Mr. Chairman, I would like to thank you for holding this very important hearing and I would like to thank all of our witnesses for agreeing to testify today. This is a very important topic you have chosen today.
I am not sure if the average American realizes how much foreign investment we have coming in right now. Our economy is becoming increasingly dependent on foreign investment. Without it, we would not be experiencing even the anemic growth we have now.
Of course, we must think about the consequences of that investment. Specifically, I am worried that the foreign money valve may get shut off. I have heard many economists say that will not happen in the near future, and I hope they are right. However, my fear is that we have a rapid market change and it becomes more attractive to invest foreign capital elsewhere.
With increased globalization, worldwide economic factors change faster and worldwide economic changes are recognized faster. It was only a year ago that the NASDAQ was hovering at 4029, this morning it opened at 1959. If suddenly, American investment became unfashionable and foreign capital was pulled, it would have a devastating affect on our economy.
Of course, that leads to the question, what do we do? Well, that is why our witnesses are here today. I eagerly await your testimony to find out, what if anything we should do to ensure our economy does not experience damage from the ever increasing balance of payments deficit. I believe our economy is weak enough right now, it doesn't have to go down any further.
Thank you, Mr. Chairman.