Go Dobbs

Via Tapped, read this hilarious exchange between Lou Dobbs and all purpose ass James Glassman of TechCentralStation infamy. Dobbs lets loose on him something fierce over the U.S.' increasingly dismal trade situation. You can read the full transcript here (scroll down and look for the part with Glassman). Here's a little taste:

DOBBS: When you are carrying a half trillion dollar trade deficit, it's not benefiting both sides. That's precisely the point. If it were I would...

GLASSMAN: Of course it benefits both sides. The United States is the most...

DOBBS: Do you realize there are 3 trillion dollars in IOUs held by foreigners against U.S. assets? Does that trouble you.

GLASSMAN: The United States is the most robust economy in the world.

DOBBS: You can keep doing it.

GLASSMAN: Obviously, we have problems.

DOBBS: You talk like a cult member. There's a mantra, you say market, you say largest and dynamic.

GLASSMAN: I don't think I've said market yet.

DOBBS: And it simply removes the need for rationality.

And then later:

DOBBS: Here are the facts. Half a trillion dollars in a current account deficit. Hundreds of thousands of jobs being shipped overseas, as you acknowledge, by cheap labor costs.

GLASSMAN: I don't consider it shipped overseas. That's not what's happening.

DOBBS: You may not, that's my word. And the fact is, it is exactly what is happening and why you won't acknowledge that is beyond me. Where do you want the United States economy to be in ten years? You can't talk about jobs to retrain.

GLASSMAN: I want it to grow 3 to 4 percent a year as it has done in the past 20 years. Partly because...

DOBBS: And how much of the GDP do you want to be imports? How much of that GDP do you want to be imports?

GLASSMAN: I really don't know. I think that's up to individual Americans to determine how much do they want in imports.

DOBBS: Mr. Market...



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