Scott Walker to Obama: Cancel Chinese state visit
In 2013, Walker led a Wisconsin trade mission to China – and attended the opening of a Harley Davidson dealership there.
“Whenever you get large market moves, especially ahead of a presidential cycle, there’ no question that people are going to talk about it”, said Deutsche Bank’s chief U.S. Economist Joseph LaVorgna.
Reflecting investors’ concern over the Chinese economy, the Dow Jones dropped more than 1,000 points before staging a recovery.
But the closer we look at the GOP rhetoric yesterday, the more obviously ridiculous it is.
The self-described “son of a preacher man” is counting on strong support from conservative Bible Belt Republicans to inject a note of optimism into his flagging presidential campaign. Then Republican nominee John McCain briefly suspended his campaign in reaction to the financial chaos.
In his six-and-a-half years, Obama has held eight state visits for eight world leaders of India, Mexico, China, South Korea, Germany, Britain, France and Japan.
Walker blamed China of manipulating its economy, reverberating critiques of the Asian giant which effectively came from the recently infamous candidate Donald Trump.
Donald Trump also pointed a finger at hedge funds and said that if he were elected president in 2016 he would raise taxes on the wealthy and specifically target those working in high-stakes finance. What do you think of that, Senator Cotton?
With 17 candidates in the Republican field, presidential hopefuls are jockeying to be heard.
Inevitably, the topic of Democratic front-runner Hillary Clinton entered the conversation and Walker had a few choice words for the former Secretary of State.
“I was so impressed with his record in Wisconsin for life”, she said.
Right before the market closed on Monday, Wisconsin Gov. Scott Walker (R) called for Obama to cancel Chinese President Xi Jingping’s state visit next month due to China’s perceived economic and military aggressiveness.
New Jersey Governor Chris Christie said the market crash was a effect of Mr Obama’s “failed policies”.
“Markets are crashing – all caused by poor planning and allowing China and Asia to dictate the agenda”. “Get the government’s hands off the economy, and you will see the U.S. boom like never before”.
“Without China there is no Walmart, and without Walmart there is no prosperity”, Laffer told Fox News.
Even Saudi Arabia – which started a global race to flood global markets with cheap oil last November, in a bid to capture market share, The Wall Street Journal reports – is at risk of falling prey to its own strategy, assuming Chinese demand doesn’t pick back up.
That is not a debate that the Obama administration has welcomed.