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Peru Trade Agreement By, For and About Wall Street

Location: Washington, DC

PERU TRADE AGREEMENT BY, FOR AND ABOUT WALL STREET -- (House of Representatives - November 08, 2007)

(Mr. DeFAZIO asked and was given permission to address the House for 1 minute.)

Mr. DeFAZIO. It's a beautiful day within the D.C. beltway. And under the dome, another day, another free trade agreement. But on Main Street America, things are not so bright. The dollar is dropping like a rock with skyrocketing oil and gas prices.

We are borrowing $2 billion a day from overseas to buy things that we don't make here in America anymore. We have lost 5 million manufacturing jobs, 40,000 in Oregon. But this isn't the same old failed trade policy, they tell us. Not yet another platform to exploit cheap labor. It is decorated with negligible evironmental and labor protections.

And the burgeoning middle class in Peru, all three of them, are going to go on an orgy of buying U.S. goods after this passes. But the destructive, multinational, corporate-written chapter 11 core that led to the failure of NAFTA, CAFTA and other trade agreements remains at the center of this policy.

This agreement is by, for and about Wall Street, plain and simple. It doesn't address our current economic crisis. It is not in the best interest of American workers, the U.S. economy, or our national security.

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