DCPolitics

Tim Scott, Lindsey Graham Vote For Crony Capitalist Bailout

SHAMEFUL VOTE AIDS CORPORATE EXECUTIVES, HURTS CONSUMERS || By FITSNEWS || Both of South Carolina’s U.S. Senators – including so-called “conservative” Tim Scott – have voted to reauthorize a scandal-scarred crony capitalist slush fund that benefits wealthy corporate executives at the expense of American consumers. Scott and liberal “Republican” Lindsey Graham…

SHAMEFUL VOTE AIDS CORPORATE EXECUTIVES, HURTS CONSUMERS

|| By FITSNEWS || Both of South Carolina’s U.S. Senators – including so-called “conservative” Tim Scott – have voted to reauthorize a scandal-scarred crony capitalist slush fund that benefits wealthy corporate executives at the expense of American consumers.

Scott and liberal “Republican” Lindsey Graham both voted to support the U.S. Export-Import Bank (a.k.a. “Boeing’s Bank”), a market-distorting loan program which provides taxpayer-guaranteed low interest financing to foreign corporations purchasing big-ticket items from select U.S. corporations.

The majority of the loans typically go to foreign airlines – enabling them to get discounted pricing on Boeing airplanes.

The bank’s authorization expired on July 1, but corporate lobbyists have been working feverishly to get it extended.

Who benefits from this “bank?”

Easy: The top brass at the firms receiving the subsidies.

“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 … Boeing executives.

Meanwhile the loans hurt American consumers by giving foreign airlines an unfair competitive advantage over their U.S. competitors.  That not only threatens jobs at these U.S. airlines, it results in them canceling routes due to their inability to compete.

And that means higher ticket prices for consumers …

This website has consistently opposed this slush fund – and the politicians who support it (including the exceedingly hypocritical Mark Sanford).

Aside from being a fundamental betrayal of free market principles, it is a textbook example of putting the interests of select corporations ahead of those of the consumers.

Twenty-nine GOP Senators – including 2016 presidential candidates Ted Cruz of Texas and Rand Paul of Kentucky – opposed the bank’s reauthorization.  So did Democratic presidential candidate Bernie Sanders, an independent U.S. Senator From Vermont.

Unfortunately that wasn’t enough as 22 “Republican” Senators joined forty-two Democrats in backing the bank.

Another 2016 presidential candidate – U.S. Senator Marco Rubio of Florida – was not present for the vote.

***

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27 comments

Daniel Boome July 28, 2015 at 10:07 am

So, Bernie Sanders and Ted Cruz agree, huh? Wonder if either one of them will put that on their resume.

Reply
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Reply
Nölff July 28, 2015 at 10:23 am

Scott’s not the golden boy everyone made him out to be.

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He Still Has His Uses July 28, 2015 at 11:00 am

All they care about is having the token black guy.

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shifty henry July 28, 2015 at 1:24 pm

and he’s saving the seat for…?????

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Philip Branton July 28, 2015 at 10:38 am Reply
well-i-am into it July 28, 2015 at 10:40 am

Scott is turning out to be a peacemaker in things that advance the agenda of the “Washington cartel” as Cruz puts it….or at least a mute spectator. It is astonishing that Scott had nothing to say about the planned parenthood, about ex-im bank and all the stuff that is destroying our people. So much for being a conservative Christian and for advancing Christian values. How many times in the Old testament did God mock the silence of Kings who said nothing against the evils in their society? Even our mighty Pope could not stand it and said that it is immoral for governments to take from poor and give it to rich, as they are doing now via “stimulus” and “infrastructure” and the ex-im bank. Governments across the world are doing it in the name of economic stimulus and it is killing the average citizen while enriching the political class and the ultra-rich.

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Rakkasan July 28, 2015 at 11:15 am

Killing the average citizen? Destroying our people. Jeb says “work harder”. I say, hyperbole much?

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Mandingo July 28, 2015 at 6:49 pm

It’s call “go along get along”. Tim Scott only has an opinion when Jim DeMint gives him one. Much like Clarence “Uncle” Thomas who similarly waits for Antonin Scalia to tell him what to think and vote on matters before the SCOTUS.

Say nothing and be invisible is Scott’s credo.

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Buddy Miles July 28, 2015 at 10:41 am

Business 101: Never use your own money when you can use others’.

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Cooter Brown July 28, 2015 at 11:06 am

Whatcha ‘spect? Dey go up thare, get a little freaky, sumbody snaps a photo or two, an’ dey does whut dey iz told or the shizzle goes publick. That’s th’ only way I can think ov t’ account fer th’ inability for folks up thare t’ doo right!

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Bible Thumper July 28, 2015 at 11:33 am

This article sounds like the anti-corporate diatribe you would get from the Daily Kos or Salon.

David Stockman is to economics what a snake oil salesman is to pharmaceuticals. He started the meme that made the Ex-Im bank a litmus test for Libertarians. He is wrong about Ex- Im as he is wrong about everything else. In March 2013, he predicted the stock market would crash. As of today using a total return S&P calculator an investor would have made 30.598%.

When it bursts, there will be no new round of bailouts like the ones the banks got in 2008. Instead, America will descend into an era of zero-sum austerity and virulent political conflict, extinguishing even today’s feeble remnants of economic growth…… When the latest bubble pops, there will be nothing to stop the collapse. If this sounds like advice to get out of the markets and hide out in cash, it is. Stockman, NYT, March 30, 2013

Read about David Stockman’s disastrous business career in the
Business career section of his Wikipedia site. Indictment and bankruptcy are his business legacies.
https://en.m.wikipedia.org/wiki/David_Stockman

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TroubleBaby July 28, 2015 at 11:51 am

“This article sounds like the anti-corporate diatribe ”

You’ve mistaken anti-corporate diatribe with anti-corporate welfare diatribe.

Keep calm. Carry on.

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nitrat July 28, 2015 at 12:23 pm

I’m more interested in the disaster David Stockman created shilling Trickle Down as Ronald Reagan’s budget director when he knew it was a flim-flam…we’re still paying for that on an ongoing basis.

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Marco Rubio July 28, 2015 at 12:42 pm

I intended to vote against it, but my GPS went blank, I missed my flight and couldn’t get there in time.

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tomstickler July 28, 2015 at 2:25 pm

What you should really be focusing on is Tim Scott, with $366,000 in donations from oil companies, co-sponsoring a bill that would lift the ban on export of crude oil, and would allow oil drilling and production right up to our coast if the Governor and the Secretary of the Interior agree to allow it. So much for that 50-mile limit all the drill-baby-drill types used to ease our worries about spills and blowouts.

Haley has received over $74,000 in contributions from the oil industry and is a member of the Outer Continental Shelf Governors Coalition — a secretive group founded in 2011 to
revive and expand offshore drilling in the wake of the BP disaster. The day-to-day operations of this coalition — chaired by Gov. McCrory from NC — is managed by an oil lobbying group, HBW Resources.

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Ryan P. Curtis July 29, 2015 at 2:30 am Reply
CorruptionInColumbia July 28, 2015 at 2:47 pm

I am disappointed in Mr Scott’s vote, here. Perhaps we could help him to be a better Senator if we wrote or called him and gave him one simple piece of advice. Find out how Lindseypoo is voting and the vote the opposite. In probably 99% or mor times, he will vote the right way and in the best interests of his country if he does this.

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Now U Know July 28, 2015 at 2:57 pm

Tim Scott is a God Damn for sale opportunist. He is now on the list of being lawless and corrupt. Knew he was jumping around to line his own pockets. Fucking POS.

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Mandingo July 28, 2015 at 6:41 pm

And this is news to you? Scott has made a career out of being the token (or as some of you caucasian types would say “a good one”) black conservative. He gives the same, tired as speech to his adoring republican fans, the one where he overcame poverty and had to walk 20 miles to school, yada, yada, yada.

That useless fuck didn’t do a damn thing during his time on Charleston County Council and even less in the SC House.

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Wilhelm von Winkelstein July 28, 2015 at 4:13 pm

TIM SCOTT was once a good man. Unfortunately, he has become one of the Washington “Elite” who flaunts the law. Sad really…

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Mandingo July 28, 2015 at 6:29 pm

That Uncle Tom was NEVER a good man. He has and will always be Jim DeMint’s boy. Hell, DeMint can’t take a decent shit because Tim Scott’s nose is so far up his ass.

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nitrat July 28, 2015 at 5:18 pm

You people who are so upset with Tim Scott: did you ever hear of him objecting to state or local incentives to companies when he was in the Charleston County Council or SC Legislature? What’s the difference? Other than the Ex-Im Bank actually makes a profit for the country.

All these local incentives are a permanent loss of money on the how the property is valued. Like with Boeing, pretty much the only benefit to city, county and state is what the workers pay in various taxes.

And, I bet for all the Koch anti-Ex-Im propaganda, they get tax breaks and other incentives in every city, county and state where they do business across the USA – there’s a great investigative story for something like Mother Jones.
I know at the Georgia Pacific in my county, they get the usual fee in lieu of property tax deal. And, the company they bought the facility from got all kinds of free infrastructure work done before they opened….that WE paid for. Who knows what other freebies?

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Bible Thumper July 28, 2015 at 5:38 pm

Similar banks, known generally as export credit agencies (ECAs), are operated by 60 foreign countries.
Foreign countries support their exports but the US is going to leave US companies at a disadvantage costing jobs.

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So what? July 28, 2015 at 7:40 pm

Who cares if other countries subsidize products that we can buy cheaply with their taxpayers money?

The existence of such doesn’t mean we should do the same.

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Bible Thumper July 28, 2015 at 7:58 pm

What if you worked for the company that must compete with that disadvantage? You might lose work or your job. Or maybe the American business fails and then the foreign company raises their prices.

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Slartibartfast July 30, 2015 at 2:42 pm

The Ex-Im Bank is BAD.
The Ex-Im Bank benefits S.C. companies.
X O X
O X X
O O X
It’s the end of the world as we know it!

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