouldn’t look out of place in the United States.


But Globalization failed the American working stiff. That is because the 401(k) failed to work as they thought it would. By now we were all supposed to be so heavily invested in 401(k) that few of us would need to work. So it didn’t matter if jobs went overseas. We shouldn’t need jobs.

And many of them really do believe this. Sure, some are just screwing us. But lots and lots of them believe this theory whole heartedly. And can’t seem to grasp the fact that it didn’t work.


So Obama is just a product of Harvard which teaches that it works.

[ucrdem]

24. You called it last night

Props.

[Robbins]

26. to be frank

trade deals since nafta have been terrable.as long as they let corporations write them.

Soon corporations will be able to override us laws.and both partys with a few indivual exceptions are all In their pocket.

[MohRokTah]

59. I consider those who voted against it the Vichy Dems. eom

[fredamae]

31. I'm not surprised ..... n/t

[doc03]

34. So there goes more jobs and the Republicans

will blame Obama and Democrats for the TPP. They blame NAFTA on Clinton constantly even though it was Bush's bill and there were more Republican votes. The Democrats do just about as much harm to working people as the Republicans. Where is Hillary on this?

[Agnosticsherbet]

35. What happened to all the populists?

[awoke_in_2003]

51. There never were many

maybe 1 or 2, the rest just want a cushy job when they leave office

[Agnosticsherbet]

60. Harry Reid said he was blocking the bill to get votes on other bills.

Blocking it was just a typical Senate negotiation tactic.

Yesterday, there was a thread that populists blocked the bill. It turns out that this was just a tough negotiation.

[awoke_in_2003]

64. Yep...

Some of us got a little too excited

[Enthusiast]

37. I hope this is untrue.

[cantbeserious]

38. The Oligarchs, Corporations And Banks Own And Control The Politicians And Media That Own And Control Us

eom

[840high]

54. yep

[L0oniX]

62. It's just more trickle down warm piss. They say we will get jobs from it. "We"? No! Them.

More jobs for Wall Street and banksters. Bucket of warm piss for everyone else.

[99Forever]

42. It has to pass the House or it means squat.

Not going to be quite so easy to fuck the American worker as the neolibs would like. Call your Rep and give them Hell. Promise to toss them out if they do this shit deal.

This ain't over till WE say it is.

[KoKo]

63. True...to an extent..MSM is saying the House could put a hold on it or reject it

and Lori Wallach a leader on TPP said on "Democracy Now" after the vote yesterday that the HOUSE is where the ACTIVIST ACTION Now MOVES!

So...we shouldn't give up...Yet.

But, like many others replying on this thread...I've been on DU long enough that I remember us all glued to C-Span watching the Senate/House Vote on issues as they tallied and "Hoping against Hope" that there was a possibility we Dems could WIN on an issue.

The disappointments in those votes were endless and I stopped watching C-Span after the 2004 Election.

But, still, Warren, Brown and Sanders have made a good stand. And, we have desperate Environment Groups and Labor trying to make a stand because the time is ripe with so much unhappiness and apathy in the Country.....plus revolution in the streets.

Maybe THIS TIME the PTB will be afraid enough to LISTEN?

I don't know....I'm going to be hopeful for one last time that those who vote for FTA/TPP will be worried about losing their jobs in 2016 and vote to stay in power rather than ram this dreadful thing through.


We shall see.....

[secondvariety]

44. Well, that didn't take long.

Here I thought they would actually do the right thing. Silly me.

[davidn3600]

45. Say goodbye to more middle class jobs

[busterbrown]

49. Weren’t around for 20 yrs.

No need to say goodbye.

[kentuck]

50. That was called the "disappearing backbone" act...

Nothing changed since yesterday except their crooked and twisted arms...

[NoJusticeNoPeace]

52. I guess I have to do this, yet again

Do ANY of you doubt ONE WORD Carlin said?

Listen again please, it is ONLY three minutes

[salimbag]

58. Words of wisdom

TPTB have always used the "slot machine theory" to keep us in our place. Pay off just enough to keep us playing.

[PatrynXX]

53. well figures the conservative party got the go ahead

again no such thing as democratic party to me. let the big DINO push begin

[Spitfire of ATJ]

56. What did I say?

Oh yeah:

http://www.democraticunderground.com/?com=view_post&forum=1002&pid=6662583

[L0oniX]

61. Just remember this. All presidents will have this power ...including R's.

[shawn703]

65. So let me understand this

The Senate Democrats agreed to move forward on a bill which will strip them of the ability to filibuster the TPP, really the only leverage they have to stop a bad deal from getting passed, in exchange for votes on a couple of bills that won't go anywhere? Now all they can say "well we voted against TPP, but aww shucks, we just didn't have the majority to stop it."

They're not stupid, since they know who writes the big checks, but they sure as hell think the people who vote for them are.

[grahamhgreen]

67. WTF!