“Be it BMW, Honda, Toyota, Nissan, Mazda, Mitsubishi or Hyundai, the South has become a sanctuary for foreign assembly plants, for which Southern states have been paying subsidies.”
– Pat Buchanan on the “Toyota Republicans”
The $14 billion loan to the Big Three that Republican senators filibustered to death is just 2 percent of the $700 billion the Senate voted to bail out Wall Street. Having gone along with bailouts of Bear Stearns, AIG, Fannie, Freddie and CitiGroup, why refuse a reprieve to an industry upon which millions of the best blue-collar jobs in America depend?
In a good year, Americans buy 17 million cars. A more populous EU probably buys as many. Three billion people in India, Southeast Asia and China, four times as many people as there are in the EU and United States, are moving toward the middle class. They, too, will be wanting cars. And millions of them love American cars.
Is the Republican Party so fanatic in its ideology that, rather than sin against a commandment of Milton Friedman, it is willing to see America written forever out of this fantastic market, let millions of jobs vanish and write off the industrial Midwest?
The answer is unfortunately yes. The psychic damage of admitting that Friedmanomics has a fatal flaw is just too great at this point. And they’re willing to sacrifice 3 million jobs to avoid any more pain.
Pat gets the last word…
In todayâ€™s world, America faces nationalistic trade rivals who manipulate currencies, employ nontariff barriers, subsidize their manufacturers, rebate value-added taxes on exports to us and impose value-added taxes on imports from us, all to capture our markets and kill our great companies. And we have a Republican Party blissfully ignorant that we live in a world of us or them. It doesnâ€™t even know who â€œusâ€ is.