Stimulus coverage: "Buy American"

Several media outlets are covering the controversy over the new "Buy American" rules that are part of President Obama's proposed economic stimulus package. A segment of CNBC's "Closing Bell" featured a panel of three experts who debated the newest hot button issue. Frequent CNBC commentators Keith Boykin, Andrew Busch and Greg Valliere agreed a provision that would require, among other things, all new infrastructure in the United States to utilize only US steel, is a bad idea. Boykin said it is critical for the US to enact as many free trade policies as possible during the global financial crisis. Busch added that protectionism ultimately hurts every sector.

CNNMoney also addressed the issue with a two-minute segment. Unlike the CNBC panel, some prominent investors think the protectionist clause is a good idea. For example, Warren Buffett encourages investors to follow his lead and engage in "economic patriotism" by only investing in American companies. But many economists disagree and caution that because American products are generally more expensive, taxpayers will be forced to spend much more money in the long run. 

View the CNN segment here.