American Morning
President pushing for Wall Street reforms
(CNN) – President Obama heads to New York on Thursday for his push for financial reform. So far, Republicans appear united in their opposition to his plan. Democrats are working hard to win over one or two converts.
Austan Goolsbee, chief economist for the White House Economic Recovery Advisory Board, joined us on Tuesday's American Morning to discuss the bill and its prospects.
'Don't buy' rating for Lexus SUV
(CNN) – Toyota is taking it on the chin again. Consumer Reports has put out an urgent warning to the car-buying public: "Don't buy" the 2010 Lexus GX 460.
The magazine says the luxury SUV poses an unacceptable safety risk because it's prone to skidding while turning, posing a possible rollover hazard.
What does this mean for Toyota, the parent company of Lexus?
Jon Linkov, managing editor of Consumer Reports Cars, and Neal Boudette, Detroit bureau chief of the Wall Street Journal, joined us on Tuesday's American Morning to break it down.
China Rising: Is China changing U.S. business?
Editor's Note: A shift is underway in how U.S. companies do business. From dinner staples like seafood, to clothes and technology, more companies are opting for the "Made in China" label, and that's making life here less expensive. Today in our original series, "China Rising,” Christine Romans examines how China's powerful economy affects you in just about every way. Tomorrow on American Morning, a colossal middle class is emerging from Shanghai to Beijing, but is the sky the limit for China or is their growth a bubble about to burst?
By Christine Romans, CNN
(CNN) – To see how China's powerful economy affects you in just about every way, look no further than your dinner plate.
Alaskan Sole caught and frozen in the Bering Sea is unloaded in Alaska's Dutch Harbor and from there most of the fish goes to… China.
Bill Orr, president of Signature Seafood, says his catch is cleaned and filleted cheaper and quicker in Chinese workshops than in the United States.
“We sell it to companies around the world, but most of them have the fish sent to China and have it further processed into fillets or portions, have sauces added or breaded, packaged and sent back to Europe, the United States or South America,” he explains.
That's right. Chances are the fish you order at restaurants traveled some 14,000 miles. How can that be possible? Because China's economic miracle of cheap labor and a government-subsidized industrial base has changed everything, even the economics of your dinner plate.
U.S. seafood exports to China were just $82 million in 1996. Today, they’re $597 million. How much of that comes back to the United States is impossible to know in this new globalized world.
China Rising: Assessing China's impact on America
Editor's Note: Before the turn of the century, it was considered a "no brainer" for U.S. businesses: you had to be in China. Fast forward ten years and you have to ask the question, "has China been good or bad for America?" This week in our original series "China Rising," we're assessing China's economic impact on the United States. Tomorrow on American Morning, Christine Romans examines how China has changed American businesses. One look at your dinner table will tell you everything you need to know.
By Christine Romans, CNN
(CNN) – The question nine years after China was admitted to the World Trade Organization and officially welcomed in to the world economy is this: Has China's rise been good or bad for America?
Meet Steve Udden. He is a husband, father of two daughters and a trade statistic.
"I felt like a baseball player that got traded from a team that he loved playing for and loved the fans. I loved my customers; my coworkers were like second family to me," he explains.
His job as a telecoms projects manager went overseas to China when his factory moved there. Classified by the U.S. government as a casualty of foreign trade qualifies him for a stipend and money for retraining. Unemployment benefits and COBRA health insurance help fill the gap.
“We are keeping it level and steady and holding the line and right now we are ok.”
He's the face of the increasingly strained relations between the United States and China.
One think-tank estimates 2.4 million manufacturing jobs were lost between 2001-2008.
With China's explosive rise comes a nation that is now a key player in America's domestic and foreign policy. Take its currency: Anything made in China is cheaper than made in the USA. Why?
A warning letter to Toyota from its workers
(CNN) – Long before the massive recalls, back when Toyota enjoyed a spotless reputation for safety, a group of assembly line workers in Japan started growing concerned.
They didn't like the way their company was changing, so they wrote a warning letter to their CEO. Our Deb Feyerick has seen that letter and spoke to one of the workers who crafted it.
China Rising: Opportunity or Threat?
Editor's Note: Before the turn of the century, it was considered a "no brainer" for U.S. businesses: you had to be in China. Fast forward ten years and you have to ask the question, "has China been good or bad for America?" This week in our American Morning original series "China Rising," we're assessing China's economic impact on the United States.
(CNN) – According to the U.S. Treasury Department, China holds $889 billion in U.S. treasuries. As a major lender, it is essentially the banker that funds our government and our recovery.
Gordon Chang, a noted China-watcher and author of "The Coming Collapse of China," explains in his own words why China is unlikely to dump its American investments, and in fact, may need America more than America needs China. Watch:
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