A little protectionism joke from Dean Baker

OK, a bitter joke, but that’s the way we like ’em these days.

Why Is “Buy America” Okay for Banks, but Not Steel?

Those damn protectionists in the Obama administration obviously don’t know anything about economics. How else can we explain the decision to require that the fund managers in their bank bailout plan must be headquartered in the United States.

I can’t wait to see the outraged and condescending editorials in the Washington Post and elsewhere explaining how protectionism is not the way to promote jobs and growth.

(Credit for the protectionism detection goes to my former colleague Heather Boushey, who can now be found at the Center for American Progress.)

—-Dean Baker