Sen. Fritz Hollings: We Are in Real Trouble: "Now we are in real trouble. We've lost the markets for textiles, cameras, radios, TVs, steel, electronics, computers, communications equipment, machine tools, advance technology, robots, steppers, etc. The little that we produce has now been bought up by foreigners. Big Blue, IBM and the Hummer to China; Westinghouse Nuclear and all of its patents to Japan; Bell labs and all of its discoveries to France; Bethlehem Steel to Russia; Genentech to Switzerland. And we can't prepare for war. Boeing's fighter planes depend on parts from India and Sikorsky for its helicopter must get its tail motor from Turkey.
We begin a program to stimulate American production and American jobs. But in April President Obama signs a declaration against protectionism at the summit of the big nations. And now the New York Times editorializes ''Buy American' is a terrible idea.' You would think that having to get a Mexican loan to keep the New York Times going would have sobered them up from their mantra of 'free trade' and 'protectionism.' Our trouble is most in the Congress believe the New York Times. Yet Congress is our only hope."
(Via Huffington Blog.)
