Sherrod Brown's China currency manipulation bill stymied by Obama and John Boehner

[brentspeak]

(Brown's bill also opposed by Obama's new bud, the US Chamber of Commerce)

http://www.washingtonpost.com/blogs/2chambers/post/china-currency-bill-demands-house-white-house-action-senators-say/2011/10/12/gIQAafkjfL_blog.html

Posted at 03:35 PM ET, 10/12/2011
China currency bill demands House, White House action, senators say

A bipartisan group of senators on Wednesday called on President Obama and House Republican leaders to support http://www.washingtonpost.com/business/economy/senate-pressures-china-on-currency/2011/10/11/gIQALnL2dL_story.html">a Senate-passed measure that would pressure China and other countries to allow their currency to appreciate, arguing that Chinese “cheating” on the issue has cost the United States more than 1.6 million jobs.

snip

Boehner and other House GOP leaders have repeatedly declined to bring the bill up for a vote, arguing that it could lead to a “dangerous” trade war. They have also argued that it’s up to the White House, which has yet to issue a formal Statement of Administration Policy on the measure, to make clear its position.

White House Press Secretary Jay Carney reiterated Wednesday that the administration shares Congress’s goals on the currency issue but does not necessarily support the Senate-passed legislation.

“As I’ve said and others, we share the goal of the legislation in taking action in making sure that our workers and companies have a level playing field with China,” Carney said at the daily White House press briefing. “Aspects of the legislation do, as I’ve said, raise concerns about consistency with our international obligations, which is why we’re in the process of addressing with Congress those issues. And if this legislation were to advance, we would expect those concerns to be addressed.”

Carney's statement there is just another way of saying "Sorry suckers, but we don't plan on doing a damn thing to pressure the House to vote on this bill, though we've pushed for House votes on other bills many times in the past.".

[Name removed]

1. Deleted message

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[pscot]

2. I don't know who the President is working for

but I know it damned sure isn't the American middle class.

[brentspeak]

3. kick

:kick:

[EffieBlack]

4. Yet, still Sherrod Brown strongly supports President Obama

He doesn't call him names, accuse him of capitulating, claim he's weak, pathetic or evil. He just goes out every day and defends him and fights like hell to make sure he gets reelected.

what a tool . . .

:sarcasm:

[JTFrog]

5. Right?

I absolutely cannot wait for the official election season to begin. This place needs an enema!

[great white snark]

13. Because he's not a single issue fair weather supporter.

And a realist.

[golfguru]

6. I don't understand why we are bending over for China

We don't need China, China needs us to sell their goods to. They have no leverage over us. If they threaten to cash in the Treasury bonds, we can simply print the money and hand it to them. Then what will they do with those Trillions of dollars? That is right, they will have to buy stuff from US with that money.

[Ikonoklast]

7. Your scenario means stupendous inflation.

Yeah, let's do that, but be prepared for your money to be worthless.

That is called Inflating The Money Supply; it's what countries do when they can't pay their bills, and their economy soon fails afterwards.

[golfguru]

8. Not necessarily

There are other emerging countries which are quite competitive in pricing with China...Viet-Nam, S. Korea, Taiwan, Singapore, India, Bangladesh, Sri Lanka etc etc. Those countries can produce goods at comparative prices with China. So there is no reason to fear run away inflation.

[Ikonoklast]

9. You said, just print money and pay off China.

Then you went on to substitute other countries for what China does.

Think for a minute about what you posted.

[golfguru]

10. I meant exactly what I said

If China threatens to cash in our Treasury bonds, we are not stymied. I also said they will not and can not do it because we have more leverage over them. And in the scenario they actually cash in our bonds, we can print the dollars to give them. What can they do with those dollars? Where will they spend them?

And note that run away inflation only happens when there is a shortage of goods. With all those countries I listed, there is no chance of shortages. Many Americans have no clue how much manufacturing capacity has increased in those countries over last decade. There will be no shortages for decades and decades to come.

[Mimosa]

11. ^ True! ^

Sometimes i wonder if President Obama (whom I like) is working more for a globalist agenda than for America's best interests. I simply do not know.

[Name removed]

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