On a vote of 62 to 38, the measure for fast-track authority received just enough Democratic support to keep it moving ... About 10 Democrats — who wavered over the legislation last week — issued a demand that congressional GOP leaders assure them that they would approve an extension of the federally backed Export-Import Bank that helps U.S. corporations sell their goods abroad. Many conservatives, particularly in the House, oppose renewing the charter of the bank because they consider it a form of corporate welfare that favors large, well-connected businesses, particularly Boeing [the job offshorer, the union buster and tax dodger] ... the lawmakers reached a deal on the Export-Import Bank that tipped the scales for Patty Murray (D) and Maria Cantwell (D), senators from Washington state, which relies on the thousands of jobs at Boeing plants that are tied to Export-Import Bank loans. Senior officials for Boeing — the largest recipient of Export-Import loans and a supporter of the trade deal — sat in a reception room just off the Senate floor during the cliffhanger. Also, the Washington state Democrats have a Republican ally, Sen. Lindsey O. Graham (S.C.), who is one of the few 2016 presidential contenders supporting the bank. All three senators represent states where Boeing is a major employer.
"Broken Promises: Decades of Failure to Enforce Labor Standards in Free Trade Agreements"
(13 page report prepared by the Staff of Sen. Elizabeth Warren)
The Hill: "The Left presses Clinton to choose sides on Obama's trade pact"
(* We've already known for years how Senator Bernie Sanders feels.)
I wouldn't be that shocked by just March, the real story is the entire 2014 being revised downward, plus this year so far is much worse.
i seem to be the only one covering the revisions to last month...here they are:
sales at car dealers, which were originally reported as up 2.8%, have been revised to show March growth of 3.1%...as expected, sales at gas stations were revised from a decrease of 0.6% to an increase of 0.4%, although with a 3.9% increase in gas prices. we frankly expected a greater revision...other large upward revisions included sales at department stores, which were originally reported 1.4% higher, are now seen to have been 2.7% higher, and sales at specialty stores, such as sporting goods, book and music stores, which were originally reported as up 0.2%, are now seen to have increased 1.4%...other upwards revisions of less than 0.5% were seen by furniture stores, building material and garden supply stores, groceries, non-store retailers, and bars and restaurants....meanwhile, sales at miscellaneous stores, first reported up 1.7%, have been revised to barely growing in March at 0.1%, while sales at electronics and appliance stores were revised 0.4% lower, sales at clothing stores were revised 0.3% lower, and drug store sales were unrevised...
Here are the 13 Democrats who voted to advance fast track for Obama and the GOP:
1) Ron Wyden (D-OR) Also voted for the NAFTA and CAFTA.
2) Bill Nelson (D-FL) Also voted for the CAFTA .
3) Maria Cantwell (D-WA) Also voted for CAFTA.
4) Patty Murray (D-WA) Voted to double the number of H-1B visas.
5) Dianne Feinstein (D-CA)
6) Claire McCaskill (D-MO)
7) Heidi Heitkamp (D-ND)
8) Michael Bennet (D-CO)
9) Jeanne Shaheen (D-NH)
10) Tom Carper (D-DE)
11) Chris Coons (D-DE)
12) Tim Kaine (D-VA)
13) Mark Warner (D-VA)
@ Bloomberg (by Noah Smith) — Those who said we were wrong in 1999, are now admitting that they wrong then — but yet, are again saying we are wrong now. Haaaaaaaaaaaaaaaaaaa!!!!
"Warren and the anti-TPP movement are doing more harm than good ... The TPP is different. It’s mostly about trade with Japan and South Korea ... rich countries, with tons of capital and very high labor costs. The second reason TPP isn't like past trade deals is the intellectual property protection ... There is one type of activity that is very hard for U.S. companies to send offshore: innovation. Stronger international IP protection will help U.S. companies export more, which makes them hire more American workers, which increases the amount that those workers spend on the local economy. Yes, there are many problems with the U.S.’s intellectual property laws. But international harmonization of IP wouldn't exacerbate these problems ... So Elizabeth Warren and the populist Democrats have good intentions, but they’re attacking the wrong enemy. Globalization was a Pandora’s Box in 2000, when it was all about China. But we already opened Pandora’s Box. The monsters have already escaped, and the Democratic populists are 15 years too late. Now all they're doing is increasing the odds of scuttling a useful deal."
With all this fine weather we've been having lately, and the low gas prices, I had expected better.
I just put the first year in but retail sales were revised to 1992. 2014 was down. This is why I wrote a "down" on the entire report since the revisions overall are much less than originally reported.
now that i’ve actually looked at the retail sales report, rather than relying on someone else's headlines…March’s sales were revised down to $436.8 billion from the originally reported $441.4 billion, but because February sales were revised down from $437.6 billion to $431.0 billion in a benchmark revision, the reported percentage increase from February to March rose from 0.9% to 1.1%…
I seriously doubt that Fiorina will attempt to run as a populist, but I think she may be telling the truth about not trusting China.EPer: Dan Phillips
"Under the agreement, the Senate will vote Thursday on an African trade deal, and then a customs and enforcement measure that includes many of the trade protections Democrats feared would be lost, including a provision that targets currency manipulation by China and trading partners ... After voting on the Africa and enforcement measures, the Senate will return to the debate on the fast-track legislation."
My previous rants on Africa being the next "emerging market"...
October 25, 2014 - Offshoring to Africa — or Outsourcing to Robots?
June 30, 2013 - Obama Hypes Africa for more Sweatshops
June 30, 2013 - Power Africa: Obama and his Globalist Administration
What will happen with TPP now? Per "Popular Resistance" ...
After the defeat of fast track for TPP in the Senate, the next steps will require the Democrats and Republicans in the House to reach agreement on how to proceed on four bills:
1) Fast track trade authority.
All indications are that a majority in the House oppose fast track and with the senate vote, that majority is likely to be solidified and perhaps expanded. House leadership is unlikely to bring the bill to the Floor unless they have majority support.
2) A customs bill that includes enforcement against currency manipulation.
The currency manipulation enforcement is opposed by Republicans and the White House. The administration does not think it can finalize negotiations on the TPP if it includes enforcement against currency manipulation. Obama might even veto a bill that included currency enforcement.
3) Trade Assistance Authority (TAA) which would provides support for workers who lose their jobs.
Republicans also oppose the TAA, but seem willing to negotiate on that issue.
4) A law that would provide for favored trade for developing nations in Africa.
McConnell has offered to bring to the floor a package combining fast-track, which is also known as Trade Promotion Authority, and Trade Adjustment Assistance, which helps workers displaced by foreign competition. But McConnell has refused to combine those bills with the customs and enforcement act, which includes language cracking down on currency manipulation, and a package of trade preferences for sub-Saharan Africa.
Other articles on the new report for the Roosevelt Institute entitled “Rewriting the Rules”:
New York Times: Report by Clinton Adviser [Joseph E. Stiglitz] Proposes ‘Rewriting’ Decades of Economic Policy
TIME: Here’s the Secret Truth About Economic Inequality in America
Washington Post: The Emerging Populist Agenda
Wall Street Journal: NYC Mayor Bill de Blasio Hails Elizabeth Warren As ‘A Powerful Voice’
Interntional Business Times: Bill De Blasio Income Inequality: NYC Mayor Slams Washington For Not Helping Middle-Class Families
Capital New York: De Blasio touts report, emerging ‘movement’ in D.C.
ABC News (video starts after ad) Democratic Duo Putting New Pressure on Hillary Clinton (Warren's sppech, then De Blasio speaks 6:30 minutes into video.)
Just when you start a small lap of victory, this.
April retail sales printed a gooseegg, March was revised down 0.1% to 0.8%, and March retail inventories were up just 0.1%...i will be very interested to see how the BEA handles that...
That's unbelievable! They did it! I'm really shocked. Maybe there is hope after all.
Just 40 votes were required to block fast-track for Obama on the TPP trade agreement — and 45 votes prevailed in stopping this terrible trade deal.
The votes were mostly along party lines. Forty-two Democrats, two Independents, and one Republican voted "Hell no!"
Only two Senators broke ranks with their party on this vote — Tom Carper (D-Delaware Inc.) voted "yea" and Mitch McConnell (R-KY) voted "nay".
The "no shows" who didn't bother vote on this very important issue were:
Cory Booker (D-NJ)
Lindsey Graham (R-SC)
Marco Rubio (R-FL)
Make what you will as for the reasons for those who didn't vote.
* Senator Bernie Sanders Celebrates Victory By Promising A Long Battle To Defeat TPP
* Did Barack Obama Just Lose to Elizabeth Warren?
The queen of offshore outsourcing Fiorina? I don't believe it for a second and that's she must have simply read the polling data.
If this is true. About time. Unbelievable Obama going to Portland....to see NIKE while ISIS grabs Iraq oil refineries!!!!! See where his priorities lie!
(May 12, 2015) "Senate Democrats gang up to delay fast-track trade bill"
Also, here's a very good and detailed article about ISDS:
(May 12, 2015) "Why Warren Is Right and Obama Is Wrong on Fast Track’s Threat to Wall Street Reform"