Time to Take a Deep Breath

I had just finished watching an imbecile on CNN named Cafferty do an Arab-bashing routine on the Dubai sale and then ask viewers to tune in to his weekend program on economics[!?!], so it was with some relief that I found David Ignatius' sane and sober article on how Congress and irresponsible media types try to make cartoons out of serious economic issues.

I mentioned in a blog yesterday that recycling petrodollars and other US monies back stateside has been a long-time goal of American economic policy. David Ignatius sounds the alarm:

Here's how bad it is: The worst thing that could happen to the United States, paradoxically, would be for Arab and other foreign investors to take us at our xenophobic word and decide that America doesn't really want foreign investment. If they pulled out their money, U.S. financial markets would plummet in a crash that might make 1929 look like a sleigh ride.

It’s good to see that voices of sanity and level-headed long term foresight are being heard, even from unexpected quarters like the Los Angeles Times, the Washington Post, and two Democratic ex-Presidents.

Let’s let CFIUS look the Dubai deal over for the mandated 45 days when a foreign government makes an acquisition and turn off the hysteria button both Dems and Repubs are pushing like arcade junkies.