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Tuesday, February 10, 2009

History repeats...Smoot-Hawley returns! Protectionism and Unions are our economic salvation!

Now Federal contracts require union labor:
http://sev.prnewswire.com/construction-building/20090206/DC6802106022009-1.html
Here are the names of those who voted for and against taking the "Buy American" wording out of the Stimulus Bill. I expected it from Kay Hagan, but not Richard Burr. So, protectionism and unions are going to be our economic salvation. It's all just a little bit of history repeating. If this keeps up I am going to revise my recovery timing to beyond its current 2010 timeline.
With thanks to Greg Mankiw and Phil Rothman for the ideas...
And one for the road....

1 comment:

derekp said...

I am sure we will soon lone for the days when government contracts were given to the low bidder.

I might start a financial planning union so that I can bid on the Thrift Savings plan that government workers use as their 401k. Since I will be the only unionized investment advisor I should be able to charge a hefty fee. Does anybody want a job?