Wednesday, November 16, 2011

Obama blocks foreign investment & calls us lazy

President Obama told CEOs in Hawaii that we have been lazy in attracting foreign investment. Lazy? Who is he talking about? But he hasn't been lazy about it. He has been downright hostile. He dragged his heels forever on the trade agreements with Korea and Colombia; the Republicans got it through Congress after he added lead to it.

Investors Business Daily cites some examples:
Exhibit 1: In 2010 Japan's Toyota was humiliated over a safety issue. It wasn't enough to let the regulators deal with accusations about Toyota's brake pedals — as Ford and GM had been over comparable problems. The Obama White House had to publicly shame Toyota. 
Accusations, later proven false, that Toyota brakes were faulty became a special hell for Toyota. Transportation Secretary Ray LaHood, who had a conflict of interest as a regulator and shareholder in Toyota's U.S. competitors due to the auto bailout, encouraged Americans to "stop driving" Toyotas. 
Obama's congressional allies hauled Toyota's president, Akio Toyoda, in from Tokyo for a Star Chamber hearing, compelling him to "apologize" before proving any wrongdoing. After a 10-month congressional investigation found Toyota wasn't at fault, none took back the comments or apologized 
Exhibit 2: U.K. oil giant BP was put through a similar wringer after the Gulf oil spill of 2009. Instead of treating BP as a domestic company, Obama proudly announced he had his "boot on the neck" of the British company and, in a move of questionable legality, demanded $20 billion.... 
Exhibit 3: In 2009, Obama signed off on the Democratic Congress' special "Buy American" provisions in the $900 billion stimulus package, shutting out foreign investors for U.S. government contracts. The language was all about "patriotism," but it signaled that the U.S. wasn't welcoming foreigners.
No, Obama hasn't been lazy. He has been very active in opposing foreign companies.

Cartoon from ? Lisa@2011 ?

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