I Didn't Know This

And I bet a lot of other people didn't either:

The opposition to the deal brought expressions of befuddlement from shipping industry and port experts. The shipping business, they said, went global more than a decade ago, and foreign-based firms already control more than 30 percent of the port terminals in the United States. They include APL Limited, which is controlled by the government of Singapore and operates terminals in Los Angeles; Oakland, Calif.; Dutch Harbor, Alaska; and Seattle.

Globally, 24 of the top 25 ship terminal operators are foreign-based, meaning most of the containers sent to the United States leave terminals around the world that are operated by foreign governments or foreign-based companies.

(via the NY Times)

I can't believe Bush is threatening his first veto over this issue. But then isn't he an honorary sultan in the UAE or something? Anything and everything for his rich oil buddies!

One other comment in this article sent me through the roof - a cavalier comment on globalization demonstrating everything wrong with elite sentiment on trade:

"This kind of reaction is totally illogical," said Philip Damas, research director at Drewry Shipping Consultants of London. "The location of the headquarters of a company in the age of globalism is irrelevant."

Oh really? So how are we going to feel when every corporation that does business in the United States is based in Shanghai? How comfortable will we feel about corporate decision-making? And are we just going to hope that the Chinese government doesn't use its leverage to get those very same companies to screw us?

What a pack of fools.

P.S. Here we go!