Dallas Fed Head Says of "Buy American" Clause, It's "The Crack Cocaine of Economics"
Dallas Federal Reserve president and CEO Richard Fisher
Dallas Federal Reserve president and CEO Richard Fisher was on C-SPAN's Washington Journal this morning warning that the "Buy American" provision in the House's stimulus bill is bad, bad news. European officials said over the weekend they're terribly unhappy with what they call "protectionist measures"; said British Prime Minister Gordon Brown, "The thing we know about protectionism is in the end it protects nobody, least of all the poor." To which Fisher added this morning, "Protectionism is the crack cocaine of economics. It may provide a high. It's addictive, and it leads to economic death."
Get the This Week's Top Stories Newsletter
Every week we collect the latest news, music and arts stories — along with film and food reviews and the best things to do this week — so that you’ll never miss Observer's biggest stories.
- Ted Cruz Capitalizes on Colorado Planned Parenthood Shooting
Fri., Dec. 4, 7:30pm
Fri., Dec. 4, 8:00pm
Sat., Dec. 5, 12:00am
Sat., Dec. 5, 12:30pm
- Talking Trump, Cruz and the Clintons With Former GOP Hit Man Roger Stone
- Dallas Isn't Very Good at Fighting Blight