WalMart's labor costs -IF the unionization bill is passed- would sky rocket. Smart money has been liquidating lately. It was in fact the Clinton administration that helped WalMart & the Chinese economy explode in the late 1990's. Sam Walton was a native Arkansan and so is President Bill Clinton. Mrs. Hillary Clinton sat on WalMart's board and still has close ties with the Walton children, who supported her campaign for president. It's fascinating that under Pres Clinton's democratic administration (pro-union) EFCA was not passed, yet during all the economic turmoil Sec of State Clinton chose Asia as her first foreign trip.
Does it surprise you that Secretary of the Treasury Geithner's tone toward the Chinese currency manipulation was so quick and harsh? (Not us.) It was in fact Pres Clinton's Secretary of the Treasury, Mr. Robert Rubin, who was responsible for repealing the Glass Steagal Act, and also for the Yuan/Dollar peg. Those were the two worst blunders in the history of U.S. economic policy, as it allowed the Chinese to have a strong currency without addressing labor laws and fair salaries. On the contrary, Chinese hourly wages in many manufacturing outfits today are on the scale of slave pay.
What are the chances that Sec of State Clinton shakes her fist at China and their labor laws? (The same labor laws which, paradoxically exploded WalMart because they imported and sold many slave wage products in a Goliath like retail expansion.) Ironically, EFCA is now poised to ruin the company's profitability. Perhaps WalMart had it coming...
Is Sec of State Clinton making this trip to send a signal of real change on the issue of human rights/slave labor, or will she be representing WalMart's future EFCA legacy: the union legacy costs that bankrupted GM & Ford. POTC will be monitoring this ex-WalMart board member's words very closely, not to mention WalMart's share price.
TOKYO (AFP)--Japan on Friday hailed U.S. Secretary of State Hillary Clinton's decision to visit Tokyo on her first foreign trip since taking office.
-Clinton is scheduled to arrive in Japan on Feb. 16 on the first leg of her Asian trip, which will also take her to Indonesia, South Korea and China.
-"The decision to choose Japan as the destination of her first foreign trip shows her stance of emphasizing the Japan-U.S. alliance," said Chief Cabinet Secretary Takeo Kawamura, the government spokesman.
-"It is significant," he told a news conference.
-Foreign minister Hirofumi Nakasone separately said he wanted to strengthen the Japan-U.S. alliance when he holds his first talks with Clinton.
-In Washington, State Department spokesman Robert Wood said Clinton would discuss issues including the global financial crisis, security and climate change during her trip to Asia.
-Her choice of Asia for her first trip "is a tremendous signal of the importance of Asia to her foreign policy," Wood said.
-Japan is highly sensitive about its standing as the key U.S. ally in Asia and some policymakers had worried that President Barack Obama would focus more on China.
-Many Japanese leaders have bitter memories of the last Democratic president, the secretary of state's husband Bill Clinton, who pressed Tokyo hard on trade issues and flew over Japan when heading on a key 1998 visit to China.
-(END) Dow Jones Newswires February 05, 2009 22:07 ET (03:07 GMT) Copyright (c) 2009 Dow Jones & Company, Inc.- - 10 07 PM EST 02-05-09