It might be just me but I found the clip below which ran recently on a local TV station outrageous. The Federal Reserve along with local banks and credit unions want to take the sting out of sending money south of the border by offering services that make it easier and less expensive. Over 5 million people send money back to Mexico on a regular basis.
If someone has earned the right to be here, I have little problem with them sending money home. But to those who are here illegally, I feel strongly that they are taking advantage of the system, and suspect that group in particular is who the Federal Reserve is targeting. To them they aren’t illegal aliens breaking the law… no.. they’re an untapped market. Why should Western Union have all the fun?
But tell me this, isn’t taking your paycheck and then spending it “here” a big part of keeping those economic wheels turning?
A peso for your thoughts…
October 22nd, 2005 at 5:17 am
it is not surprising that the Federal Reserve is targeting a potentially lucrative source of revenue at a time when they can’t steer the economy away from the effects of bad decision making in Washington. It is both unfortunate yet understandable.
However, the reality of globalization is not to be ignored much longer. The argument of spending earned dollars in the U.S. to keep the economy afloat died alongside John Kerry’s presidential bid. It is very important now, more than ever, to promote economic prosperity with our trading partners, (we are Mexico’s biggest) so that they are able to buy American goods to boost our exports. On an economic standpoint, I don’t see much difference with illegal aliens’ money transfers from General Motors outsourcing part of manufacturing to Mexio. In both cases, the dollars are going outside of the U.S. What most people miss in the protectionist argument is that for ever dollar that goes out of the U.S., $1.20 comes back in goods and services. That can surely keep our economic wheels turning.
October 23rd, 2005 at 10:22 pm
Bravo for the blog entry. I’d give you a peso for your thoughts, but they work well in pay phones.
The embittered Kerry-ite has made the left wing proud by posting a comment right out of the left wing playbook (a book as hackneyed and effective as the SF 49ers playbook).
“For every dollar that goes out of the US, $1.20 comes back in goods and services…” was true in 1955, but no more. In fact, in addition to the “dollar” that will be allowed to wire out at low or no-cost, there are billions of dollars being spent on health care, education and law enforcement. But of course that is the “protectionist” view. Hmmm…our economy would be better under Kerry? He was against CAFTA and NAFTA (a protectionist stand). Yes, back in 1941 it was the Dems who wanted us to stay out of WWII as well. In fact, historically, the left has been the party of protectionism - it makes the labor unions really, really happy to keep jobs here in the US.
Here’s an idea - you know that seawall that saved Galveston? Let’s build one twice as high along the US Mexico border - and to be fair, along the US Canadian border as well, though truly in Canada, a dollar sent there is worth $1.70 (CAD) but it doesn’t matter, as the taxes there will kill you.
I have strayed from the original message of my own comment here and that was to say - job well done blogger - let me buy you a drink (no, not of tequilla).
October 23rd, 2005 at 10:24 pm
PS: Back to our first comment, the Fed doesn’t make a dime on money transfer fees, so sadly yet another “Right Wing Conspiracy” theory has been dispelled (sorry).
October 29th, 2005 at 8:20 pm
Bravo for the blog entry as well, Mark. Excellent and valid arguments but highly irrelevant to the issue at hand. Is it a case of a running stream of consciousness (or unconsciousness in some instances) or gross misconduct with regards to intelligent discussion? One must not reason with sarcasm but rather with smart rhetorical importance.
Out of respect for the valuable friendships I have in Daly city, it is with great restraint that I refuse to defend the accusations (most are off in accuracy anyway) your entry has implied. Though I look forward to your reply to this one since you have not the faintest clue of my personal, much less political, views. Don’t quit your day job.