Sunday, March 1, 2009

NY Daily: In China, Hillary Clinton plays a weak hand

Clinton herself saw all this coming. Two years ago, in the early stages of her presidential campaign, she warned we were undergoing "a slow erosion of our own economic sovereignty" because of our growing indebtedness to foreigners, who, according to some estimates, hold about half of our government-issued securities.

The day she made that warning, a selloff in the Chinese stock markets led to a plunge on Wall Street. In a letter to then-Treasury Secretary Henry Paulson andFederal Reserve Chairman Ben Bernanke, then-Sen. Clinton said the dynamic "underscores the exposure of our economy to economic developments in countries like China."

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