In an attempt to explain his position regarding trade, Democratic presidential front-runner Barack Obama said that he did not oppose free trade, despite making increasingly critical comments about multilateral deals such as NAFTA.

Asked how other countries should interpret his position, Obama responded that he supported free trade but wanted it to be fair.

"What the world should interpret is my consistent position, which is I believe in trade," he said after meeting with workers at a manufacturing plant in Ohio.

"I just want to make sure that the rules of the road apply to everybody and they are fair and that they reflect the interests of workers and not just corporate profits."

Well why, Senator Obama, do companies want to engage in trade? The answer is because both sides feel that they can gain from the deal. Corporations engage in trade to profit. Period. Entrepreneurs start companies because they think they can make a buck. On the other side, poorer countries want to trade to help create wealth.

Sources close to CNN broadcast journalist/commentator Lou Dobbs said he is seriously considering a run for the U.S. presidency in 2008, The Wall Street Journal reported.

Dobbs, who formerly hosted CNN's MoneyLine business news show and currently hosts CNN's Lou Dobbs Tonight has seen both his ratings and his name recognition rise after his work's focus turned away from news reporting and anchoring and toward political and economic commentary.

Dobbs, an independent, displays an ideology and a political world view that many have characterized as a modified hybrid of Ralph Nader and Pat Buchanan -- i.e. populism combined with strong views against free trade (or current trade frameworks) and against illegal immigration.

Dobbs is a frequent critic of both the Democratic and Republican parties, which he argues don't represent the interests of the typical person or the middle class. His show's website describes him as "an independent populist and the leading media advocate for working men and women, their families, our middle class and the American way of life."

Political Analysis: Unless there's a tidal wave of discontent in the American electorate not tallied by pollsters, Dobbs, as a third-party candidate or as an Independent, has virtually no chance of being elected president of the United States. Although his name recognition is rising and he has a positive public image, it's highly unlikely Dobbs could assemble the campaign staff and money required to compete effectively against Democratic and Republican parties' nominees.

However, this is not to say that Dobbs could not broaden the discourse, i.e. "force the discussion of less-publicized issues" during a debate. Dobbs could accomplish this, but it must be emphasized that making points in a debate is a much easier task than receiving enough votes to win the electoral college vote for U.S. president.

I was speechless when I saw this story in The Wall Street Journal (subscription required):

By a nearly two-to-one margin, Republican voters believe free trade is bad for the U.S. economy, a shift in opinion that mirrors Democratic views and suggests trade deals could face high hurdles under a new president.

What is interesting is that economists are, with few exceptions, unanimous in their belief that free trade is, in aggregate, a good thing. One of the overriding principles of economics is that "voluntary trade creates wealth".

While there's some obvious headline shock that can partly explain this shift, I have to wonder: Is part of the problem that most Americans are just poorly-versed in economics, and lack the tools to form rational opinions about issues like free trade?

Having discussed issues like this with a number of college students, I suspect that is the case. One organization is looking to change that. The Foundation for Teaching Economics holds training programs for students and teachers, and provides resources for schools looking to offer instruction in economics.

If you're a parent or teacher, bring up the meeting with your local high school (or junior high school's administration). The lack of financial literacy could lead to some seriously bad policy decisions brought about by ignorance.

Spurred by demand for ethanol, U.S. farmers have planted more corn than ever before: 92.9 million acres. The bumper corn crop was front and center at this year's Farm Progress Show in Decatur, Illinois, which shows off the latest in farming trends and technologies to an increasingly global audience.

Despite recent protests in France over its genetically modified crops, St. Louis based Monsanto Company (NYSE: MON) not only featured new drought- and pest-resistant corn and soy products to international dealers, but also hoped to shop for the best characteristics of foreign crops from those dealers.

Deere & Company (NYSE: DE) took the opportunity to showcase its biggest roll-out of new products -- from tractors to cotton pickers -- in years. They also featured their recent expansion into international markets, including western Europe, South America, and China. Incidentally, Deere has just announced a stock split and increased dividend.

U.S. Agriculture Secretary Mike Johanns attended the show and took the opportunity to urge Congress to restore the 2007 Farm Bill to more closely resemble the White House version. He also urged Congress to ratify pending free trade agreements with Panama, Peru, and South Korea.

Decatur-based Archer Daniels Midland Company (NYSE: ADM), which recently announced an organizational restructuring, and Peoria-based Caterpillar Inc. (NYSE: CAT), which has its own expansion plans in China, were also represented at the show.

Monday February 12

• Broadcom Corporation (NASDAQ: BRCM) to hold a 10:30am press conference from Barcelona on 3GSM.
• US and South Korea to hold Free-Trade Agreement talks from 2/11 to 2/14.

Tuesday February 13

• Extreme entertainment earnings:
• World Wrestling Entertainment (NYSE: WWE), conference call at 11am.
• Playboy Enterprises (NYSE: PLA), conference call at 11am. Note that Playboy was recently downgraded by RBC Capital Markets and Sanders Morris Harris. Sanders Morris said the company will either issue guidance below consensus expectations or none at all on the call.
• PDUFA date for Pfizer, Inc's (NYSE: PFE) Fesoterodine, a new drug candidate for the treatment of an overactive bladder.

Wednesday February 14

• Garmin Limited (NASDAQ: GRMN) to report Q4 earnings, conference call at 11am.
• MGM Mirage (NYSE: MGM) to report Q4 earnings, conference call at 11am.
• PDUFA date for Acambis plc's (OTC: ACAMY) ACAM-2000, a smallpox vaccine derived from Dryvax, a first-generation vaccine used during the global eradication program.
• PDUFA date for MedImmune Inc's (NASDAQ: MEDI) CAIV-T, an investigational intranasal, cold-adapted trivalent influenza vaccine.

Thursday February 15

• Biogen Idec Inc (NASDAQ: BIIB) to report Q4 earnings, conference call at 8:30am. On February 2, JP Morgan recommended buying Biogen before its quarterly report, saying the Tysbari uptake should be better than current expectations.

Friday February 16

• Jack in the Box Inc (NYSE: JBX) to hold annual shareholder meeting at 3pm.