I have to admit I don't think I've ever heard of the Import/Export Bank before. Plus, Tim Geither being in on it makes me suspicious to begin with.Do you understand the term "subsidy"?
Rabbi, how is it a "subsidy"? The Im-Ex Bank finances sales to foreign countries that other private banks don't wanna' take a risk on. (There's a reason for that)
From Wikipedia (yeah I know, you guys don't like wiki):
Export-Import Bank of the United States - Wikipedia, the free encyclopedia
I'm thinking that Tariffs would work better anyway. Just charge an amount on imports to make that item the same cost as a competing American Product. Gov't makes money hand over fist, Americans not shut out by cheap, slave labor goods.The Bank has come under criticism for allegedly favoring special interests ahead of that of the U.S. taxpayer. These interests include that of heavily subsidized corporations such as Boeing or Enron as well as those of well-connected foreign governments and nationals (such as a 1996 $120 million low-interest loan to the China National Nuclear Power Corporation (CNNP)). The majority of loan guarantees over 2007 and 2008 went to companies purchasing Boeing aircraft.
You think Boeing doesn't have access to funding? Any time the government provides funds that banks wont they are subsidizing the market. I don't want the government subsidizing Boeing (which I think is the biggest beneficiary of the ExIm Bank). This is crony capitalism. Let them get their own damn loans.