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Myths We Live By

MikeW2 Wrote: Aug 01, 2012 11:48 AM
Myths We Live By: This topic needs to be the subject of the next John Stossel book.
CuriousKevmo Wrote: Aug 01, 2012 12:47 PM
um.....it was the topic of his most recent tome: http://www.amazon.com/Myths-Lies-Downright-Stupidity-Everything/dp/1401302548

The Olympics have gone smoothly despite -- gasp! -- America's team wearing clothing made in China at the opening ceremony.

"I'm so upset," said Senate Majority Leader Harry Reid. "Take all the uniforms, put them in a big pile, and burn them. ... We have people in the textile industry who are desperate for jobs."

Here, Reid demonstrates economic cluelessness. It seems logical that Americans lose if American clothing is made overseas. But that's nonsense. First, it's no surprise the uniforms were made in China. Most clothing is. That's fine. It saves money. We invest the savings in other things,...