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Old 03-21-2015, 06:04 PM   #1
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EX-IM Bank: the President, Democrats, Progressives, and RINOs - Crony Capitalists All

There truly may be no better example of American political crony capitalism than the Export Import Bank.

What Is Ex-Im?

Most people have never heard of the Export-Import Bank of the United States.

Ex-Im exists outside of any cabinet department. Due to special accounting methods, it resides almost entirely outside the federal budget. Even its building is nondescript-the agency is housed in the least impressive structure in the neighborhood immediately around the White House, and that's saying something.

Franklin Roosevelt created Ex-Im in part as a way to subsidize Joseph Stalin. "Since the Bolsheviks had seized power in Russia in 1917, the United States had refused to accept the legitimacy of the new Soviet regime," Ex-Im's official historians William Becker and William McClenahan explain in their 2003 history The Market, the State, and the Export-Import Bank of the United States. "Throughout the 1920s, Presidents Harding, Coolidge, and Hoover conditioned recognition on the USSR agreeing to accepted standards of international conduct. That is, they wanted the Soviet government to end its support of revolutionary activities in other countries, return confiscated property, and accept the international financial obligations of its predecessor government."

But as Hitler's threat grew, FDR's foreign policy advisers and the business lobby pushed for normalized relations without conditions. To this end, FDR created the Export-Import Bank, initially capitalizing it with $10 million from the New Deal Reconstruction Finance Corporation. "Roosevelt's executive order of February 2, 1934, authorized the new bank to finance American trade with the USSR," Becker and McClenahan explain.
The above quote is from Timothy P. Carney's excellent piece, The Crony Capitalism Litmus Test, in the January issue of reason magazine:


Read it and wikipedia's entry...


...if you're an American and care enough about your country to gain knowledge of what I'm discussing in this thread:

Presidential candidate Obama asserted in 2008 that the EXIM Bank is...

...little more than a fund for corporate welfare.
The EXIM was last fully reauthorized by Congress in 2012 and that authorization expired last September 30, the end of fiscal year 2014. Temporary reauthorization for the EXIM past that date was thrown into the overall temporary financial package that kept the federal government from shutting down that time; that temporary funding of the EXIM expires in just a little over three months, on June 30.

During its reauthorization of 2012-2014, EXIM financed almost $100 billion in loans...

...every cent of which US taxpayers are on the hook for.

What's even more intriguing is the fact that statists of all stripes - the President, Democrats, progressives and RINOs - all overwhelmingly support the reauthorization of EXIM; Dems and progys because EXIM is a prototypical New Deal program which totally supports manufacturers (who also happen to be 50% more likely to be unionized), and RINOs because they are incestuously pro-trade, pro-business, and pro-Wall Street...

...which was clearly illustrated in 2012 when the majority of Republicans and every single Democrat voted for the renomination of then EXIM CEO Fred Hochberg.

Last May 14, Texas Republican Representative Jeb Hensarling implored...

Today, I call on every Republican in Congress to simply let Ex-Im expire.
Of course they eventually didn't, but such a pronouncement from a Representative of a growing independent faction of the Republican Party only openly voiced the threat the pro-EX-IM lobby had already been steadily feeling, which had also already turned them to their most stalwart ally in the House - Eric Cantor - to combat...

...but Cantor was already mortally wounded from just another of his crony capitalist stances, for he was battling for his political life simply to win his own Party's nomination to continue his term. His Republican challenger, a Virginia small college economics professor named Dave Brat, campaigned by declaring himself "pro-business" but "against big business in bed with big government".

On primary day, June 10, 2014, Eric Cantor became the first sitting House majority leader in the history of the job to lose his own party's primary, and he didn't just "lose"...

...Brat beat the incumbent by 11%.

During his primary victory speech, Brat declared:

I will fight to end crony capitalist programs that benefit the rich and powerful.
In the general election, Brat trounced his Democrat competition by 24% and his Libertarian opponent by 59%.

Meanwhile, two days ago...

...Republican Mark Kirk (IL) and Democrat Heidi Heitkamp (ND) (with help from Democrat Joe Manchin of WV) introduced a bill to reauthorize the Export-Import Bank through September 2019 - it also overturns limits on bank financing of coal-fired power plants overseas.

Ex-Im Bank bill backing coal plants has strong chance of passing: U.S. senator

Funny thing?

In direct contradiction to what candidate Obama campaigned upon, proclaiming that the EXIM is...

...little more than a fund for corporate welfare.
...the President is now in full support of Congress reauthorizing this particular flavor of crony "corporate welfare" and is likely even to drop his favoring limiting financing of overseas coal-fired power plants if it obstructs in any way the reauthorization of this, a now favored crony piece of "corporate welfare" of his.

My Point?

This is one of those vitals moments in American politics...

...the Export Import Bank should be totally abolished because by doing so, America can finally enact its will to truly begin putting an absolute end to the very issue which is a fatal cancer of this great nation: crony capitalism in all its flavors.

The President is betraying us again...

...he campaigned against the EXIM as he rightly perceived the majority of the American people felt about the EXIM but, once he won the power of the Office, he began again speaking out of the true side of his mouth.

The Democrats and progessives are betraying us again...

...by proving all their crap talk about the "1%" and "the rich" and "corporate welfare" and "inequality" are just that - crap talk - because the reauthorization of the EXIM is the political epitome of crony capitalism and corporate welfare, and will factually entitle the "1%" to sooner become the ".1%", "the rich" to become exponentially more rich, and for economic unjustness to continue to flourish, divide, and destroy this country.

The RINOs are the only bozos not betraying us...

...for their overt patronage to their crony pro-business-in-bed-with-big-government enablers is legendary and one of the primal reasons why RINOs are becoming extinct before our very eyes.

With the President, Democrats, progressives, and RINOs fully in support of funding the reauthorization of the Export Import Bank and allowing it to continue to live as the commandingly blatant crony capitalistic piece of corporate welfare it is...

...it's going to be almost impossible to rid ourselves of this cancer unless a significant number of Americans get up off their butts, put totally aside whatever political partisanship infects them, and unite to do the very best thing our country is begging us to do.

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Old 03-21-2015, 06:07 PM   #2
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Where do you get your internet from, eeyore?
"Well you are the nice one, you're supposed to think that."
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Old 03-21-2015, 06:17 PM   #3
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Originally Posted by Sean View Post
Where do you get your internet from, eeyore?
Where do you get your habitual irrelevancy from, seaniepoo?
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