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A: [music/] From Los Angeles, this is Marketplace
B: Yes or no? Will we or won\'t we? The end of the road.
Congress votes on the North American Free Trade Agreement. One
commentator enjoyed a brief spate of fame when he became a
bestselling author. But now he\'s back to being old what\'s his name.
And exports to Europe are helping the American coal industry to
continue steaming along.
[audio_change]
X: We have much more efficient operations here. We have much
cleaner coal here. Uh, the dirtiest that we have is still even
significantly better than than uh than what many other countries
in the world have.
[audio_change]
B: This is Marketplace.
A: Marketplace is produced by K\. U\. S\. C\. at the University of
Southern California for American Public Radio and is made
possible by G\. E\.. From power systems to plastics, to financial
services. G\. E\., we bring good things to life. And by the
Corporation for Public Broadcasting and public radio stations
nationwide.
B: It\'s Wednesday, November seventeenth. I\'m David Brancaccio.
Here\'s some of what\'s happening in business and the world.
Divisive to the end. The debate over the North American Free
Trade Agreement came down to the wire today with no let-up in the
fervor of the arguments on either side. One independent count
shows the Clinton Administration with enough votes to
win on NAFTA today in the House of Representatives, with five
votes to spare. Speaking at the White House, Treasury Secretary [/music]
Lloyd @Bensen was optimistic but refused to confirm that number.
[audio_change]
C: I\'ll believe that when I see it. Uh, you got some leaners in
that one. Uh, so I want to be sure that they walk right up there
and make their vote. You\'re going to see quite a bit of milling
around right at the last, I\'ll bet. Uh, as they look at that
count. # So I think we\'re going to win it, #
AA: # just follow #
C: but I think it\'s going to be very close.
[audio_change]
B: One of the staunchest voices against the treaty, Texas
businessman Ross Perot, again accused the administration of
winning NAFTA votes by making expensive promises to lawmakers,
calling it the biggest purchase of votes in history. One ally,
Republican Congressman Gerald Solomon of New York, produced a
list of trade-offs that he claims totaled billions of dollars to
buy votes for the treaty. Treasury Secretary @Bensen said that
was hogwash.
[audio_change]
C: I think when we end up there\'s no net cost to the Treasury.
[audio_change]
B: Within the House Chamber, eight hours were scheduled for
formal debate on the trade agreement. John Lewis, Democrat from
Georgia, was among those who tried to deep-six NAFTA, arguing on
the House floor that the trade agreement does little to protect
the rights of U\. S\. or Mexican workers.
[audio_change]
D: If we pass this NAFTA, we will be sending a message to the
American people that human rights can be bought and sold like
packaged goods over a store counter. Let me say again, I am for
trade, but I\'m not for trade at any cost, at any price. I say
with this NAFTA, the price is too high. It costs too much.
[audio_change]
B: Many of the arguments for the trade agreement borrowed from
the White House\'s marketing strategy, stressing that change can
come if fact conquers fear. Congressman Richard Durbin, an
Illinois Democrat.
[audio_change]
E: We\'ve heard a lot of economists quoted on the floor today.
I\'d like to quote another counselor. His name was Bob Dylan.
And he wrote thirty years ago, "You\'d better start swimming, or
you\'ll sink like a stone." Our economic times are truly
changing. Our future is in global competition. Expanded trade
is an opportunity. It is not a reason to panic. We have the most
productive workers in the world. We have the best farmers and we
are blessed with natural resources other nations would long for.
America need not apologize. America can compete. NAFTA gives us
a new market. A new opportunity and a new challenge.
[audio_change]
B: Richard Durbin of Illinois. The NAFTA campaign has allowed
President Clinton to build new bridges to political enemies in
the grand old party, but at what cost to his more traditional
alliances with organized labor, those unions that found the trade
agreement so execrable Washington editor John @Dimsdale has
the story.
[audio_change]
F: Organized labor was part of the coalition that put Bill
Clinton in the White House. But to get NAFTA through Congress,
Clinton has turned his back on labor\'s objections and is relying
more on Republicans than Democrats, and many of the pro-NAFTA
Democrats come from states that voted for George Bush in nineteen
ninety-two. The President of the labor-backed Economic Policy
Institute, Jeff @Foe, says Clinton has abandoned his base of
support, and with no prospect of job growth in the future, @Foe
calls the threat to the president\'s re-election chances ominous.
[audio_change]
G: You know, every time a factory closes in the United States, uh
whether it moves to Mexico or not, it\'s going to be blamed on
NAFTA. That\'s exactly what happened in Canada. Uh, the
progressive Conservative party bulldozed uh NAFTA through and the
Free Trade Agreement through with the United States. Uh, a few
years later, the progressive Conservatives ended up with just two
members of the House of Parliament.
[audio_change]
F: Jeff @Foe sees another potential problem for Clinton\'s labor
relations. In the name of deficit reduction, @Foe says the
administration will cut funding for worker training programs
designed to give American workers a place in the global
competitive economy. I\'m John Dimsdale in Washington.
[audio_change]
B: In Mexico, expectations ran high today that NAFTA will pass
into U\. S\. law. @B\. @B\. @Crouse reports from Mexico City.
[audio_change]
H: Headlines in all the major morning newspapers were hopeful,
reporting that momentum in the Congress was beginning to shift in
NAFTA\'s favor. Good news about NAFTA always seems to send the Mexican
stock market soaring, as it did following last week\'s debate. But
even the slightest pessimism about the treaty can turn that around, as
it did today. NAFTA\'s backers believe its [static/] passage will
[/static] lock in investor confidence toward Mexico, and they fear the
repercussions its defeat might bring, not the least of which could be
a market crash and a devaluation of the peso. Although a spokesperson
for the Mexican president\'s office says Mister Salina will not be
watching the Congressional debate or the vote, the future of both his
political party and his sweeping economic reforms package hangs in the
balance. In Mexico City, this is @B\. @B\. @Crouse.
[audio_change]
B: Today, prices on the Mexican stock market ended up dropping
almost eleven points under a half percent, as profit takers
sought to take advantage of what they regarded as a pretty sure
win for NAFTA.
There are further signs today that the U\. S\. economy is continuing
to grow, this time from the construction industry. Housing
starts for October were up two point seven percent, to the
highest level in nearly four years.
[audio_change]
I: Housing starts look very nice after uh two years of saying
it\'s coming, it\'s finally here, I think.
[audio_change]
B: David Blitzer, Chief Economist at Standard and Poor\'s.
And that\'s the top of our news [music/] for Wednesday, November
seventeenth. The Dow Jones Industrial Average closed
down almost six and a half points. Details when we do the
numbers. Later on tonight\'s program, the @Apex Summit in
Seattle is getting a lot of press this week. But one economist
believes such meetings are just a waste of time. Coming up next,
is all the recent Japan and Europe-bashing associated with NAFTA
justified? This is Marketplace. [pause]
[audio_change]
J: At the Foreign Desk, I\'m George @Lewinsky. The
administration\'s campaign to win the NAFTA vote is going to be a
costly one. It\'s already cut expensive deals with individual
politicians. As one member of Congress charged this morning, the
White House handed out more pork in five days than Congress could
manage in five years. The campaign may also cost the
administration [/music] some goodwill abroad.
[audio_change]
K: If we say no to NAFTA, the champagne corks will be popping all over
Japan and Europe. And we\'ll be crying in our beer. Because if we
don\'t take the deal, they will. # America needs NAFTA (( )) #
[audio_change]
J: # Lee Iacocca, Vice President Gore, President Clinton. # All
have warned that Japan and Europe are poised to steal Mexico away
from the United States. Yoshi @Kumouri is Washington Bureau
Chief of Tokyo\'s @Sankei newspaper. He says that\'s untrue and
unfortunate.
[audio_change]
L: Most of us were just surprised to see this scare scare tactics. It
is certainly one thing to to suggest that the Europeans as well as
Japanese would uh probably make some benefit out of the possible
collapse of ((the)) NAFTA, but that it would be quite another to
suggest that the Japanese as well as Europeans are waiting or somehow
conspiring to to see that uh happen.
[audio_change]
J: And what does this tell Japanese about the administration and
American businesses' attitudes?
[audio_change]
L: Bluntly, I think the j- image in my of Japan among them is quite uh
negative, ((and)) that\'s the reason that the uh the old Mister Clinton
own to Mr\. Iacocca uh, have decided to use Japan as a sort of
bogeyman uh in in the context of this NAFTA NAFTA debate. And that
can be attributed to the this uh almost perennial uh trade uh deficit
that United States has been suffering uh with regard to Japan. Uh,
but uh I don\'t think Japan is as uh nearly as aggressive or they are
conspiring as it has been portrayed.
[audio_change]
J: The government of Japan is on record as welcoming NAFTA.
Japanese business has long believed it\'s a done deal. @Kumouri
also points out that Japan\'s recession is so deep, it\'s
investments abroad are turning out so sour, that Japanese
corporations are licking their wounds and don\'t have the stomach
for any kind of push into Mexico or anywhere else. Portraying
Japan as a bogeyman also gives ammunition to powerful interest
groups in Japan who don\'t want to see the country opened up to
foreign goods and the economy deregulated. Bogeymen aren\'t
engaged; they\'re eliminated. In Europe, business, politics, and
labor are united, too. They want NAFTA.
[audio_change]
M: This is Stephen Beard in London. If NAFTA fails, European
companies might have a better chance of selling into Mexico. But
without NAFTA, a bigger prize might be lost. Richard Bates,
Director of the International Chamber of Commerce, says Europe
certainly won\'t be cracking open the bubbly if Congress throws
the treaty out.
[audio_change]
N: If NAFTA fails, that would be sending signals out to the rest
of the world that the United States is turning protectionist. And
that would be very bad news, indeed, for the successful
conclusion of the Uruguay round.
[audio_change]
M: European business, says Mister Bates, is much more concerned
about the resolution of the Uruguay round of the GATT World Trade
Talks. The failure of NAFTA would only serve to encourage the
most vehement opponents of the GATT, like the French farmers.
European shares and bonds are likely to fall if the agreement\'s
voted down. Markets fear that the failure of NAFTA and of GATT
would lead to higher inflation and falling trade. But economics
isn\'t the only concern, says Clive @Crooke, Deputy Editor of the
Economist magazine.
[audio_change]
O: Although in Europe opinions are divided on whether Clinton is
such a good thing, uh nonetheless, I think most people would
agree it is a bad thing to have a president who is weakened.
[audio_change]
M: Many Europeans feel that American fears over NAFTA are
misplaced. Western Europe, after all, embarked on exactly the
same process of lowering tariff barriers between neighbors more
than thirty years ago. None of the member states of the European
Community seems to have suffered. Alex @McLaughlin is head of
trade relations for the British Computer Giant, I\. C\. L\..
[audio_change]
P: The European Community and the growth of an internal market
within Europe has been a major source of expanding the European
economy, particularly in the weaker states. So the weaker states
of the United States, the weaker parts of the United States
economy, would be those that would benefit most.
[audio_change]
M: Governments, business leaders, and labor unions in Europe are
hoping that NAFTA will pass. In reference to the slogan on
President Clinton\'s baseball cap, one newspaper headline in
Britain this week read, "NAFTA: They have to or it\'s splat for
the GATT." In London, this is Stephen Beard for Marketplace.
[music/] [pause]
[audio_change]
B: By now, you\'re probably familiar with the rituals of
international economic conferences like the @Apex meeting that
formally began today in Seattle [/music]. Leaders gathered to
talk, dine, pose for pictures, and make solemn statements about
how to stimulate the world economy and how to open each other\'s
markets. They pontificate about the importance of international
economic cooperation, and each nation\'s press duly reports how
smart and successful their leader was in delivering his message
to the others. But is this what\'s really going on? We asked
international economist Paul @Krudman to fill us in.
[audio_change]
Q: Let me start by telling you a true story. Last spring, a few
months before Bill and Francois and Helmut and the others got
together for their big G Seven Summit in Tokyo, the White House
delivered an edict to its bureaucracy. Give us some numbers
proving how much international cooperation could help our
economy. The numbers guys, the hardworking people who really know
the data, were told to estimate how much a one hundred billion
dollar Japanese stimulus package would raise U\. S\. exports. Their
answer? Three to four billion dollars. The White House was not
pleased. That\'s not enough. Get us a bigger number, it ordered.
What was that about? Few people will ever admit what many know
and even more suspect. That the White House wanted to believe,
or at least wanted the public to believe, that the Tokyo meeting
was actually important. High level international meetings are fun
and they make great photo opportunities. But as George Bush found
to his cost, the American public gets mad if it feels that you
like jet-setting for its own sake. So the current administration
wanted to be able to say that all those steak dinners were really
about creating jobs. But the basic fact is that even in today\'s
global economy, creating jobs is overwhelmingly a domestic
affair. For example, the European community spends only about two
percent of its G\. N\. P\. on U\. S\. goods and services. That means that
when Europe spends a franc on job creation, only a few centimes
spill over to American workers. The same is true for Japan, which
is, of course, the reason the numbers crunchers gave the White
House that answer it didn\'t like. By the way, my sources tell me
that the numbers guys stood by their estimate. But it didn\'t
matter. The reporters who followed the President to Tokyo were
only too happy to help create the illusion of an important event.
After all, they like going to fancy international conferences,
too. So, by all means, listen to the speeches, watch the
ceremonies, and read the pontifications of the pundits coming out
of Seattle the next few days. But remember that it\'s mainly
theater and that nothing much is really going on. From the
Boston Bureau at W\. G\. B\. H\., this is Paul @Krudman for Marketplace.
[audio_change]
B: Paul @Krudman is an economics professor at M\. I\. T\. who
specializes in international trade. [pause]
[music/]
Now it\'s time to check on the day\'s corporate [/music] news. New
York Editor Marty Goldenson has his corporate pin stripes on.
[audio_change]
R: As of our deadline, twenty-one thousand American Airlines
flight attendants are still scheduled to strike tomorrow morning
at six A\. M\.. But talks continue in New Orleans. The workers are
demanding a raise and they oppose American\'s plan to have them
pay post-retirement medical benefits. Airline spokesman Joe
@Crawley claims American will be in the air no matter what, and
anticipates that lots of attendants would ignore a strike call,
which may be wishful thinking. He advises ticketed passengers to
show up at the gate. But will the planes actually leave those
gates?
[audio_change]
S: And when the flight attendants show up, well, then, we will
take off. If they if we don\'t have a uh the minimum amou- amount
that\'s required by the F\. A\. A\., then we won\'t take off.
[audio_change]
R: According to New York\'s attorney general, Sylvania has agreed to
change the packaging and advertising on their energy saver light
bulbs. The A\. G\. says Sylvania gave the impression that its bulbs were
high-tech, power-saving inventions. But the hundred-watt replacement
was a ninety-watt bulb dressed up in a green box, says the A\. G\.. Two
European corporate giants are expanding in China. B\. M\. W\. has opened a
three hundred thousand dollar showroom in Beijing, and Unilever has
set up yet another joint venture in China, on the heels of their
ice-cream-making operation there. Actually, the new venture
capitalizes on their ice-cream venture; they\'re getting into the
toothpaste business with the Shanghai Toothpaste Company. Decay and
defense from the decadent West. At the Marketplace oral history desk
in New York, I\'m Marty Goldenson.
[audio_change]
B: Thanks, Marty. Coming up on the program, it\'s bad for the
environment, and many of the workers are on strike, so why is the
American coal industry doing so well? First, let\'s do the
numbers.
[music/] [pause] Traders around the world had their eyes on that
debate in Washington today over a certain trade agreement whose name
we can\'t bear to mention yet again. But even predictions during the
day that the president would pull through with a victory this evening
weren\'t enough to sustain yesterday\'s record close in New York. The
Dow fell just over six points today, closing at thirty-seven oh four.
The NASDAQ composite index also fell by one point two percent in heavy
trading. But in London, the FTSE climbed, ending the day up about
seven tenths of a percent. Tokyo\'s stock market went back to its
usual today, after yesterday\'s uncharacteristic surge, the NIKKEI slid
three quarters of a percent. And Hong Kong\'s generally jittery market
performed true to form. NAFTA fears and another round of Sino-British
talks over the island city sent the @Hangsang index tumbling by almost
two percent today.
You\'re listening to Marketplace on A\. P\. R\. [/music], American Public
Radio.
[music/]
T: Marketplace coverage of Japan is made possible in part by the
American Public Radio Fund, whose contributors include the Japan
Foundation\'s Center for Global Partnership. If you\'d like to
comment on today\'s program, we\'d like to hear from you. Send us a
card or letter. Our address is Marketplace Radio, Los Angeles,
California, Nine O O eight nine. That\'s Marketplace Radio, Los
Angeles, California, nine O O eight nine.
[/music]
[audio_change]
B: In thirteen O seven, the king of England issued the first
environmental edict against coal. And today the coal industry
must still defend itself against critics of strip mining and
carbon dioxide emissions. Compounding these issues is the
seven-month-long strike by the United Mine Workers against the big coal
operators. Even with these labor and environmental troubles, the
coal industry is plugging along. Susan Morris has more.
[audio_change]
[factory noise/]
U: Outside the gates of the @Enlo @Fork Mine in @Green County in
Southwestern Pennsylvania, a group of striking mine workers is
huddled under a makeshift tent. They\'re sitting around a table
talking and playing poker to pass the time. These men are among
the fourteen thousand United Mine Workers on strike against the
Bituminous Coal Operators of America, the largest organization of
mine owners in the country. The workers say the big coal
operators are trying to destroy the U\. N\. W\. by hiring non-union
workers in their new mines. This is intolerable, says union
member Greg King.
[audio_change]
V: Thing is, you given \'em all these years, fifteen, twenty
years, you produce coal for `em, you\'ve mined it safely, and y-
you you all a- you do a good job, and then after this mine\'s shut
down, they\'re saying like, the hell with you! You\'ve got
families, you\'ve got kids you want to put through college. And
what are you supposed to do? They\'re going to be awful
disappointed if they Well, they\'re never going to break us, but
if they ever could. But it\'s not going to happen. As long as it
takes, we\'ll be here.
[audio_change]
U: The strike, which has cut profits substantially, is just one
of the latest challenges facing coal operators.
Environmentalists have long blamed fuel for emitting the carbon
dioxide that they say causes global warming. And Jim McKenzie
[/factory noise] of the World Resources Institute in Washington,
D\. C\., says the fuel has other environmental problems.
[audio_change]
W: It has a lot of sulphur in it, and accounts for the uh almost all
of the uh acid rain uh from sulphates in the Eastern part of the
country. So it\'s a bad ((actor)) from the point of view of uh air
quality as well. Lastly, uh the mining of coal is uh very difficult
and very uh damaging environmentally. Uh in the Eastern part of the
country it leads to um uh acid drainage uh and uh uh subsidence, a-
the West the- it does uh, you know, it requires a great deal of strip
mining of uh Western arid lands. And then there is a safety problem
too. Many miners die each year.
[audio_change]
U: With all these hurdles, you\'d think coal would be on the ropes, but
coal has actually experienced a resurgence in the last few years.
Today sixty percent of the country\'s electricity is generated by
coal. One of the main reasons is its low price. Unlike its
competition, coal has comparatively low exploration costs and, with
long-term contracts, its prices stay relatively stable. The United
States Department of Energy predicts that in the next fifteen years,
coal will be eight times cheaper than natural gas and oil. @Raphael
@Velagrande is a coal analyst and senior vice president of Lehman
Brothers in New York. He says that prospects look good for the coal
industry.
[audio_change]
X: We\'re the second largest exporter of coal in the world, and we
have a we\'re in a position to uh to increase that uh that uh
market share over the future years, particularly by some
opportunities that are being presented in Europe as they downsize
their inefficient uh, very, very dirty coal production. We have
much more efficient operations here, we have much cleaner coal
here. Uh, the dirtiest that we have is still even significantly
better than than uh than what many other countries in the world
have.
[audio_change]
U: Other reasons why coal is doing so well are that in recent years,
the industry has cut labor costs, become more efficient, and produced
a cleaner, lower-sulphur coal, forced to do so by the Clean Air Act of
nineteen ninety. These measures have paid off. Today many of the
large electric plants under development in the country are designed to
burn coal. Nonetheless a study, done by an independent polling
concern, shows that sixty percent of the public opposes any increase
in the use of coal. The vice president of @Console Incorporated, Tom
Hoffman, says consumers do not understand the importance of coal in
the United States.
[audio_change]
Y: No source of power is without its problems. But we rely to an
extraordinary extent in this country on coal. It is a, it is the
fuel supply we have in greatest abundance in this country, it it
we can supply all of our needs indigenously, we don\'t have to
rely on foreign sources to to get that coal. Uh but I don\'t see
any way that this country can simply walk away from uh coal. It\'s
it\'s too embedded in our in our economy, and too embedded in the
way in which we generate uh energy, particularly electricity, uh
for us to just turn our shoulder. I think coal\'s going to be with
us a long time.
[audio_change]
U: It\'s unlikely the coal industry will ever experience the kind of
profitability it did in the early nineteen eighties, but industry
[music/] executives and analysts predict a modest increase in coal\'s
growth once the strike with United Mine Workers is settled. For
Marketplace, this is Susan Morris reporting. [pause]
B: Lots of people dream about writing a book that makes it big
and earns them a fortune. Well, Marketplace contributor Ivan
Goldman recently lived that dream, [/music] at least part of it.
[audio_change]
Z: Here\'s how it happened. I was chained, day after day, to the
Dickensian computer terminal of a big city newspaper owned by one
of the media giants. When one day the giants snapped my leg
irons. I was thrown out on the street by a merger, just like
that, free from bondage. But also from a paycheck. Through
miraculous luck, I immediately landed a book contract. To make
my deadline, I toughed it through a long string of late night,
caffeine-fueled writing marathons. After publication, delirious
joy. I watched the fruit of my labors catapult to the bestseller
list. I made the talk show circuit. One of my makeup people
used to do Carson. As would any self-respecting author under the
circumstances, I called the eight hundred number and bought that
set of Ginsu knives I\'d always wanted. Then my wife and I threw a
book party, invited everyone we could think of, and they all
showed up. There was no mistake now. Things were different.
Instead of being perceived as a wage-slave schnook, I was a man
of substance. An author @schnook. I took my family to Europe.
When we returned, the mail-order knives were waiting. We live on
one of those Leave It to Beaver suburban streets. The neighbors
didn\'t know how to talk to me anymore. Would I still fit in? I
wasn\'t sure myself. Everyone seemed to assume we would now move
to a classier street lined with houses of other bestselling
authors. Then, my book fell off the New York Times list.
Valiantly, it climbed back the next week and fell off again,
permanently. Along about this time, one of my Ginsu knives
developed rust stops. Then the royalty statements started rolling
in. Not only had the talk show host forgotten my name, I wasn\'t
even rich. My bestselling book, after fifteen months, earned me
about what I would have made had I stayed chained to that media
giant\'s computer terminal. Only now, I was stuck with the bills
for our European trip and the rusty kitchen knives. From the
same old street in San Diego, this is what\'s his name for
Marketplace.
[audio_change]
B: Oh, what\'s his name is Ivan Goldman. The bestselling book he
wrote is L\. A\. Secret Police: Inside the L\. A\. P\. D\. Elite Spy
Network.
[pause] [music]
Now a few final notes on the news. Four hundred and forty one years
after the first Dutch merchants arrived on the Cape of Good Hope,
apartheid has finally ended under South African law. Today president
F\. W\. @Declerque and African National Congress leader Nelson Mandela,
along with nineteen other parties, signed a power-sharing proposal for
an interim constitution. Still opposing the agreement is the Freedom
Alliance, made up of right-wing conservatives and the Zulu-based
@Incata party. Secretary of State Warren Christopher in Seattle for
the @Apex get together warned that U\. S\. economic relations with Japan
aren\'t as good as they should be. The economic pillar in our
partnership with Japan is urgently in need of repair, Christopher said
today. President Clinton is scheduled to meet with Japan\'s Prime
Minister on Friday. French Prime Minister @Edward @Beladur lunched
with @Isabelle Huppert and other French film stars today, assuring
them that any world trade agreement he okays will maintain government
subsidies to the French film industry. Today the Dow Jones Industrial
Average fell [music/] almost six and a half points.
Marketplace receives production assistance from the London
Economist, @Reuters American Incorporated, and Mead Data Central,
providers of the @Nexus and @Lexus information services. That\'s
Marketplace for Wednesday, November seventeenth. I\'m David
Brancaccio. Please join us again tomorrow. [pause]
A: Marketplace is made possible by G\. E\.. From motors to appliances to
electrical distribution, G\. E\.: We bring good things to life. And by the
Corporation for Public Broadcasting and public radio stations
nationwide. Marketplace is produced in Los Angeles by K\. U\. S\. C\. at the
University of Southern California. [/music] A\. P\. R\.. American Public
Radio.