Thursday, May 10, 2012

Bipartisanship is Overrated


More and more I prefer the extremists. The latest reason?

"WASHINGTON (MarketWatch) — In a rare display of election-year bipartisanship, House lawmakers acted Wednesday to renew the charter of the Export-Import Bank of the United States following a deal between a top Republican and Democrat."

According to the Ex-Im Bank's 2011 Annual Report, the Bank made $30 billion of loan guarantees and $12.6 billion of direct loans. Of the $30 billion in guarantees, $11 billion were to countries buying Boeing aircraft. For instance, $375 million was guaranteed to KLM Royal Dutch Airlines so it can compete better against US airlines trying to compete against KLM. The US Government subsidizes loans to foreign governments and companies who then have an advantage in competing against US companies.

The Ex-Im Bank is an wholly-owned financing subsidiary of Boeing and an atrocity of crony capitalism. Only a bipartisan Congress could approve this anathema.

Bring on the extremists.


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