But i do believe in making it an equal playing field (import taxes) so that the goods made in cheaper labor markets do end up being the same price as those produced here […]

Would your plan include that countries who have higher labour costs than the US (countries with universal health care, public pension systems, and strong unions like the EU members) would get tax brakes to make them competitive with the (relative to other first world countries) cheap US labour costs?

I don’t like Larry because he seems committed to doing just enough to get us into a depression. Obama is a fool to listen to him.

Dammit, it seems like every DAY I come in here and find out ANOTHER stupid thing Obama’s done.

Okay, okay with the “he’s only been President for 10 days,” but man, he’s made a shitload of bad choices in that time [and pulled on board a bunch of really questionable people]!

You need to put a massive amount of money into your economy, and you need to do it fast. What you spend it on is a minor issue, so long as a decent proportion does get spent and does enter the economy. Obviously, giving tax cuts to the wealthy is not a good idea. Nor is starting a trade war. You need as much trade as you can get, you need friends and we need you. Sadly, Americans seem entirely unable to rise above very narrow factional interests to see the big picture, regardless where they are on the political spectrum.

How do we get out of this?

It seems to me that in this crisis Summers is largely right, but that Obama needs to hear competing voices and give them some weight too. Somewhere in there is Compromise.

For example, I suggested letting Buy American run 6 months and end it, somewhat like the idea of the crisis stimulus bill itself.

The same might be true of the current arrangement of players: perhaps a year from now, if we’re coming out of the recession, it might be better for Summers to move off the primary stage and onto Treasury or something else and let a more labor-friendly Economist take center stage for the next 3 years.

I don’t say this because I doubt Summers ability. Not at all. Some times call for a pass, some for a run and having the right players on the field is important.

in any event, it’s not like china has been a great importer of usa goods (other than our debt). it’s quite different with the usa – we’ve been the world’s biggest consumers and that’s going away. every country that exports to us is going to feel it. if we substitute gov demand for the fall in consumer demand (as i hope we will attempt to do) and enact laws that explicitly enact “buy american” laws – what kind of an impact is that going to have?