Protectionist Drum Beat grows louder

http://online.wsj.com/article/BT-CO-20100610-711862.html?mod=WSJ_latestheadlines

"After we make one modest step forward, we take three steps from the hole, and our constituents get angrier and angrier," said Sen. Ron Wyden (D., Ore.) "That is what is fueling, of course, this protectionist drive in this country," Wyden leveled at Geithner.

For nearly two hours, Geithner was on the defensive from one senator after another angry over China's currency, procurement and intellectual property policies.

"Billions and billions of dollars, millions and millions of jobs flow to China simply because their currency is manipulated," said Sen. Chuck Schumer (D., N.Y.). He warned the Senate would soon press ahead with legislation that would penalize China and other countries that maintain artificially low currencies. (protectionism)

"China's mercantilist policies continue to undermine the health of U.S. industries, so this is fair warning...despite the administration asking us not to do it, we are going to move forward with our bipartisan legislation."

As the election grows near you watch how many elected officials start parroting what I have been saying for years. Everyone will love protectionism right up until the election day. None of them actually means it but it is still amusing to see. At the end of the day everyone knows what must be done to fix the problems. It is just a matter of holding their feet to the fire.