Cohn brought in Lawrence B. Lindsey, a Harvard economist who had held Cohn’s job under President George W. Bush. Lindsey bluntly asked, Why are you spending any time thinking about our trade deficit? You should be thinking about the economy as a whole. If we can buy cheap products abroad and we can excel in other areas—service and high-tech products—that should be the focus. The global marketplace provided immense benefits to Americans. “Why don’t we manufacture things at home?” Lindsey asked. “We’re a manufacturing country.” Of course the United States manufactured things, but reality did not
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