Ronald Reagan once said that, “The closest thing to eternity is a government program.” Case in point: The Export-Import (Ex-Im) Bank, which has made most every conservative list of programs to eliminate over the last few decades.
The House Financial Services Committee—controlled by Republicans—recently passed legislation (H.R. 2072) to reauthorize the Ex-Im Bank, which is nothing more than corporate welfare to corporations that export. It was passed without a recorded vote so we don’t know who would have opposed the legislation, but the voice vote does tell us that a sufficient number of conservatives did not mobilize against the legislation in committee.
In short, the Ex-Im Bank subsidizes lending (direct loans, loan guarantees, export credit insurance etc.) for American corporations that export and foreign corporations that purchase U.S. exports. H.R. 2072, authored by Rep. Gary Miller (R-CA), would extend the program for four years and increase the Bank’s exposure cap by 60 percent from $100 billion to $160 billion
Even though the Ex-Im Bank claims to be a self-sustaining institution that collects fees to cover its operating expenses and reserve obligations, federal taxpayers are still on the hook for potentially bad loans. Supporters note that the loans can only be made if there is a “reasonable assurance of repayment,” but of course, the individuals making these investment decisions are backed by the full, faith, and credit of the U.S.—not trying to ensure that their own hard-earned money gets enough of a return to allow them to stay in business. Lending standards inevitably slip. As Daniella Markheim has noted in calling for the elimination of the Bank, “U.S. government programs that subsidize risk offer above-market returns, in effect privatizing gains while potentially socializing losses.” Not to mention, any time you have a government institution making lending decisions there is a high risk of politics conspiring against the interest of taxpayers.
So in the few short months since re-taking control of the Financial Services Committee, Republicans are showing that they really were not paying attention to the financial crisis of the last few years—a crisis brought on, in large part, because of a political class that thought it was a good idea to create mammoth “self-sustaining” institutions (Fannie and Freddie) that privatized gain at the expense of socialized losses. This lesson should have been learned by now, and Republicans should be attempting to sunset corporate welfare programs such as the Ex-Im Bank. Instead, they extend and expand. H.R. 2072 should not be scheduled for consideration by the full House of Representatives, and if it is, it should be vigorously opposed.
Moe Lane
PG DeFreese
Victoria Coates
Daniel Horowitz
Dan Spencer
I wonder if the presidential candidates want to run on this.
Locked and Loaded (Diary) Tuesday, July 5th at 12:22PM EST (link)HFSC Membership
Spencer Bachus, AL, Chairman
Jeb Hensarling, TX, Vice Chairman
Peter T. King, NY
Edward R. Royce, CA
Frank D. Lucas, OK
Ron Paul, TX
Donald A. Manzullo, IL
Walter B. Jones, NC
Judy Biggert, IL
Gary G. Miller, CA
Shelley Moore Capito, WV
Scott Garrett, NJ
Randy Neugebauer, TX
Patrick T. McHenry, NC
John Campbell, CA
Michele Bachmann, MN
Thaddeus G. McCotter, MI
Kevin McCarthy,CA
Stevan Pearce, NM
Bill Posey, FL
Michael G. Fitzpatrick, PA
Lynn A. Westmoreland, GA
Blaine Luetkemeyer, MO
Bill Huizenga, MI
Sean P. Duffy, WI
Nan A. S. Hayworth, NY
James B. Renacci, OH
Robert Hurt, VA
Robert J. Dold, IL
David Schweikert, AZ
Michael G. Grimm, NY
Francisco “Quico” Canseco, TX
Steve Stivers, OH
Stephen Lee Fincher, TN Barney Frank, MA, Ranking Member
Maxine Waters, CA
Carolyn B. Maloney, NY
Luis V. Gutierrez, IL
Nydia M. Velázquez, NY
Melvin L. Watt, NC
Gary L. Ackerman, NY
Brad Sherman, CA
Gregory W. Meeks, NY
Michael E. Capuano, MA
Rubén Hinojosa, TX
Wm. Lacy Clay, MO
Carolyn McCarthy, NY
Joe Baca, CA
Stephen F. Lynch, MA
Brad Miller, NC
David Scott, GA
Al Green, TX
Emanuel Cleaver, MO
Gwen Moore, WI
Keith Ellison, MN
Ed Perlmutter, CO
Joe Donnelly, IN
André Carson, IN
James A. Himes, CT
Gary C. Peters, MI
John C. Carney, Jr., DE
Could Make For A Decent Issues Ad
Repair_Man_Jack (Diary) Tuesday, July 5th at 12:34PM EST (link)If a non-HFSC member needs a good attack ad, this might be worth bookmarking.
Mr. Obama is pretending that an economic “recovery” is underway when he knows damn well that the banking system is just blowing smoke up the shredded *** of what’s left of that economy – James Howard Kunstler
doesn't the voice vote give them a "plausable denial" to cover them?nt
Jim Tomasik (Diary) Tuesday, July 5th at 1:47PM EST (link)…
Cuts both ways - also gives "plausible guilt"...
acat (Diary) Tuesday, July 5th at 1:55PM EST (link)“Can you prove you voted against it, Representative Biggert?”
Mew
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Caveat Suffragator
Hey, there's Thaddeus G. McCotter again,
gekster (Diary) Tuesday, July 5th at 12:50PM EST (link)showing his conservative bonafides.
Yup, that’s conservative right there.
I don’t care what you say, that’s conservative.
They say Republicans are for the rich, Democrats are for the poor.
If they need more voters,
then they have to make more of who they are for.
We are there in the various Tea Party groups, leaderless, but not rudderless.
We steer always toward the Constitutional principles this nation was founded upon.
Erick Brockway
Ok folks, 2012 is here. Get involved
ACU Lifetime Conservative Ratings indicate
Locked and Loaded (Diary) Tuesday, July 5th at 12:59PM EST (link)there is some ‘splaining to do.
Spencer Bachus, AL, Chairman 92.59
Jeb Hensarling, TX, Vice Chairman 98.96
Peter T. King, NY 76.34
Edward R. Royce, CA 98.27
Frank D. Lucas, OK 94.38
Ron Paul, TX 83.51
Donald A. Manzullo, IL 95.70
Walter B. Jones, NC 86.23
Judy Biggert, IL 70.50
Gary G. Miller, CA 94.19
Shelley Moore Capito, WV 71.30
Scott Garrett, NJ 100.00
Randy Neugebauer, TX 96.92
Patrick T. McHenry, NC 98.00
John Campbell, CA 92.17
Michele Bachmann, MN 100.00
Thaddeus G. McCotter, MI 84.63
Kevin McCarthy,CA 98.75
Bill Posey, FL 91.50
Lynn A. Westmoreland, GA 97.94
Blaine Luetkemeyer, MO 98.00
Jeez, Financial Services Comm. is a....
uselogic Tuesday, July 5th at 4:22PM EST (link)hotbed for free market-hating, financially illiterate idiots and crooks . Maxine Waters, Keith Ellison, Luis Gutierrez, Bwaney Frank, Gregory Meeks? Sheesh… what a potential perp lineup!
Yup, more corporate welfare.
kestrel (Diary) Tuesday, July 5th at 5:22PM EST (link)Let’s see. Here we have the relevant committee chair, Republican Spencer Bachus, plus another member of Republican leadership – Assistant Whip Gary Miller, teaming up with three Illinois Republicans to pass legislation that is favorable to Boeing, whose corporate headquarters has been in Chicago since 2001. Hmmm, hmmm, what could this be about?
Likewise, the legislation is favorable to General Electric, Obama’s crony capitalist partner, which may explain the cosponsorship of Barney Frank and Carolyn McCarthy (D, NY, who helped secure the passage of Dodd-Frank), as well as liberals David Scott (D, GA), Ruben Hinojosa (D,TX), who kindly provides his bio in Spanish on his website; and card-carrying socialist Gwen Moore (D, WI).
For the record, the bill’s sponsor is Gary Miller (R, CA-42). The nine cosponsors in list form are:
Spencer Bachus (R, AL-6)
Judy Biggert (R, IL-13)
Robert Dold (R , IL-10)
Barney Frank (D, MA-4)
Ruben Hinojosa (D ,TX-15)
Donald Manzullo (R, IL-16)
Carolyn McCarthy (D, NY-4)
Gwen Moore (D, WI-4)
David Scott (D, GA-13)
Voting for this ought to be toxic for Republicans. I agree with you that this bill should not even come to the floor of the House for a full vote. How a Republican could vote for it, let alone sponsor or cosponsor it, is beyond me. Have they learned nothing from the Fannie & Freddie disaster? This is unbelievable.
Business as usual.
kestrel (Diary) Monday, July 11th at 12:23PM EST (link)“A majority of all of Ex-Im’s loans and long-term guarantees subsidize Boeing sales.” — Tim Carney at Washington Examiner.
Boeing’s corporate headquarters moved to Chicago in 2001.
Three of four Republican cosponsors of this bill are from Illinois.
http://washingtonexaminer.com/politics/2011/07/time-free-market-populism-gop
I thought the idea
ag8tor Wednesday, July 6th at 6:25AM EST (link)was to CUT spending. Guess this committee didn’t get the memo. With Fwanks and Waters on it I doubt anyone else gets to speak. More socialism. Just what we need at this point in time.
No different
bcomber38 Wednesday, July 6th at 7:25AM EST (link)I’m starting to hate some republicans.Thes guys are so wobbly I don’t know how they can stand up.Get rid of them!!!
Hence
gunslingr45 Wednesday, July 6th at 9:59AM EST (link)one of my favorite sign offs:
So many RINO’s so little time!
This will kill Michele Bachmann's reputation with
Juggernaut (Diary) Wednesday, July 6th at 7:30PM EST (link)the Tea Party and with the rest of us who are tired of risking the country for corporate gamblers and free loaders. I’m surprised so many avoided this thread considering this is proof the GOP haven’t changed enough. Still Dem lite!
Ron Paul and Peter King are disappointments too.
RomneyCare is Right Wing Socialism – please feel free to use is as often as possible…….it will kill his campaign.
Romney “severely conservative”? That’s the opposite of a “compassionate conservative” like George W. Bush? Actually, we know what a severely conservative is. It’s Dick Cheney and Mitt Romney is no Dick Cheney.
If they're silly enough to think she's not a politician...
acat (Diary) Wednesday, July 6th at 7:40PM EST (link)then they’re going to get disappointed over and over and over.
Nature of the beast, unfortunately. Hint – one of the reasons Ron Paul (spit!) prefers the honorific “doctor” is because it makes it sound like he’s got a real career, like maybe he hasn’t spent 15 years in the House….
Mew
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Caveat Suffragator