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The genius new incoming House Majority leader doesn't support Kevin McCarthy opposes renewing the charter of the Export-Import Bank of the United States. The bank is used by US manufacturers to help foreign businesses purchased US manufactured goods when they can't find local or US based financing in the private market. Basically every first world country has a bank like this to support local exports.
The incoming House Majority leader wants to see this gone for ideological reasons. That's despite that it's charter forbids it from competing against private banks.
The net result, according to manufacturers is...
"A Caterpillar spokeswoman said, "For the U.S. to close the Ex-Im Bank in this environment is surrendering export markets and economic growth in the U.S."
"This could be devastating," said Steven Wilburn, chairman and chief executive of FirmGreen Inc., a Newport Beach, Calif., maker of equipment used to purify biogas. About 80% of the privately owned firm's business is outside the U.S., he said, and it could lose contracts it seeks in the Philippines, Brazil and Mexico without Ex-Im Bank backing."
Congratulations to do the do nothing congress, CINO's who now dominate the Republican Party and those of you who call yourself conservative but don't apply logic to your donations or voting patterns.
The US manufacturing base has been shrinking and will shrink more now that US companies won't be able to get financing for their customers. There's a reason why pretty much every first world country has one of these, so not a smart idea to get rid of ours. Great job. Idiots.
Anything this strongly supported by the US Chamber of Commerce is usually bad for most working-wage Americans. The EX-IM Bank is an exception. It helps support US manufacturing and brings in over $1 Billion to the Treasury a year.
Perhaps it needs to be tweaked (for instance does it go exclusively for goods made in the US, or just US based companies?) but to get rid of it "just because" is a bad idea.
Why do they need a piece of paper(charter) to do what they are doing now?
It is the next step to One World Order, where no national barriers exist anywhere. Where there are no such thing as imports or exports, it will just be world wide logistics. There will be no lines to call it immigration, it will just be the world of land and water.
I think a lot of people don't understand the functioning of the Export-Import bank (I certainly did not, until about two years ago). In my understanding it facilitates USA businesses being able to land oversea orders and to immediately (well, within 24 hours) obtain a low-cost loan to cover some costs. A few years ago all sides of the political spectrum spoke well of it.
I think a lot of people don't understand the functioning of the Export-Import bank (I certainly did not, until about two years ago). In my understanding it facilitates USA businesses being able to land oversea orders and to immediately (well, within 24 hours) obtain a low-cost loan to cover some costs. A few years ago all sides of the political spectrum spoke well of it.
Which shows you how far off the reservation the tea baggers really have gone. Remember that the next time one of them claims "the Republican Party hasn't moved to the right at all".
It's funny how short these threads are when the point of them is to think about something and not just whine mindlessly about Obama. It's too bad we can't bring back the pragmatic conservatism of the 90's where things just got done.
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