Shanghaiist called it a long, long, looooong time ago: Senator Chuck Schumer is a blithering idiot.
Shanghaiist has asked (rhetorically) before: If America succeeds in raising a huge tariff against products manufactured in China in a market that is basically flooded with Chinese manufactured products, what happens to the prices of all of those products when American consumers go to Wal-Mart? Or anywhere else, for that matter? Unfortunately, Mr. Schumer has answered this question. And Stephen Roach, well-respected chief economist for Morgan Stanley, has experienced the incredible logic that is Schumer-speak — proven to be a health hazard as Mr. Roach nearly choked on a piece of watermelon upon hearing what the senator had to say:
“I care deeply about the loss of US manufacturing jobs to China. If I am successful in cutting our trade deficit with the Chinese, not only will those jobs come back home but I will have succeeded in boosting US saving and cutting excess consumption. My bill can do all that and more.” I am rarely speechless, but at that point, I started to choke on a huge bite of watermelon. “Let me get this straight,” I gasped, “tariffs will boost saving?” Too late – he was already off to face the ever-present battery of cameras and microphones.
This excerpt comes from a longer piece called “The China Debate” found on Morgan Stanley’s website, which includes further comments regarding Schumer, and the senators’ agenda during their China tour. Prior to the passage included above, Mr. Roach also called Senator Schumer “smart” and “savvy”, but we presume he quickly realized these characteristics only pertained to political maneuverings rather than actual logical thought processes.