Reauthorization Of The Import Export Bank
Please note: This clip was made PRIOR to the 2012 elections. Listen carefully to statements made. Can you tell the election is two months away?
The US import-export bank was started in 1934 at the height of the Great Depression. It is up for reauthorization again this year 2014.
Why is this a bad idea?
The US import-export bank is funded with taxpayer’s money.
The purpose of this bank is to hand out subsidized loans to other countries who import our goods. This idea in itself sounds like a good one. However the beneficiaries of this are mainly the Fortune 500s. Big corps like General Electric, Ford, Abengoa, Areva and Siemens are the main beneficiaries. Boeing is also another big beneficiary. These big corps make up only 2 percent of our exports, receive 80 percent of the subsidized loans, yet they have profited in excess of 35 BILLION dollars. Unfortunately the smaller companies here in America are not perceived as worthy of such recognition. This gives an unfair advantage to big corporations.
Pres. Barack Obama has been giving loans to his campaign supporters and picking winners in a bias fashion. He also wants to double the budget. Is this a form of cronyism? I would have to say yes. Did you know that the US gave $18 million in subsidized loans to a steel mill in China! The US’s steel industry has gone down the tubes. Why aren’t we doing more to help ourselves? China is not the only country that receives such loans.
VP Biden supports reauthorization saying US companies need this. Exactly which companies is he talking about? This is “corporate welfare” for the elitist.
So far there are 93 Republicans against rauthorization. These individuals are saying NO to tax payer backed loans given to big corps (corporate welfare). Who are in fact the ones receiving these unfair advantages.
Reauthorization Of The Import Export Bank? I say NO
This is pure Cronyism :the appointment of friends and associates to positions of authority, without proper regard to their qualifications.
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