Quote:
Originally Posted by Tom Bombadil
Senators court 2012 voters with China currency
I know they do this almost every year, but it seems this time it is different, with the current state of the economy in the US and the coming election. If this bill passes both houses and Obama refuse to veto it, the result can be quite serious.
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China's been undervaluing the yuan for years. It should stop, but it's not like this bill is going to help matters.
Quote:
Originally Posted by GundamFan0083
Oh I don't know maybe because:
He devalued the dollar with two additional stimulus plans that only supplied more taxpayer money to wall street.
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Yes, and? If he hadn't the economy would be completely fucked right now as opposed to somewhat fucked. I don't think critics of the bailout and stimulus really appreciate how bad things were. We were on the brink of a collapse worse than the great depression. We are not beyond that risk yet either. Also devaluating the dollar is not necessarily a bad thing. It makes US exports more attractive internationally, allows US products to be more competitive with imports domestically, and makes the debt easier to repay. Runaway inflation is bad and can lead to hyperinflation, but the levels of inflation we've seen are nowhere near either. While I agree there should have been more control over who got the money and how it was spent, it was necessary.