15 May
2007
Posted in: Blog
By    1 Comment

Protectionism Rears Its Ugly Head in Congress

One of the most well-respected macro strategists on Wall Street, Morgan Stanley’s Stephen Roach, recently testified in Congress on China trade.

His comment after leaving Capitol Hill: “the protectionist train has left the station.”

He says China bashing could backfire and endanger the balance of the global economy.

Bottom line? “The U.S. Congress just doesn’t do macro.”

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1 Comment

  • that compliments well fareed zakaria’s article this week in newsweek about how the democrats just don’t get trade issues. I especially like this…

    When I was in Asia last month, I was told by several officials that they found themselves in an uncomfortable position. They liked what they heard from Democrats on America’s role in the world, but they were terrified by what they heard about trade. One of them, who declined to give his name for fear of giving offense, said, “Look, it’s an easy call for us. We don’t like the Republicans on foreign policy. We think they’ve been stupid and unilateral. But they are staunchly progressive on free trade and that’s the most important issue for us by far.”

    Republicans can and will change from being stubborn, it seems it’s a lot harder for democrats to change from being ignorant to the world they live in.