Senate Reaches Deal on Trade

[leftofcool]

Looks like it is back on folks.

http://blogs.rollcall.com/wgdb/senate-reaches-deal-on-trade/

[kentuck]

1. The corporatists do not give up that easy...

They have corralled a few Democrats to believe that the only thing holding it up was the "lack of enforcement" issue. "See!", they say. "We got a victory for the working people."

[Hoyt]

2. Well, apparently there is a bill to help with currency manipulation which many

economists believe would bring a lot of new jobs. Exactly how they attempt that, is another story. But, even the self-styled "progressives" are going to have a hard time arguing that will not help the job situation here (although, I'm sure the will argue it and call Obama all kinds of names).

[okaawhatever]

6. If China is forced to stop manipulating their currency the cost of their goods will go up (because

the exchange rate for the Yuan will go up). The reason Chinese goods are so cheap is because China deliberately keeps their currency low. If their currency were allowed to rise, as is the case with countries with high exports, some Chinese companies would no longer have a cost advantage over the US.

The problem with any currency manipulation bill is that it will likely block countries from doing what is necessary with their currency during an economic downturn.

[kentuck]

8. Sounds like something the World Bank would do?

Manipulate the currencies of all the countries to adhere to one rate, set by the World Bank.

Of course, what happens if a shortage of a product in one of the countries drives up the price on all its citizens? What happens if that product is oil? Would that be fair to those low-wage countries, that might find it even more difficult to survive if they cannot manipulate their individual currencies? Just a thought...

[Hoyt]

9. There are risks with just about everything, including doing nothing.

[Tierra_y_Libertad]

3. Are they going to apply more lipstick to the pig?

[bluesbassman]

5. They're buying it 55 gallon drums and using a paintbrush.

[DJ13]

4. Piling on

[octoberlib]

7. I wonder what the other 4 bills were.

Updated 3:17 p.m. | Senate leaders agreed to a deal to get President Barack Obama’s fast-track trade bill back on track Wednesday, with Majority Leader Mitch McConnell, R-Ky., offering separate votes first on two bills demanded by Democrats.

That includes the key customs bill with currency enforcement provisions opposed by the White House, as well as a trade preference bill aimed at helping developing countries. Both will face a 60-vote threshold, with votes planned for Thursday.

Minority Leader Harry Reid, D-Nev., who is a “hell no” on fast track, nonetheless praised McConnell’s offer as “fair,” although he noted Democrats would still want to offer amendments on the underlying fast-track bill.

The deal also rescues President Barack Obama’s trade agenda, just one day after all but one member of his own party blocked debate on it.

Optimism for a revival of the bill had been increasing overnight, after Obama summoned 10 pro-trade Democrats to a meeting and Democrats made clear they would accept separate votes on the other bills instead of demanding all four bills in a single package. (McConnell had been offering up votes on amendments.)