Well the news is that our very own Dr. Manmohan Singh has told our (oops !! sorry Mrs. Patil) president Elect Barack Obama that US shouldn't become protective due to the ongoing global economic crisis.
Hey Dr. Singh there is a better and more permanent solution. The source of the crisis was the Sub-prime lending. So how to curtail this kind of bad lending practices especially when there is (rather was) so much liquidity floating around in the market ? The answer is simple, why don't we export some super-prime people to the US. US should increase the H1B quota and import more people from India, China and Russia, especially the nouveau rich who will then go and get intoxicated by the american consumerism and splurge on knick nacks (chinese toys, indian clothes), leading to demand and overall world economic growth.
Of course there will be the american public who will cry hoarse over outsourcing and non-whites (except the Russians) taking over. Well to tide over that, all skilled workers should be exported to India, Russia and China as these are the places where skilled work gets done these days. So these skilled people will now find jobs in these "growth" economies and will prosper. In the meantime the next generation nouveau rich will have outspent their money and again threaten the system. So now its time for these people to have a "growth" economy stint, while the sons and daughters of the hardworking skilled workers should again be sent to the US to fuel the growth. In case you think that this is an unworkable solution, the goverments of middle east such as Dubai etc. already have low tax shopping areas to spur international travellers. All I am asking is that convert US into a vast shopping mall and one generation holiday !!!
There is my thesis for the economics Nobel