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SENATOR MIKE LEE IS LEADING THE CHARGE TO END CRONY CAPITALISM AND AVOID ANOTHER POTENTIAL BAILOUT. THE EXPORT IMPORT BANK IS A BAILOUT WAITING TO HAPPEN, AND IT WILL HAPPEN IF WE DON’T PUSH OUR REPRESENTATIVES TO STOP IT BY NOT REAUTHORIZING IT THIS SEPTEMBER. YOU COULD CALL IT FANNIE & FREDDIE’S UGLIER COUSIN, IF THERE IS SUCH A THING.
“From the stimulus to cash-for-clunkers, from the bailouts to cap-and-trade, from Dodd-Frank to Obamacare, every name-brand initiative of the president’s term has distorted public policy to privilege well-connected insiders and elites at the expense of taxpayers and consumers.
The Export-Import Bank is another taxpayer-funded example of distorted public policy that further erodes Americans’ confidence in our markets and our system.”
Despite fighting with member of their own party, the GOP Establishment lead by Eric Cantor, would like to see the Export Import Bank reauthorized. The reauthorization allows Crony Captalism to run wild with subsidies to large manufacturing companies and banks receiving guaranteed loans. Crony Capitalism in turn continues to keep Repulicrats, like Eric Cantor, in power via campaign donations and kickbacks.
It should also come as no surprise that the Chamber Of Commerce supports reauthorization of the Export Import Bank.
Republicans can rightfully howl all they want about Obama’s failed Solyndra, but they are transferring wealth to the new Corporate welfare queens like:
“General Motors, General Electric, Boeing, and other big corporations receiving taxpayer funds. Have Claribel Ventura and Linda Taylor been replaced by federally financed flops like Solyndra?”
Senator Mike Lee rallied against Crony Capitalism, breeding within the Export-Import Bank, exposing it for the scam that it is, stating
“In short, Congress allows the Export-Import Bank to unnecessarily risk taxpayer money to subsidize well-connected private companies,” Lee wrote in a National Review op-ed, quoting Barack Obama, who is now an Export-Import Bank re-authorization proponent, calling it “a fund for corporate welfare” in 2008.
“Whether the beneficiaries of particular Ex-Im Bank loan guarantees are respected, successful companies like Boeing or crony basket cases like Solyndra is irrelevant,” Lee added. “Twisting policy to benefit any business at the expense of others is unfair and anti-growth” said Senator Mike Lee.
Despite all the myths being perpetrated from the ruling elite, the Export Import Bank puts taxpayers on the hook for all its failures and has absolutely bunk to show when it comes to growth and job creation.
The Export Import Bank doesn’t create jobs .
Read the fine print in the mission statement of the Export Import Bank. They say they “support jobs”. They don’t create American jobs. When the Export Import banks makes loans to companies, capitol is reallocated from another sector of the economy which weakens the economy. Promoting Exports through subsidized financing has been proven to be an inadequate way of creating jobs based on a 2011 Congressional Research Service.
The Export Import Bank makes grandiose promises that are not based on sound economics.
They believe in a convoluted bureaucratic concoction that by providing loans to foreign companies it will incentiv-ize job growth in the US. It defies common sense and there’s no evidence to suggest that this is happening. Diane Katz from the Heritage Foundation blows this claim out of the water.
Taxpayers are not immune from danger with The Export Import Bank regardless of false promises from bureaucrats.
In 1987 The Export Import Banks revealed long term stunning losses amounting to nearly $3 Billion. Similarly to Fannie and Freddie, The Export Import Bank has shoddy book keeping and according to the GAO they are working on a faulty model that estimates costs and losses. The Export Import Bank is also running on the false premise just like Fannie and Freddie that they are fiscally sound and there will never be a bubble that will burst that will require a bailout.
The Inspector General and the GAO have warned the Export Import bank of their impending doom and have pointed out they are not safeguarded against waste, fraud and abuse.
Ultimately The Export Import Bank distorts the market which will cause American Companies to fail.
Boeing which by many estimates have accounted for about 80 percent Ex-Im’s loan guarantees recently acknowledged they have no need for Ex-Im’s support and could arrange alternative financing. Only 2.2 percent of all US Imports received financing from the Export Import bank in 2012. When it boils down to it, Ex-Im only finances a few wealthy connected companies. These companies can create a monopoly thanks to Crony capitalism and crush the competition.
The Ex-Im Bank picks winners and losers and is a slush fund to keep Republicrats and Marxists in power in Washington DC. It’s time to drain the swamp.
Senator Mike Lee contends:
“the Export-Import re-authorization battle comes at an opportune time. Authorization lapses on Sept. 30, right before the midterm elections. Republicans could oppose subsidies for big business at the same time the White House and most congressional Democrats are defending them”.