Geithner said China views a higher yuan rate versus the dollar as in Beijing’s interest because it does not want the U.S. Federal Reserve to control its monetary policy.
By that it means the Obama administration’s tough stance that China either stops currency manipulation by keeping its currency lower than the U.S. dollar or it faces tariffs.
The final step was last month when Congress passed H.R. 2378: Currency Reform for Fair Trade Act that outlines specific penalties for countries who manipulate their currency.
The Chinese poured a lot of money into lobbyists to try and stop this from happening. In fact, nearly half of all republicans in the House voted against this bill.
One of the biggest lobbyist groups who took Chinese and India money to try and defeat this bill is the United States Chamber of Commerce. The name is meant to fool you. This is not a government body.
The Chamber is staffed with policy specialists, lobbyists and lawyers. Politically, the Chamber is generally considered to be a republican/conservative organization. It is known for spending more money than any other lobbying organization on a yearly basis.
In October 2010, President Barack Obama and other US legislators asked the IRS and Federal Elections Commission to ensure that the foreign funds that the Chamber receives are not used for political activities. The Chamber has responded that “No foreign money is used to fund political activities.” The U.S. Chamber of Commerce receives direct foreign donations to the same 501(c)(6) political account the Chamber is using to run multi-million dollar attack ads against Democrats who want to bring or keep jobs here in the United States. In an exclusive investigation, ThinkProgress documented over 80 foreign firms donating at least $885,000 to the Chamber’s 501(c)(6) account. As ThinkProgress’ Brad Johnson noted, many of these foreign supporters of the Chamber financing its 501(c)(6) are also some of the world’s largest outsourcing companies.
In addition to sharing staff members with the Chinese AmCham, the U.S. Chamber of Commerce has worked closely with the Chinese government to sponsor a series of seminars in America to teach American businesses how to outsource jobs to China (called the China Grassroots Program).
Geithner said “…requires that their exchange rate move up over time as they’re now doing and we want to see that continue. They’ve got a ways to go but I think they’re committed to do that. I think you’re going to see them continue to move.”
Sure, China is going to continue to move for now but they are paying hundreds of millions of dollars to get republicans elected and democrats defeated in our upcoming mid-term elections.
The largest attack campaign against Democrats this fall is being waged by the U.S. Chamber of Commerce, a trade association organized as a 501(c)(6) that can raise and spend unlimited funds without ever disclosing any of its donors… The Chamber’s spending has dwarfed every other issue group and most political party candidate committee spending. A ThinkProgress investigation has found that the Chamber funds its political attack campaign out of its general account, which solicits foreign funding.
There are many reasons foreign corporations are seeking to defeat Democratic candidates this November. The Chamber has repeatedly sent out issue alerts attacking Democrats efforts to encourage businesses to hire locally rather than outsource to foreign counties.
More Jobs Created In 2010 Under Obama Administration Than In 8 Years Under Bush
Read that again: 2010 has had more private job creation than during the entire 8 year tenure of George W. Bush. Click here to read more about it.
As Ole Ole Olson writes on News Junkie Post, “A commonly cited article by conservative pundits to soften the blow on this data is a Wall Street Journal piece titled, Bush On Jobs: The Worst Track Record On Record, which inaccurately states that Bush created 3 million jobs. The actual figure is 1.08 million (all jobs added minus jobs lost), but the conservative leaning WSJ has yet to issue a retraction, correction, or clarification).”
Republican Party Isn’t What It Use To Be
I had been a member of the republican party for 25 years. I left it this year. The republican party is not what it use to be.
All the stereotypes of republicans looking out for the rich over the small guy turned out to be true during the reign of George Bush.
In my opinion, any party taking donations from a foreign country and then making policy decisions like NAFTA, Free Trade, and the losing of millions of jobs here at home in the name of cheaper outsourcing, should be charged with treason by the people.
The republican ideology of maximizing profits for the business owners and CEOs while screwing the ‘lower workers’ out of jobs and quite recently, even their homes is not a party I think any true American should affiliate with.
George Bush and the republicans will always be known as the party who takes from the poor and gives to the rich: took the peoples tax dollars to bail out the rich while kicking those same people out of their homes.
Bailouts for the bankers, bailouts for Wall Street, bailouts for lobbyists (many who were given jobs by republicans like John McCain who at one time had 12 lobbyists working in his DC office and also Fox News hired lobbyists after recession put many of them out of work) but nothing for the people but jobs outsourced to China and India. Sick.
All of this stuff is bad for the economy which is why when Democrats take office, the stock market does better.
America works better when it works for everyone, not just the rich. Trickle down (aka Piss on you) economics made popular by Ronald Reagan has proven to be a failed economic model and how poetic is it that the son of Ronald Reagan’s Vice President, was the person to finally reveal this truth to all.