Posted by Anita Folsom
“Created in 1934,
the Export-Import Bank was a product of [Franklin] Roosevelt’s New Deal. FDR
initially wanted the Ex-Im Bank as a foreign policy tool to make easy credit
available to nations he liked…. The Ex-Im Bank often expected to lose money
because it was making risky loans, or giving subsidies, to favored countries or
favored American corporations. The Ex-Im could lose money regularly and get
replenished in annual appropriations” from the federal government. (Uncle
Sam Can’t Count, Chapter 7)…… In yesterday’s Wall Street Journal,
former Texas Governor Rick Perry announced “Why I’m Changing My Mind and
Opposing the Ex-Im Bank.” First of all, on April 13 an Ex-Im loan officer,
Johnny Gutierrez, pleaded guilty to accepting bribes on nineteen separate
occasions from clients of the bank. And that doesn’t include the 31 corruption
and fraud investigations still pending in regard to mismanagement at the Ex-Im…..To Read More…..My Take - I would like to highly recommend Timothy P. Carney's book. "The Big Ripoff, How big business and big government steal your money". Chapter five is titled, "Boeing's Bank, The Export-Import Bank of the United States." He has written a great deal about this subject since then so you may wish to review some of his recent commentaries on this subject, and watch him strip away the veneer of political rhetoric.
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