U.S. House rejects Obama's Fast Track bill!

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Always like it when I get accused of being a communist on here

http://www.bbc.com/news/business-33192275

The New House bill passed 218-208, which must be approved by the Senate.
There is a good chance it will be killed in the Senate.

The new bill strictly focuses on the Fast Track powers removing the TAA portion.
The Senate must approve this new bill or kill it dead.
Senate Democrats want the TAA portion as part of the bill in order to pass it out of the Senate.
So hopefully Fast Track is dead!

Prepare to lose your job, your home, and your money because they just passed it completely. Better use these next few months wisely to say goodbye to middle class life and get ready to start living on peanuts. I hate peanuts.
http://www.huffingtonpost.com/2015/06/2 ... 55224.html

will Canada be affected by this?

Only if the Trans Pacific Partnership (TPP) and Transatlantic Trade and Investment Partnership (TTIP) pass.

Canada is one of the negotiating members of the TPP.
TTIP is between the U.S. and the EU.
Each trade agreements will cover ~40% of global GDP, in the end the U.S. will have free trade with ~50%+ of the global GDP.

According to the Australian government the treaty text is almost finalized, though the remaining portions are between the 10 members anthe U.S.

The treaty also has a provision that allows other pacific and asian countries to join in.



Dark Green are the negotiating countries
Light Green are countries interested in joining
Blue are possible future members

The 11 countries of TPP are: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States, and Vietnam.

According to the Australian government the treaty text is almost finalized, though the remaining portions are between the 10 members and the U.S.

Also one of the good things is the following:

This will stop companies and investors from suing over the slightest thing they disagree with.

The TPP if written properly will put essentially raise all the partners to American labor and market regulations.
Most of Asia has regulation that is below the U.S., Japan, and Singapore.
This will also have enforced IP and patent protection which is lacking in most Asian countries.
There is also provision that will try and put an end to currency manipulation by the other countries involved.

If done right, the agreement will make one set of rules for all countries involved making doing business so much easier.
This should in turn increase business activity as well, leading to growth in all the countries involved.

If all is done right, the treaty will be a good thing.
If done wrong, then well it will probably fail in the ratification process in each country.

This treaty also has a regularly review part, where the countries review it and can revise it.

Lastly the TPP will essentially fence China in, in SE Asia.
Hopefully putting enough pressure on China to force it to join the TPP, thus forcing huge economic and political reforms on China.

TPP and TTIP will ensure the U.S. is central power in the global economy for at least the next century if not longer, cutting China off at the knees.

If I know congress well, and I do, they will not allow this.

you're being awful alarmist about a bill that will help increase export of American goods and make labor conditions better.

I have my doubts. My family is already in bankruptcy. I don't trust anything that may potentially make it worse and besides, these corporations are corrupt enough to ignore that stuff.

uh huh. so your family has already been screwed over by amoral corporations and you're against improving your own situation?

According to the Economic Policy Institute, rise in the trade deficit with Mexico alone since NAFTA was enacted led to the net displacement of 682,900 U.S. jobs by 2010 ( http://www.epi.org/publication/heading_ ... ter_nafta1 ). With such, ahem, "success," why would anyone who wants to keep their job support any similar "trade agreement"?

More like we ended up with so much debt in student loans and mortgages and we're not making the money we need to make it all go away. You try paying off over $80,000 with a dad and a brother working blue collar jobs, a mother working as an accountant, and you yourself on Social Security Disability. FYI, my parents have been laid off plenty of times.

Good point, America should keep declining because all the work is being outsourced and faith in american workmanship is a stable in want of a horse.

so your family isn't getting paid enough, and you're against the US strengthening it's labor laws because?

I told you. I have my doubts that they will follow through with it. I fear these newly strengthened labor laws will be ignored.

that's why the legal system exists; to punish those who ignore laws

And then there are corporations who think they are above the laws. A multi-million dollar campaign donation is all it takes and our "representatives" will protect those too big to jail.