The Export-Import Bank

[g5000]

Do we really need to check on Tim Scott and Rodney Frelinghuysen?

Sure, why not!

Freshman Sen. Tim Scott (R-S.C.) supports the bank, as does Sen. Mark Kirk (R-Ill.), who did not vote on the 2012 legislation but is working with Sen. Joe Manchin (D-W. Va.) on a bill to reauthorize its charter.

Export-Import Bank Has Enough Republican Support for Passage

On the House bill to reauthorize Ex-Im and increase its lending cap, good old Rodney voted yes: http://www.heritageactionscorecard.com/votes/vote/h224-2012

 

[francoHFW]

Going after Export-Import Bank is a strange way to attack crony capitalism - The Washington Post

The bank makes a small profit. Look elsewhere. And make the richest pay their fair share in taxes, and the rest LESS.

 

[g5000]

And now we'll swing over to the left side of the aisle and check in on Dick Durbin's Senate page: President of the Export-Import Bank Fred Hochburg - Photos - Multimedia Archives - U.S. Senator Dick Durbin

 

[g5000]

Going after Export-Import Bank is a strange way to attack crony capitalism - The Washington Post

The bank makes a small profit.

No it doesn't. It operates at a loss. See OP.

And what does that have to do with the fact it is picking winners and losers? That's what cronyism is, and that's what Ex-Im does.

Even more amusing is the fact your own link provides the argument which supports the elimination of Ex-Im. To wit:

In truth, the Union will survive, and the economy will be largely unaffected, whether or not the Ex-Im Bank is reauthorized.

There may have been a time when private markets were unable or unwilling to provide export financing, but I doubt that is still true.

An open admission the bank is completely unnecessary!


Now watch them confirm exactly what I said in my OP:

The reason we don’t try to is pretty obvious: As the chief executive of Delta Air Lines recently testified, having government-insured financing shaves $20 million — or about 10 percent — off the total cost of a wide-body Boeing jet bought by a foreign airline with borrowed money.

BAM!!!

Just as I said in my OP:

By being able to get a loan at below market rates, the favored airline carriers are provided a significant cost advantage relative to their competitors.

That's textbook cronyism.

 

[g5000]

WAPO goes on:

If the government has no place insuring export loans, then surely it also has no place providing subsidized crop insurance to farmers — to say nothing of the drought relief, crop subsidies and income guarantees that constitute a $10 billion to $20 billion a year welfare program for the agricultural sector.

I wholeheartedly agree!

The mother lode of crony capitalism, of course, is to be found in the corporate tax code, which is stuffed to the gills with special-interest provisions that have been bought and paid for with political contributions to members of the tax-writing committees.

HOLEEEE SHEE-IT. How long have I been saying this exact thing?


Unfortunately, this moron's argument is that we shouldn't get rid of Ex-Im because there are bigger examples of corporate welfare.

He needs a course in Logic.

 

[francoHFW]

No, and under DEMS corruption is low. The Post says it has a small profit, no it helps us sell to other countries. And really I couldn't care much either way lol.

 

[Abishai100]

Banking with Barbarians


The security of banking contracts appears as the only reason we would equate Western dominant Robin Hood thinking with basic capitalism profiteerism.





Swiss Bank Corporation (Wikipedia)