Thursday, November 08, 2007

Time to Short Sell Domestic Pisco Manufacturers?

I am a free trader. I understand that multilateral agreements are probably the better way to go over bilaterals, but I generally like the bilateral ones as well, though it always troubles me that the text of a "free trade" agreement can be more than 2 or 3 sentences long (NAFTA runs into the thousands of pages I believe).

However, I am not sure that anything George Bush and Nancy Pelosi agree on can be very good economic policy, so I am stumped by the following from the NY Times:

In a rare show of bipartisan cooperation, President Bush and House Speaker Nancy Pelosi appealed Tuesday for passage of a free-trade agreement with Peru in a vote scheduled for Wednesday in the House of Representatives.

If approved by the House, the pact could revive the administration’s trade agenda and propel faltering trade deals with Panama, Colombia and South Korea, all of which are awaiting Congressional approval.

Nearly all 200 Republicans are expected to support the Peru deal, making it possible for the measure to pass with only a small number of Democrats. Some put the number of Democratic votes in favor at 75, and it could go higher. A favorable Senate vote is considered likely.

What do other prominent Democrats think, you ask?

Former Senator John Edwards opposes the Peru deal, Senator Barack Obama has endorsed it and Senator Hillary Rodham Clinton has not announced a position but has expressed skepticism about trade deals generally.

Don't fret Hill, I'm sure you'll figure out how to get on both sides of this issue too!