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A Bubble For “Boeing’s Bank?”



This website has consistently railed against the U.S. Export-Import Bank – which has become little more than a taxpayer-backed loan program for aircraft manufacturer Boeing.

Hence its nickname “Boeing’s Bank …”

But Timothy Carney of The Washington Examiner has been all over this crony capitalist giveaway from the get-go … and he’s filled in another chapter with his latest report on the controversial “bank.”

According to Carney, a looming global slowdown in aircraft orders could mean big trouble for the “Ex-Im” bank, which is “heavily exposed to Boeing’s customers.”

Yikes. That’s especially worrisome news for South Carolina – which has bet big on Boeing with borrowed taxpayer dollars.

Carney’s column raises an even more fundamental point, though …

“Should we have a government program that is mostly dedicated to helping one company?” he writes.

Hell no. Especially not when that program gives foreign airlines a competitive advantage over domestic carriers – which reduces competition for routes and ultimately raises costs for consumers.

“Congress has a choice between American free enterprise and Boeing,” Carney concludes, referring to this year’s vote on Ex-Im reauthorization.

Let’s hope (for once) Congress chooses wisely … but we’d advise against holding your breath.