Liz Warren hearts crony capitalist

[Ragnar]

Ok then. Who here is shocked and disheartened? And who here just thinks, "well duh, another Washington hypocrite exposed"?


Elizabeth Warren, Hypocrite, Supports Ex-Im Bank - Hit & Run : Reason.com

That's right: The woman best known for demonizing big businesses nevertheless wants to maintain an outlandishly generous subsidy package for them.

Warren's support for Ex-Im was revealed Friday after the Heritage Foundation reached out to her regarding a possible partnership on the issue. Libertarians and Tea Party conservatives are noted opponents of the subsidy, which they see as crony capitalism that helps politically-connected businesses cheat the free market.

The irony of Warren rejecting an offer from the right to fight Ex-Im together was not lost on The Washington Examiner's Tim Carney:

Democratic Sen. Elizabeth Warren loves to shoot barbs at Wall Street. She also enjoys forcing taxpayers to absorb Wall Street's risks while the banks pocket the profits.

... At Ex-Im's annual conference, one Wall Streeter described Ex-Im's loan guarantees to me as "free money." Is Elizabeth Warren really fine with free money to Wall Street?

BTW I love to say "I told you so". I told you so.


Warren Backs Ex-Im Bank as Heritage Invites Her to Speak - Bloomberg

Elizabeth Warren loves bank subsidies! | WashingtonExaminer.com

 

[The Rabbi]

Boeing is the biggest beneficiary of ExIm Bank. Liz Warren, friend of Boeing.

 

[Ragnar]

Boeing is the biggest beneficiary of ExIm Bank. Liz Warren, friend of Boeing.

Figures. I knew this two dimentional media creation was bogus but it will take some time and more honest reporting before more skeletons come out of the closet.

It will be some time and depends on if/when Warren decldes she wants to run for POTUS but I hope most of the truth about her makes its way to the public.

 

[ScienceRocks]

So you don't like seeing America leading the world in science and tech? Guess what, keeping our edge in these areas takes just this.

 

[Moonglow]

This hand wringing you fellows exhibit over what the rich and powerful do is a waste of time, it's been done longer than your lifespan..

 

[Quantum Windbag]

I actually hope that the Dems nominate her, it would be fun to watch the landslide victory for Rand Paul. Fuck, the Republicans could nominate Todd Akins and beat Warren.

 

[Quantum Windbag]

So you don't like seeing America leading the world in science and tech? Guess what, keeping our edge in these areas takes just this.

The Ex-Im bank has zip to do with science or tech, it is a slush fund for big business and the status quo. Anyone that supports it hates science and tech.

 

[ScienceRocks]

You losertrians want to rip America down and turn it into a third world back water. There isn't a first world country on earth that don't invest with the private sector like this.

Most of europe does. Nasa certainly does.

Let's just go back to 1780 while we're at it. Morons.

 

[Ragnar]

The Crony Capitalism Machine - Reason.com

In many ways, the Export-Import Bank is repeating the tragic mistakes of the early 21st century housing bubble on an international scale. Since 1996, the International Monetary Fund and World Bank have maintained a list of Heavily Indebted Poor Countries (HIPCs), which face debt burdens their governments cannot sustainably manage.

According to its own records, the Export-Import Bank extended almost $3 billion in financing to HIPCs from 2007 to 2014. Assuming that the Bank covered the standard 85 percent of the loan value, this could mean that these already indebted countries took on another $3.5 billion in debt so that companies like Boeing could make a little more money each year.

But the biggest problem with the Ex-Im Bank is that government-backed loans, and subsidies in general, distort the economy. Every loan program transfers risk from lenders to taxpayers. This creates what economists call a moral hazard: Because the loan amount is guaranteed, banks have less incentive to evaluate applicants thoroughly or apply proper oversight.

These programs privatize gains and socialize losses. Lenders get to loan billions of dollars and collect high fees, yet they bear almost none of the risk if the borrower defaults. The biggest lenders behind Ex-Im loans are the usual suspects: politically connected giant banks like J.P. Morgan and Citibank.

Whole article worth a look, see link above.

 

[Quantum Windbag]

You losertrians want to rip America down and turn it into a third world back water. There isn't a first world country on earth that don't invest with the private sector like this.

Most of europe does. Nasa certainly does.

Let's just go back to 1780 while we're at it. Morons.

Do you have any idea of how the Ex-Im bank actually works?

The Export Import Bank also sells itself as necessary to promote trade. Bank president Fred Hochberg told a recent gaggle of supporters: “we want to be the wind in your sales,” pushing U.S. exports. But exports should not be an end in themselves irrespective of cost.

Anyway, the Bank plays only a minimal role in the market. In fact, ExIm highlights the fact that it supports just two percent worth of exports today as evidence that it really doesn’t compete with private sector credit institutions. But that means ExIm’s activities are barely a blip in a $17 trillion economy.

Moreover, in promoting trade ExIm often backs competitors of American companies. Competition is, of course, good, but not from government subsidized trade. By law the Bank is not supposed to support deals which would cause “substantial injury” to American firms; however, ExIm judges when that is the case.

Two-thirds of the Bank’s loan guarantees last year backed Boeing sales to rivals of U.S. airlines. Delta blamed ExIm for having to halt its New York-Mumbai service after Air India expanded its flights using Bank-financed jets. Last year ExIm also subsidized an Australian iron mine in purchasing Caterpillar equipment, despite complaints from U.S. miners.

That really does sound like it is helping America, into the very trash pile you are mindlessly accusing other people of wanting.

Close the Export-Import Bank: Cut Federal Liabilities, Kill Corporate Welfare, Promote Free Trade - Forbes

 

[Ragnar]

via QW's link:

...candidate Barack Obama got it right in 2008 when he described the Bank as “little more than a fund for corporate welfare.”

When even Liz Warren is to the right of the TEA Party on corporate welfare what is there left to say.

 

[1776]

Liberals like stealing tax dollars for their friends.

 

[Vigilante]

 

[The Rabbi]

The media will fall in love with her and give her a pass. Dont expect any serious reporting beyond what she eats for breakfast and how she champions the poor and middle class.

 

[squinch]

Warren is definitely on the right wing pant pisser's radar. Look for more bullshit stories about her from the usual suspects.

 

[The Rabbi]

Warren is definitely on the right wing pant pisser's radar. Look for more bullshit stories about her from the usual suspects.

"Bullshit stories"=Those that tell the truth.

Nothing will stop the Left's rhetoric of Warren as "champion of the poor" even though she's done dick for anyone but herself and her crony pals.

 

[Ragnar]

Warren is definitely on the right wing pant pisser's radar. Look for more bullshit stories about her from the usual suspects.

Sweet! Glad to know the OP is wrong and Warren will vote to close the crony capitalist, corporate welfare Ex-Im bank. She has my support on this issue after all. But not my vote if she runs, lol.