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Financial In Market An enlightened effort to reform the country's costly, discriminatory farm program went down to defeat on Thursday. But there were enough good omens to inspire hope that the days of old-fashioned, New Deal-era subsidies may be numbered, and that the reformers can actually win this battle when the Senate takes up the issue.

the U.S. has effective veto. Further, it has focused on inflation, rather than wages, environment, unemployment, or poverty (recently it did make poverty reduction a priority). Advanced industrial countries (AIC) have been allowed to levy tariffs on goods produced by developing countries that were, on average, four times those on goods from other AICs. Developing countries were also forced to abandon subsidies for their nascent industries while AIC were allowed to continue their enormous agricultural subsidies. The top 1% of U.S. farms get 25% of the subsidies (averaging over $ ), while the bottom 80% get less than $7, . Thus, the program is NOT key to saving the family farm, and in fact hurts them more by increasing land prices that in turn require greater use of fertilizer and capital to utilize profitably. Further, the U.S. has used trade agreements to force patent protection for drugs (increasing AIDs deaths) and for eg. Microsoft.

Oriental Trading The main committee bill, tailored to the wishes of the farm lobby, contained nearly $20 billion a year in price supports for growers of row crops like cotton, wheat, corn, rice and soybeans. It was approved yesterday, but only after an alternative bill failed by a narrow margin. That bill, sponsored by a coalition of liberal Democrats, moderate Republicans and fiscal conservatives who regarded the committee bill as much too expensive, would have trimmed the subsidies and devoted $19 billion to conservation programs encouraging farmers to protect wetlands, wildlife and open space.

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Financial Forex Forex Software The first hopeful sign was the closeness of the vote, vivid proof of rising dissatisfaction with the old way of doing business. The final margin of 226 to 200, slim by historical standards, required heavy arm-twisting by the House leadership.

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Trading The second good omen was the surprising last- minute intervention by the Bush administration on the side of the reformers. A little over a week ago, the Agriculture Department released a highly critical report on the farm program. Lavish subsidies, it said, stimulate excess production, artificially inflate land values, hurt the environment and threaten free trade. It also noted that under the present system, 8 percent of American farmers receive half the subsidies. But few thought the White House would stand by its study and risk alienating powerful farm state Republicans. On Wednesday it did just that, urging the House to rewrite the committee bill and make it "better for rural America, better for the environment and better for expanding markets." Though not enough to turn the tide, the administration's resolve should encourage reformers in the Senate.

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Trading Financial System Reformers must also have been heartened by the hysterical reaction of the farm lobby and its retainers in the House, reflecting high anxiety about the future of their pet programs. "How could you dare do this to us?" Larry Combest, chairman of the Agriculture Committee, demanded of President Bush. Not to be outdone in the hyperbole department, Terry Everett, an Alabama Republican, suggested that the subsidies were in effect an antiterrorism program, providing a "safety net" essential to "America's national security" in its hour of need. To which Richard Lugar of Indiana, one of the Senate reformers and also a Republican, aptly replied: "To imply that we need a farm bill to defend our nation is ridiculous." Mr. Lugar noted further that the traditional crop payments enshrined in the final House bill had already stimulated so much food production that "we've got it coming out of our ears."

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Day Trading Given the power and money of the farm lobby, Senate mavericks like Mr. Lugar and Tom Harkin, Democrat of Iowa, have their work cut out for them. Any effort to reform the program will also be a severe test of the progressive credentials of the Senate majority leader, Tom Daschle. Mr. Daschle, who hails from South Dakota, is obviously wary of offending big farmers. But as the House vote suggests, the time for reform is at hand.

Forex Financial Trading The New York Times - 10/6/2001

Topic: Congress

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