THE SOCIALIST & THE OBJECTIVIST

Rep Bernie Sanders vs. Chairman Alan Greenspan: Exchange between Congressman Bernie Sanders (I-VT) and FED Chairman Alan Greenspan in yesterday's hearing in the Financial Services Committee.(CommonDreams.org , July 16, 2003)

SANDERS: [...] [T]oday you have reached a new low, I think, by suggesting that manufacturing in America doesn't matter. It doesn't matter where the product is produced. We've lost 2 million manufacturing jobs in the last two years alone; 10 percent of our work force. Wal-Mart has replaced General Motors as the major employer in America, paying people starvation wages rather than living wages, and all of that does not matter to you -- doesn't matter.

If it's produced in China where workers are making 30 cents an hour, or produced in Vermont where workers can make 20 bucks an hour, it doesn't matter. You have told the American people that you support a trade policy which is selling them out, only working for the CEOs who can take our plants to China, Mexico and India. [...]

Does any of this matter to you? Do you give one whiff of concern for the middle class and working families of this country? That's my question.

GREENSPAN: Congressman, we have the highest standard of living in the world.

SANDERS: No, we do not. You go to Scandinavia, and you will find that people have a much higher standard of living, in terms of education, health care and decent paying jobs. Wrong, Mister. [...]

GREENSPAN: The major focus of monetary policy is to create an environment in this country which enables capital investment and innovation to advance. We are at the cutting edge of technologies in the world. We are doing an extraordinary job over the years.

And people flock to the United States. Our immigration rates are very high. And why? Because they think this is a wonderful country to come to.

SANDERS: That is an incredible answer.

Is it not a wonderful country? Posted by Orrin Judd at July 16, 2003 10:19 PM