America’s shifting economic dominance and relations with Asia were discussed by Christopher Padilla, Undersecretary for International Trade at the US Department of Commerce, who spoke to a packed house at the American Enterprise Institute. He stressed the importance of forming free trade agreements with Asian countries, especially Korea and China.

According to Padilla, 60 percent of economic activity in Asian nations occurs within the continent, and the numbers are growing. He warned that continued stalling on the part of congress could result in huge economic losses for the United States.

The Undersecretary believes free trade agreements with nations like Korea are key to the United States’s continued influence in the region. Padilla stated that a hefty portion of the global GDP comes from Asia - nearly 40 percent - and the United States must solidify trade relations to ensure continued trade opportunities and economic superiority. In addition, he stressed the importance of continued dialogue between the East and West to facilitate both economic and international agendas.

Senator Max Baucus (D-MT) argues that the Bush Administration’s plan for having the economy achieve surplus by 2012 is unrealistic during today’s Senate Committee on Finance hearing. The hearing questioned President Bush’s budget proposal for the fiscal year 2009. (0:59)

 

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At a hearing of the Senate Financial Committee, Senator Jim Bunning (R-KY) asserts Congress’ independence from the Federal Reserve, blaming Chairman Ben Bernanke for the current state of the U.S. economy.

 

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Robert Kuttner, author of The Squandering of America and co-founder of The American Prospect, says that companies today are using the same tactics as the pyramid schemes of the 1920s, including “lack of transparency, insider conflicts of interest, and too much speculating with borrowed money.” He cites Enron, Worldcom, and sub-prime lending as examples. He spoke at an event organized by the Campaign for America’s Future and the Progressive Caucus, and featuring Reps. Barney Frank (D-MA), Barbara Lee (D-CA), and Lynn Woolsey (D-CA). (0:57)

 

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