Congress should rein in the Export-Import Bank
Another sign of the blatant cronyism involving the Export-Import Bank emerged this week.
First Solar, a solar panel manufacturer, is by most standards a failing company. It suffered a net loss of $39 million in 2011, and an even greater loss of nearly $100 million in 2012. The company threw away $215 million at one point on solar panels that ended up failing at high temperatures. (A solar panel that can’t withstand heat?)
But First Solar has political connections within the Obama Administration. And it also has a trump card: First Solar is a member of the “Business Alliance,” a secret clique of corporate donors to the Center for American Progress (CAP). CAP, in turn, lobbied Capitol Hill for First Solar, without disclosing the financial support it receives from the flailing solar energy company:
Read More »
Bill Richardson and the Curious Case of the Ex-Im Bank
On today’s edition of Coffee and Markets, Brad Jackson and Ben Domenech are joined by CJ Ciaramella to discuss possible replacements for Lisa Jackson at EPA, Bill Richardson’s shady dealings with the Export-Import Bank and the future of Buzzfeed.
Read More »
GOP Leaders: “Let’s Just Get Something Done”
Over the past few weeks, we’ve observed the Republican form of bipartisanship on display, particularly, with regard to Cantor’s deal to extend the Export-Import Bank. Democrats wanted the extension with a 40% increase in the lending cap, GOP leadership wanted a 13% increase, while conservatives wanted to wind it down. The grand bipartisan deal was finally forged, and the House voted to increase the lending | Read More »
Dear Tea Party, Applaud Rand Paul
Senator Rand Paul (R-KY) has stepped up to the plate to fight reauthorization of the crony capitalist Export-Import Bank. I wrote yesterday that the Tea Party is losing on this issue despite the heroic efforts of Rep. Tom McClintock (R-CA) and other members who agree that the Ex-Im Bank is a high offense against free market capitalism. The Export-Import Bank was created in 1934 by FDR to facilitate trade | Read More »
Dear Tea Party, We Are Losing
Please send more members to Congress. The House just passed legislation that is offensive to free market capitalism reauthorizing the Export-Import Bank. And only 93 conservative Representatives opposed. Conservative cheers to Rep. Tom McClintock (R-CA) for making a speech on the House floor discussing the reasons why it is a terrible idea to reauthorize the crony capitalist Ex-Im Bank. A bill to reauthorizes the Ex-Im Bank through 2014 | Read More »
The Cycle of Capitulation Continues
In the past, we have chronicled the cycle of capitulation that is so emblematic of Republicans in the 112th Congress. It goes like this: Democrats propose some odious and profligate legislative idea or budget bill and call for tax hikes as “pay-fors.”. Conservatives advocate that we uproot the entire premise of the destructive legislation by drawing a line in the sand on the principles that | Read More »
Top Ten Reasons To End The Export-Import Bank
Corporate Welfare and Crony Capitalism are the two phrases that come to mine when a free market conservative hears talk of reauthorizing the Export-Import Bank. According to The Hill, it looks like the House will take up a Export-Import bank reauthorization, including a massive $40 billion increase in loan authority, as early as next week. A draft deal negotiated by House Majority Leader Eric Cantor (R-Va.) and Minority Whip | Read More »
Some GOP House Members Beg Leadership for Ex-Im Bank Extension
Undoubtedly, as we pursue a limited government agenda, we face an arduous task in reducing personal dependency on government. Democrats have successfully created a scheme where almost half the population pays no income taxes, while 40% receive something from the government. Their relentless demagoguery makes it difficult to wean people off welfare and entitlement programs. However, there is a lower hanging fruit in the statist | Read More »
Question for GOP Leaders: How long halt ye between two opinions?
As Republicans, we have ridiculed Obama’s stimulus, bailouts, picking winners and losers, crony capitalism, Keynesian economics, European-style socialism, and Solyndra-style loans. Yet, there might only be 50 Republicans in the House who are willing to block a GOP effort to reauthorize a New-Deal policy that represents all of the aforementioned vices. Roll Call is reporting that Eric Cantor is negotiating with Steny Hoyer in an | Read More »
Senator Obama Was Correct – The Ex-Im Bank Is Corporate Welfare
On September 22, 2008, Senator Barack Obama (D-IL) sounded like a conservative in the below speech. Candidate for president Obama railed against programs “that don’t work” like a “reading program that hasn’t improved our children’s reading.” This talk was music to the ears of independent and conservative leaning democratic voters who don’t like government waste. Sen. Obama talked about duplication in government programs and advocated cutting those programs. | Read More »
The Export-Import Bank’s Punishing Effect on Domestic Airlines
Download Podcast | iTunes | Podcast Feed On today’s edition of Coffee and Markets, Brad Jackson and Ben Domenech are joined by Delta’s Ben Hirst to discuss the Export-Import Bank’s unfair lending policies, what challenges the airlines face in this economic downturn, and how air travel in the TSA era can be improved. We’re brought to you as always by BigGovernment and Stephen Clouse and | Read More »
Will Republicans Vote to Raise the Debt Limit for the Fannie Mae of Corporate Welfare?
“Click here to call your Congressman and make your voice heard. Tell him to let the Export-Import Bank charter expire.” The Export-Import Bank is a federal agency whose sole reason for existence is to use your tax dollars to subsidize sales of American manufactured goods to foreign buyers. It is nothing short of corporate welfare, and its business model (providing loans and loan guarantees at | Read More »