“America for Sale”

January 17, 2008

ABC News did a story last night titled “America for Sale” (or something like that).  The story was about the rate at which American companies and other assets are being sold off to foreign countries.  They discussed growing concern about the influence that foreign countries may have as a result.  They threw out a couple of very scary facts:  Saudi Arabia alone takes in enough money every three days to purchase all of General Motors.  Every three years they make enough money to purchase 20% of the S&P500 companies.  I would add that, not only can they do this, but they (and all of the other countries raking in our trade dollars) certainly will.  They must if we are to continue financing this huge trade deficit.  Sadly, at no point in the ABC News story did they make the connection between this sell-off of America and the trade deficit. 

Pete