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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State Rep. Says General Electric Told Him to Lie About Ex-Im Bank

The GE Building

Boeing and GE really really want to keep the taxpayer underwritten Export-Import Bank. It’s a sweet deal for them and they (along with a few other companies) have deployed an army of lobbyists in an effort to keep the boondoggle alive. In this case it appears that one of GE’s lobbyists stepped over the blurry ethical line. Not that this isn’t to be expected. There’s a lot of taxpayer money potentially at stake.

(From The Washington Free Beacon)

A General Electric employee pressed a Wisconsin legislator to falsely blame the closing of a facility there on the expiration of federal subsidies,

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Boehner colludes with super liberal Maxine Waters to shaft taxpayers yet again?

The Export-Import Bank of the United States which provides below market financing underwritten by taxpayers for giant corporations needs to die. Its charter wasn’t renewed in June, which is excellent, but the “bank” could still be revived if John Boehner attaches a revival to a big bill, a must vote on bill, like the highway bill. According to the hyper liberal, extreme statist, uber crony capitalist Maxine Waters, a Democrat, that just may be in the cards.

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Crony Export-Import Bank will die at midnight, Will Congress bow to Boeing, GE, the Chamber and revive it?

You better believe it. If they can. There’s is so much money and power behind keeping the corporatist boondoggle going it is hard to see how the Ex-Im dragon could be slain for good. (It can be slain however.) The corporations are for it. The unions are for it. The President is for it. The Democrats in Congress are for it. Many of the Republicans in Congress are for it.

Who’s against it? The taxpayers, a few modern liberals like Ralph Nader,

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Taxpayers bailed out GE Financial in 2008, Now GE is selling off GE Financial, No “Thank You” to taxpayers

GE got caught with its pants down. It over leveraged itself like much of Wall Street before the 2008 Crash and then begged Hank Paulson in Bush’s Treasury to save the company from its bad bets. Which Paulson did – or rather WE did. Now, fully indemnified and then some, GE is getting rid of its financial division. Exiting the scene free and clear. No problem. No pain. Everything’s fine. No Thank You to the taxpayers.

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10 Giant Corporations Which Don’t Pay (Federal) Taxes

As anyone who reads us regularly knows we are fans of letting people and businesses keep as much of their own money as possible. At least tax breaks don’t cost the taxpayer anything and if the (tax break) money is kept in the private sector that money is much more likely to be used efficiently. (Of course the Fed has deeply undermined this mechanism with QE and near 0% rates.) However, as we also say, tax breaks can still be a form of crony capitalism.

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Chief Executive Magazine: Why Crony Capitalism Hurts Us All

C.J. Prince, the author of this article does an excellent job of examining crony capitalism and the associated dangers to the economy. Crony capitalism does indeed hurt us all. Even Boeing and GE will likely be hurt in the long run. If the USA becomes a truly cronyist economy growth will limp along (if we are lucky), dynamism within the economy will suffer from lack of oxygen, wealth will slowly erode away from the middle class, and we will wake up one day and find ourselves outclassed by freer economies in other parts of the world.

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Crony Duo: Bill Clinton and GE CEO Jeff Immelt team up to defend crony capitalism and Ex-Im

Ex-Im isn’t just “Boeing’s Bank.”

If there are 2 guys who know about and have benefited from crony capitalism Bill Clinton and GE CEO Jeffery Immelt are those guys. They are political business people. They are fully on board with the corporate state. They believe that government and business should partner. They see no problem with crony capitalism. The stronger the partnership between government and business the better because that means more risk is underwritten by the US taxpayer while the crony class gets to reap the profits.

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Elizabeth Warren, Hypocrite, Supports Ex-Im Bank

Photo credit: Tim Pierce

I am sorry progressives but this woman is out to lunch. She’s the same old same old. She does the whole doe eyed earnest thing very well, but when it comes down to it she appears to be yet another old school corporatist.

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Obama says he wants to ‘partner’ with American business

President Obama and GE CEO Jeff Immelt share a tender moment.


This is nothing new. They’ve long been partners. From GM to Goldman Sachs, from GE to Monsanto, this administration has sought to “partner” with business since the beginning.

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Obama’s “Power Africa” means a billion dollar payday for General Electric

“The interaction between government and business will change forever. In a reset economy, the government will be a regulator; and also an industry policy champion, a financier and a key partner.” – Jeffrey Immelt, CEO of General Electric

From the first days of this site we have chronicled GE’s mastery of the crony capitalist system. The company is extremely good at leveraging its size and political connections. Arguably there’s no company that works the system better.

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