This morning, after publishing my
Economic Talking Points note titled "Stock Market Bargains and Suntan Lotion,"
I had the privilege of sitting down for breakfast with Senator Joe Lieberman
(I-CT) who is on a tour campaigning for Senator John McCain and his bid for the
Presidency. Senator Lieberman started the conversation displaying a good sense
of humor, as he described himself as a Democrat who was elected as an
Independent, who is now campaigning for a Republican.
Introducing my first question, I stated that Chinese
goods have helped the middle class stretch their dollars by supplying the U.S.
market with inexpensive products. I then stated that since those jobs have been
exported, we also exported the means to hire workers, the same workers who will
build this economy and get us out of this economic slump, and I then asked him
how we get manufacturing going.
In response, Senator
Lieberman explained that we export goods to many other countries, thus our
goods are in demand. The real problem, he felt, are trade barriers which put
high tariffs on U.S. goods. Still, in essence, Senator Lieberman believes we
have the means of production to sell goods to other countries, thus our
manufacturing base is strong.
Senator Lieberman then
stated two points made here previously. First, Senator Lieberman said it is
"time for the banks to start lending money again" which is correct, and he
agreed that fear is leading problem in the economic crisis because, as he
agreed with Senator McCain, the economy is strong but there are some sectors
that have problems, the second half of the McCain quote which was not played In
the media.
Our breakfast meeting covered many other
issues, but the above were the most important points, leaving out politics.
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