Yet another Record Trade Deficit under Bush’s Reign

The July-September trade deficit hit a record $225 billion, driven in part by higher energy prices and increased China “trade”. The news comes as a black eye to the Bush team who recently came up empty handed in trade talks with China. Treasury Secretary Henry Paulson, ex. Goldman Sachs Chair, did wrangle one concession from the Asian economic powerhouse. The Red Storm granted permission for the New York Stock Exchange and the Nasdaq to open offices in their country. If investment bankers are to keep their record profits and bonuses flowing, they need international companies to join the private/public game.

However should President Bush or Hank Paulson want to understand the source of America’s blood red deficit with China, they need only ask the new Defense Chief Robert Gates. As a board member of NACCO he oversaw the movement of all small appliance production to China. Any Hamilton Beach Toastation or StayorGo Coffee center sold in the U.S. will have been made in China once their last plant in North Carolina closes.