Export-Import Bank’s Secret Dealings Demonstrate the Problem With Crony Capitalism

You know, we almost killed it. But the establishment GOP saved Ex-Im at the last minute. (Joining with Dems.) We bet Trump will let it live and perhaps give the agency new life.

That would be a shame. But you know – jobs. That’s how this corporate welfare will be sold.

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The Bipartisan (Crony Capitalist) Push to Fully Restore the Export-Import Bank

The lobbyists from the Chamber of Commerce (not to mention from Boeing and other companies) have been leaning hard on lawmakers to restore The Export-Import Bank, “Boeing’s Bank“, to full capacity. And because many Republican lawmakers are only for free markets when it is convenient the bank likely will be restored completely and totally.

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Ex-Im Is Back In Business, Boeing Cuts 4,000 Jobs Anyway (Company threatened job cuts last year if it lost its Export-Import Bank subsidy)

Flying high in the crony skies.

So nice that Boeing, now with its huge taxpayer underwritten subsidy in hand thanks to many Republicans who abandoned the free market to support crony capitalism, slashes a bunch of jobs. The company had threatened to slash jobs if it didn’t get an Ex-Im renewal, but in the end it got rid of thousands of jobs anyway.

Crony capitalists do not operate on good faith or anything close to it. Remember this for the future.

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Well they did it. The House votes to revive the Export-Import Bank, Boeing’s Bank

(From House.gov)
FINAL VOTE RESULTS FOR ROLL CALL 576
(Republicans in roman; Democrats in italic; Independents underlined)

H R 597      YEA-AND-NAY      27-Oct-2015      6:32 PM
QUESTION:  On Passage
BILL TITLE: Reform Exports and Expand the American Economy Act

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Cronies pulling out the stops on renewal of New Deal Era Ex-Im Bank, “Boeing’s Bank,” The cronies fear real change, life after Boehner

Now, who’s Boeing and who is Congress in this picture?

On October 9 members of the House, pretty much every Democrat (Which is just a crying shame but speaks to conformist nature of the party under Ms. Pelosi, Dems used to hate Ex-Im.) and a smattering of Republicans (but just enough) signed a “discharge petition” to bring a vote on the Export-Import Bank to the floor of the House through extraordinary means. The giant corporations, specifically Boeing, GE, Caterpillar and a few others have deployed their lobbyists in an all out assault on the anti-crony insurgents in Congress.

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