A DEFINING MOMENT FOR PRESIDENT BUSH

Forbes.com/columnists ^ | 06.10.02, 12:00 AM ET (29 May 2002 Web) | Steve Forbes

[ThePythonicCow]

The U.S. Senate is playing games with international trade that could have devastating consequences. President Bush is trying to get authority from Congress to negotiate major trade agreements. So-called fast-track authority means that an agreement is voted either up or down in Congress--no amendments are permitted. Our trading partners would not make politically difficult concessions if they knew Congress could gut any American reciprocal concessions. Yet the Senate recently passed a "killer" provision that would allow Congress to play special-interest games with U.S. trade pacts. If this becomes law, the movement to ease trade barriers, pursued since World War II, will come to an abrupt end.

These Senators must be oblivious to the principal cause of the Great Depression: The ultraprotectionist Smoot-Hawley Tariff, which destroyed global trade and capital flows. The resulting economic distress made possible the rise of Adolf Hitler and set the stage for WWII. If the Senate's killer amendment remains, the President must follow through on his threat to veto this legislation. Otherwise we risk a re-descent into the purgatory of the 1930s.

[ThePythonicCow]

I wonder if this will finally get a veto out of Bush. Perhaps. Seems to me he has avoided vetoes when they might piss off someone, that is for political reasons. Danged if I can see anyone who would get pissed off by a veto on this one. On the other hand, I'll wager Karl Rove knows of someone.

[Jeff Chandler]

You got that right. I predict he'll sign it. Gotta get along; new tone and all that.

[Libertarianize the GOP]

The right to amend passed by the Senate will be dropped in the conference committee and regular Fast Track will be approved by all.