Friday, July 25, 2014

Is the Republican Congress Likely To Continue New Deal Era Corporate Welfare...

by: Les Carpenter
Rational Nation USA
Purveyor of Truth


Excerpt from NATIONAL REVIEW ONLINE that highlights the reality that republicans are, and have been as supportive of crony capitalism and corporate welfare as democrats.

... If Republicans in Congress simply do nothing, the New Deal–era Export-Import Bank, which guarantees loans so that American multinationals can sell products overseas, will vanish at the end of September. Last year, the bank backed $37.4 billion in loans, loan guarantees, working-capital guarantees, and export-credit insurance, the vast majority of which went to mega-companies such as Boeing, General Electric, and Caterpillar.

Despite Ex-Im’s protestations that it has programs to help women, minorities, and small businesses, the bank is essentially a form of corporate welfare for giant multinationals. As the Wall Street Journal puts it: “If a private bank won’t do an export-financing deal, why should Congress put taxpayer money at risk to clinch the deal? In today’s global financial markets, companies large and small can access trade financing, either in the capital markets or from lenders.” Indeed, Standard & Poor’s has figured out that Boeing would do just fine without the bank, even though Boeing made up more than one-third of the bank’s loan portfolio from 2007 to 2013. “We don’t believe that the expiration of Ex-Im’s authorization in September would hurt Boeing’s credit quality or ability to make planned deliveries in 2014 and 2015,” S&P analysts wrote.

Of course, the Ex-Im Bank claims that it has recently made money for the taxpayers. True enough, but there have been years where it suffered losses. By a “fair value” accounting approach, meanwhile, the system recommended by the Congressional Budget Office (but not used by Congress), Ex-Im will cost billions over the next ten years.

The bank’s authorization to exist goes away at the end of September, and if the Republican House simply does nothing, it can demonstrate that it has some backbone when it come to reining in corporate welfare, political favoritism, and taxpayer risks. ...

I'm betting the republicans follow past habits. What's SAY YOU??

The read rest of the article HERE.

18 comments:

  1. This comment has been removed by the author.

    ReplyDelete
    Replies
    1. Unfortunately the Tea Partiers were just dupes for the very corporatist crony capitalism loving entities they SAID they opposed. The only movement that is in GENUINE opposition to corrupt crony capitalism/corporatism is OWS... and, with OWS you don't get any of the racism and bigotry that was a part of the Tea Party movement.

      Delete
    2. OWS?

      BULLSHIT, BULLSHIT, and BULLSHIT.

      Enough said Dervish, or do I need to make it clearer for you?

      Delete
    3. This comment has been removed by the author.

      Delete
  2. A democratic party supported agenda initially but fully embraced and perpetuated by republicans, TP adherents, and businessmen and women every since.

    I don't by for even a minute republicans, of any stripe, have any interest in changing the status quo with respect to this issue. They are deeply and seriously infected with Obama derangement syndrome.

    ReplyDelete
    Replies
    1. Progressive Democrats are opposed to this agenda. With Blue Dog (Conservative) Dems like Obama, it's another story. Which is why, if Elizabeth Warren runs for POTUS, she has my vote. ALL the others (including Gary Johnson) are either for keeping things the way they are - or want to "get government out of the way" so, instead of enriching themselves via government handouts, the corporate fat cats can enrich themselves by further screwing workers and the public.

      Delete
    2. You want European or Greek democratic socialism or worse. Just come out and say it.

      I don't. and will work for Warren's ultimate defeat if she runs.

      Delete
    3. This comment has been removed by the author.

      Delete
    4. No economic system is perfect. One of the pitfalls of Capitalism is that it concentrates wealth at the top. You yourself have admitted this is a problem. Although I doubt your sincerity. Socialism is the only way to counteract this downside of Capitalism. So, yes, I believe we need more Socialism. Although I'd go for European socialism OR BETTER (and absolutely not "or worse").

      The Libertarian "solution" to the crony capitalism problem is to weaken government so the plutocrats don't have to buy off our elected officials. Then they'll be able to screw workers and the rest of the population directly.

      The Progressive solution is to reform government so the plutocrats can't bribe our elected officials. Then we will have a government that is truly "of, by and for THE PEOPLE". A weak government with individuals fighting for themselves means those with the most money rule. Which is what RN wants. He should just come out and say it.

      BTW, I have no doubt that the plutocrats smile when they see a dupe declaring their hatred for OWS, as OWS truly is a movement for the 99 percent.

      Delete
    5. Doubt my sincerity as much as you would like.

      It is not my problem you fail to grasp my posistion. Suffice to say I do not desire to through the baby out with the bath water. Capitalism can be improved, it does not have to be destroyed, something I sincerely believe you desire. Certainly you sickle and hammer that display on your site supports my sincere belief you desire Soviet style totalitarian communism.

      OWS, yeah right.

      Delete
    6. PS: Don't bother trying to justify progressive ideology as you'd be wasting your time.

      Also, no need to spend your time explaining it to me, I'm aware what it is and comfortable not being one. I like my independence and will continue to enjoy it.

      You certainly are free to continue your lockstep progressive partisanship and worship of Leviathan all day long.

      Delete
    7. This comment has been removed by the author.

      Delete
  3. The most illustrative case study in my mind is that of Jeffrey Immelt and GE. They made out like a bandit under Bush and steady as she goes with Obama.

    ReplyDelete
  4. Will, good point. Continuing on this thought it is safe to bet that... the more things change the more they stay the same. Money talks, it buys influence, it always has, it always will, and NO POLITICAL party is immune from the hook.

    ReplyDelete
    Replies
    1. From Halliburton to Goldman Sachs to Philip Morris to H&R Block to you fill in the blank. Absolutely.

      Delete
    2. This comment has been removed by the author.

      Delete
    3. TARP was a total giveaway to the wealthy and I strongly opposed it. And I've never defended any "scams". As for destroying jobs so venture capitalists could swoop in and buy the auto manufacturers for a song (and shaft workers by destroying pensions and resetting wages to lower levels)... YES, I opposed that and am proud to admit it. Was the way the bailout structured ideal? I'd say no, but the alternative I just described (one I imagine the commenter above me favored due to his hate for workers) would have been a very bad idea. Even bush (the president who signed both pieces of legislation) knew that.

      As for the incorrect belief that I'd like to see Capitalism destroyed... it isn't my problem if RN fails to grasp my position. Capitalism is a fine system, but it needs a balance to counteract it's deficiencies.

      Delete
    4. This comment has been removed by the author.

      Delete

As this site encourages free speech and expression any and all honest political commentary is acceptable. Comments with cursing or vulgar language will not be posted.

Effective 8/12/13 Anonymous commenting has been disabled. This unfortunate action was made necessary due to the volume of Anonymous comments that are either off topic or serve only to disrupt honest discourse..

I apologizes for any inconvenience this necessary action may cause the honest Anonymous who would comment here, respect proper decorum and leave comments of value. However, The multitude of trollish attack comments from both the left and right has necessitated this action.

Thank you for your understanding... The management.