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May 10, 2012 - 4:55am
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Federal Reserve clears China's first U.S. Bank takeover
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During the 80s it was Japan. Today it is China.
What do you guys have against free enterprise?
I'm all for free enterprise, but not at the risk of lost sovereignty.
A Communist country should not have leverage in the U.S. financial markets. Unfortunately, the politicians of both parties; Democrat and Republican, have sold out to China because of China's debt holdings in the U.S.
In 2000, China held only 6% of U.S. Treasury securities, today, China holds 26% of U.S, Treasury securities.
http://money.cnn.com/2011/01/18/news/international/thebuzz/index.htm
In my opinion, giving China MFN is a mistake for various reasons such as egregious tariffs, duties, that China imposes on U.S. goods entering into China. This has created a trade imbalance with them. Other reasons include China flooding the U.S. market with inferior steel, toxic lead paints in children's toys, toxic drywall, etc;
The U.S. needs a new restructured trade policy with China that puts U.S. sovereignty first.