Jon S. Corzine: “The Senator from Montana is exactly right, some of the regulatory restrictions or ability to actually penetrate some of…”

“The Senator from Montana is exactly right, some of the regulatory restrictions or ability to actually penetrate some of these markets, while they may meet the letter of the law with regard to trade agreements, are virtually impossible, particularly in the services where we supposedly have the comparative advantage. I think unless we are prepared to deal on all fronts--enforcing our trade agreements, particularly with large economies--we are not going to see even the theoretical benefits coming back of open trade markets. The situation is very true in the old industry that I worked in, financial services. It is very hard to penetrate these large economies about which the Senator has talked. So we give up the jobs in outsourcing, but we are not getting the ability to actually provide the services that would make up for some of those jobs back here at home. It goes back to a miscast presentation of a concept that is fine in Economics 101 books on comparative advantage but makes no sense in the everyday lives of working men and women in America.”