Are we going to see a sequel to Smoot-Hawley?
Richard Fisher, President & CEO of the Federal Reserve Bank of Dallas, tells it like it is. Commenting on C-Span about the “Buy America” provisions in the stimulus package:
Protectionism is the crack cocaine of economics. It may provide a high. It’s addictive. And it leads to economic death…We just cannot afford to go down that path. And I hope our senators, Democrats and Republicans, will be very sensible on that front (Link)
Alas, I fear we’re already started going down this slippery slope, whether it’s the “Buy American” guff or this ban on TARP recipients hiring H1-B visa holders (HT for latter link: Mohit Satyanand, via email)