Apparently Lou Dobbs has crossed some sort of virtual Rubicon on this offshoring issue, and he can’t stop himself any more. The Dobbs Watch ™ reached the pages of the Wall Street Journal this morning, with it highlighting the incongruity of this former fan of free trade now pumping for something called “mutually benefical” trade, which sounds like a euphemism for subsidies and tariffs.
DOBBS: Well, my next guest takes a decidedly different view. James Glassman wrote an article this week that begins by asking, “What Has Gotten Into Lou Dobbs?” In it, he takes issue with our extensive reporting here on “Exporting America,” our conclusions and positions.
Glassman says our list of companies sending American jobs overseas, which we update here every night and post on our Web site, include some of America’s most innovative companies. James Glassman is a resident fellow with the American Enterprise Institute and joins me here in New York.
Jim, that was quite a little article.
JAMES GLASSMAN, RESIDENT FELLOW, AMERICAN ENTERPRISE INSTITUTE: Well, I think it was quite accurate.
DOBBS: OK, let’s start with the accuracy.
The fact is that we are seeing hundreds of thousands of jobs being outsourced on the basis purely of a corporation’s interest in achieving the lowest possible price for labor. Does that make sense to you?
GLASSMAN: Lou, that is called trade.
And we have been doing it for hundreds of years.
GLASSMAN: You majored in economics at Harvard. You understand that Adam Smith, David Ricardo showed that trade is good for both parties.