Do newspapers like the NYT test applicants for reporting jobs on their ability to read minds? It seems they must, since so many of them seem to have this skill. Today's article on the Senate's approval of a motion to debate fast-track authority at several points told readers what various actors think or believe.

My favorite assessment of inner thoughts was in reference to demands that the Trans-Pacific Partnership (TPP) include currency rules:

"But the White House fears that making the accelerated authority contingent on currency policy alterations could scare important partners from the negotiating table, including Japan, the second-largest Trans-Pacific partner."

If we assume that NYT reporters do not actually read minds, this statement means that someone at the White House (is there a reason for anonymity?) said that they feared currency rules would scare countries away from the negotiating table. As a practical matter, the United States would undoubtedly have to make concessions on other issues in order to get Japan and other countries to agree to currency rules.

Such concessions might mean that the TPP would end up being less beneficial to companies like Nike, Boeing, and Pfizer, which would reduce their interest in the pact. However in any serious assessment the issue is whether the TPP ends up being less corporate friendly as a result of currency rules, not whether the possibility of such a deal would disappear. Of course it is possible that the Obama administration would not have an interest in pursuing a trade deal that was less friendly to large corporations who are major campaign contributors.

It is also worth noting that many large U.S. corporations would actually be opposed to a reduction in the value of the dollar against other currencies. Companies like Walmart and GE, that depend on low cost imports, would lose much of their competitive advantage if the price of the Chinese yuan and other currencies rose against the dollar.