“REPUBLICAN” HOUSE POISED TO RESTORE CORPORATE WELFARE PROGRAM
Earlier this year the “Republican-controlled” U.S. House of Representatives scored a rare (albeit modest) victory for free markets when it temporarily discontinued authorization of the U.S. Export-Import Bank (a.k.a. “Ex-Im Bank,” or “Boeing’s Bank”).
For those of you unfamiliar with this ethically challenged, market-distorting slush fund, it doles out low interest loans to foreign entities which turn around and make purchases from select American companies.
It’s a great deal for the fund’s top beneficiaries – Boeing and General Electric – but bad for other U.S. companies and very bad for American consumers, who are basically guaranteeing loans that lead directly to higher consumer prices.
We’ve consistently opposed Ex-Im on ideological and practical grounds (unlike some politicians who sold out in spectacular fashion on the issue).
Ideologically? It’s pure market manipulation on behalf of a handful of politically connected global behemoths.
Practically? It’s theft …
“In the case of Ex-Im Bank, the route of subsidy capture is crystal clear: it goes overwhelmingly to the shareholders of Boeing and GE, and to the respective bonus and stock option pools of their top executives,” David Stockman of the website Contra Corner wrote last summer.
Ah yes … these guys.
Anyway, Milton Friedman once said “nothing is so permanent as a temporary government program.” Well there’s a corollary to that: Nothing is so temporary as a government cut.
In fact there’s an unfortunate story in The Hill this week detailing how U.S. Rep. Stephen Fincher of Tennessee (what is it with these Tennessee “Republicans,” anyway) has been working with liberal Democrats to bring this crony capitalist slush fund back from the dead.
According to the story, Fincher and forty-one other liberal “Republicans” have signed a petition with 176 Democrats that would revive the Export-Import Bank – restoring the billions of dollars in market-distorting subsidies it awards. This, of course, is the nature of “bipartisansh*t” in Washington, D.C. – status quo GOP lawmakers aligning with liberal Democrats to reward special interests and screw over taxpayers.
We saw it with “Obamatrade,” we’re seeing it again here …
Curiously, no South Carolina lawmakers affixed their names to the petition – even though Boeing has a plant in the Palmetto State’s Lowcountry. That’s interesting when you consider several of them – including Tom Rice, Mark Sanford and Joe Wilson – have consistently bent over for Boeing.
Oh well, just because their names didn’t land on this list doesn’t mean Rice, Sanford and Wilson won’t punk out and vote for the bank’s reauthorization when this measure reaches the floor of the House (as it’s expected to do later this month).
In fact we have every confidence they will sell us out … again.
Sad, huh? Indeed …
Seriously, if a “Republican” Congress cannot stop such a flagrant display of corporate cronyism – what’s the point of continuing to elect “Republicans?”
Answer: There is none.
20 comments
more bullshit, shutting down the export import bank would be the biggest job killer in US history, all industrialized nations have them to promote trade, google export import bank china, european union, russia, shutting the bank down was crazy.
Has Rationality come to the posting on this web site? Beware Sic
There is no point in electing republicans (unless you’re a bigot), so vote for Trump.
Trump’s too mean, I prefer Bernie Sanders.
but you have to admit, Trump is giving PT Barnum a run for his money.
Flip you’re OK! I hope!
Right Mind!
You mean someone on here has a right mind ??? Say it ain’t so. LOL
That comming from a bigot makes no sense.
That’s one fat cat.
Republicans have never seen a corporate welfare scheme they didn’t love. The only thing they love more is a tax break for the rich.
I’d say you often oppose things on ideological grounds, almost never on practical grounds.
For the intellectually impaired, following the Libertarian Party line takes less effort than actual independent thinking.
Especially if you don’t have to actually govern.
No one “has” to govern, people that are doing it all have one thing is common:
They WANTED to govern.
The Athenians of 2500 years ago were collectively smarter when it came to government than us, at least they knew why they used sortition.
Rice, Sanford and Wilson could choose to lead and educate their dimwitted, Fox “News” watching voters with examples of what the Export Import does for small business across the country to keep their workers working…but, they are too FUCKING stupid to lead.
ALL they can do is pander, pander, pander to the lowest, most common denominator in the nation.
“Republicans” are Republicans and fucking gutless Libertarians should get the guts to run as Libertarians and stop their hostile takeover of the Republican Party…but, stealing a name and brand is easier for the Libertarian thugs.
You are an angry negro.
Getting the Import-Export Bank reauthorized is one of the key things Boehner hopes to accomplish before he leaves.
Still waiting on Folks to identify the US competitor to Boeing. More crickets I presume.
David Stockman is a fool. He has never been right about any of his doomsday predictions. “Sundown in America” April fools Weekend 2013: http://www.nytimes.com/2013/03/31/opinion/sunday/sundown-in-america.html?_r=0
http://blogs.wsj.com/marketbeat/2013/04/01/skeptics-scoff-at-david-stockmans-doomsday-scenario/
Stockman failed as a politician, as an administration appointee, as a businessman, but he is a great success as a blogger. That tells you something about the advantageous traits that are beneficial to being a blogger doesn’t it FITS?
And he is still making those doomsday predictions. It’s good for his business.
The Implosion Is Near: http://davidstockmanscontracorner.com/the-implosion-is-near-signs-of-the-bubbles-last-days/
“Stocks are a ‘disaster waiting to happen’: Stockman”
http://www.cnbc.com/2015/08/07/