Wednesday, February 18, 2015

History Lesson: Ted Cruz castigates Ex-Im "Bank"

"Dishonest scales are an abomination to the Lord,
But a just weight is His delight."
Proverbs 11:1

The federal Export-Import 'bank' is one of the most noxious pieces of corporate welfare in existence today.  Little more than a taxpayer-financed slush fund for Boeing, the bank nevertheless draws support from both Democrats and legacy R's.  After an attempt to abolish it fell short last year, it's once again up for re-authorization in June.

This afternoon, on a hunch, we decided to check Ted Cruz's position on the issue:
The Export-Import Bank is big businesses' big-government bank backed by U.S. taxpayers. It sends huge amounts of assistance toforeign corporations, buyers, and companies that are hostile to our economic and security interests, but can afford armies of lobbyists to access easy financing backed by American taxpayers.
Contrary to the values that keep America strong, safe and free, the Export-Import Bank has facilitated lending to governments in Congo and Sudan, countries with horrifichuman rights records. It has financed Chinese power plants and backed Russian billionaires buying luxury planes. And, it has provided lots and lots of financing to oil companies in Russia, Brazil, the United Arab Emirates and Saudi Arabia that compete directly with America's energy companies.
Americans shouldn't be forced to finance those who are actively working against them, as a basic matter of prudence. The Export-Import Bank operates outside of commonsense.
There's nothing inherently wrong with big business — and President Obama is wrong to constantly demagogue them — but they don't need special handouts from government. Especially when the government favors hurt other U.S. businesses and jeopardize American jobs.
For example, last year the Export-Import Bank was rebuked by a federal court for failing to fully consider that the support it sent to a state-owned Indian airline wasundercutting Delta, putting up to 7,500 American jobs at risk.
Kudos to Senator Cruz for leading the charge against this Franklin Roosevelt era slush fund for Boeing.

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