For years I have been making freinds and aquaintences sick with my tirades about importing goods, and bad trade policies promoted by politicians on both sides of the trough. Well........it's payback time, thirty plus years of trade deficits have left us economically weak, broken, fragile, ....go ahead and argue with me about it, the president himself said so.
A small but powerful group of elite CEO's and boards saw importing and "rebranding" as a way to make a quick buck. The government said "hey give me some of that" and they managed to make us totally dependent on countries like China, not only for necessary goods, but also for the money that they loan back to us to maintain a standard of living (and a military) that we no longer produce enough value to afford.
Here is a cute little piece for perusal and enjoyment; all about the wisdom of free trade.
www.augustreview.com/news_commentary/economy/free-trade_chaos%3a_adios_to_u.s._manufacturing_200807019