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Rebuking Ex-Im Crony Capitalism: Props To Jeb Bush




|| By FITSNEWS ||  This website has made it abundantly clear Jeb Bush is not our candidate of choice for president in 2016.  Sure, we love his record when it comes to market-based academic reforms, but beyond that he’s just not in our ideological matrix.

What matrix is that, you may ask?  It’s pretty simple: We believe government should do a handful of things – i.e. cops, courts, prisons, select infrastructure and a limited market-based social safety net – in the name of protecting life, liberty and property.

Beyond that, it should get the hell out of the way and let freedom … and free markets … ring.

Oh, we’re not the only ones who believe that, either.  You (or most of you) believe it, too … you’re just not voting in a manner consistent with those beliefs.

“You could ask 1000 people what characteristics they want in a president and 990 will describe (former U.S. Rep.) Ron Paul,” wrote Thad Beversdorf, the chief economist at ABX/Bullion Capital. “However, ask 1000 people what they think of Ron Paul and 990 will say he’s crazy. Why?? Because that’s what we’ve been told to think. So we think it. It is that simple.”

It is … which is why we endorsed Ron Paul‘s 2012 GOP primary campaign.  And why we endorsed former New Mexico governor Gary Johnson in the general election.

Anyway …

We do give Bush props this week for his recently announced decision to oppose the U.S. Export-Import bank – a.k.a. “Boeing’s Bank.”

This crony capitalist slush fund offers billions of dollars in favorable loans (guaranteed by taxpayers) to a select few foreign corporations – the vast majority of whom turn around and buy airplanes from Boeing.

Who does this benefit?

“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.

Yeah … these people.

Who does Ex-Im hurt?  American-based airlines, who are forced to sacrifice routes to keep up with foreign competitors who have just been granted an unfair competitive advantage.

Those lost routes mean higher ticket prices for you …

Being the “Republican” establishment favorite, we were surprised to see Bush oppose this market-distorting, corporate handout.  But he did.

“I think most of these things should be phased out,” Bush said last month, referring to the broader issue of government subsidies for the private sector.

Included in Bush’s list? “Boeing’s Bank.”

His reason for opposing it?

“We should find ways to lessen the contingent liability of the federal government,” Bush said.

That’s true … but more fundamentally, such handouts are unfair.

However he arrived at his decision, Bush’s rebuke of the bank is especially encouraging seeing as he’s campaigning in early-voting South Carolina – home to a heavily subsidized Boeing manufacturing facility.

It’s also quite a contrast to the recent sellout on this issue by U.S. Rep. Mark Sanford – who claims to be a limited government conservative and who once explicitly rejected such crony capitalist deals.

No more, apparently …

Anyway, props to Bush on this issue.  Let’s hope the other 2016 candidates follow his lead.