These are very bad results for a man who fancies himself as the great uniter. His first shot at international economic talks and he blows it. I mean really blows it.
Barack Obama is facing a major dilemma over protectionist policies which could lead to bitter trade wars.Only Obama's supporters are too stupid to know how serious this is.
After Gordon Brown's impassioned plea against protectionism at the Economic World Forum in Davos, Switzerland, the new President was in urgent discussions with aides to find a way of balancing two competing demands.
His problem is that his massive economic stimulus package passed by the lower house of Congress last week had 'buy American' provisions attached to it by lawmakers.
It means that if he backs the legislation as passed, there is a clear danger of setting off a trade war; but opposing the package could trigger a backlash from
his supporters.
The protectionist provisions attached to the White House-backed plan require major public works projects to favour U.S. steel, iron and manufactured goods over imports.
While they have won widespread support in the U.S., international allies and trading partners are warning that favouring U.S. companies would breach trade commitments and could set off tit-for-tat counter-measures.
The European Union has warned that it will not 'stand idly by' if such measures are passed.
And Canadian prime minister Stephen Harper has expressed his 'grave concern'.
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Obama will make a very deep recession into a friggin' depression. He will then own it and there will be no blaming Bush. I wasn't a Romeny supporter but I gotta say this country is going to kick itself for not electing a man that really knows his business and the economy. I can't wait to see the net gain in jobs this man winds up with on his record. No way it's going to be a great as Bush's.
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