The Ex-Im Bank and Other Screwy New Deal Programs

[Chris_]

The Ex-Im Bank and Other Screwy New Deal Programs

The Export-Import Bank was established in 1934 by FDR as part of the New Deal. It has outlived its welcome by 80 years. Here are a few other programs from the New Deal that, unlike Ex-Im, mercifully met their end decades ago.

• During his monetary reform programs, FDR made it illegal for private citizens to own gold, except in very small amounts, via Executive Order 6102. This was not reversed until 1974.

• FDR also instituted wage caps, forbidding employers from offering higher salaries to their workers. In order to compete for the best people, companies started offering perks such as employer-provided health care, which is largely responsible for the problems in the health care market today.

• At the same time that wages were prevented from rising, consumer prices were also prevented from falling too low, due to fears of deflation. When is the last time you complained about a price that was too low?

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[Alaska Slim]

Time to end corporate welfare. Even Ralph Nader of all people sees this as being a Bi-Partisan issue.

What's interesting, is seeing how the President himself has flip-flopped on this. Evidently he can't decide if he's a far-leftist or a cronyist.

[Belle]

 Is Boehner eyeing a lucrative lobbying job & needs to pass more corporate welfare on the back of taxpayers?  Of course the use of a procedural vote assures Boehner to mask the big rino he is. 

The House voted to move forward with a bill to reauthorize the U.S. Export-Import Bank in a bipartisan effort to bypass conservatives who have blocked the bank from financing companies’ overseas sales for almost four months.
The 246-177 House vote Monday, with 62 Republicans joining Democrats in the majority, allows floor action on a bill that would renew the bank through September 2019. A final vote is planned for Tuesday. The bill then would go to the Senate, where Majority Leader Mitch McConnell of Kentucky opposes the bank. The renewal measure still could be passed there if it is attached to other legislation. 

   

An odd-couple pairing of Representatives Steny Hoyer, the second-ranking House Democrat, and Tennessee Republican Stephen Fincher out-maneuvered top House Republicans to bring the measure to the floor. The two used a rare procedure known as a discharge petition to bypass Hensarling’s Financial Services panel, gathering 218 lawmakers’ signatures including those of 42 Republicans.

   
"The Ex-Im Bank provides loans and other support to overseas customers of U.S. companies such as Boeing Co. and General Electric Co."
 
"The procedure forcing action on the bank, known as a discharge petition, was last successfully used in 2002 for the House version of the McCain-Feingold campaign finance reform legislation."

 I was wondering what the cost to us taxpayers was.  Article from 2014: 
"...if Ex-Im used proper accounting methods, it would be budgeted as a $2 billion cost to the taxpayers per decade."
 
 

[obumazombie]

Time to end corporate welfare. Even Ralph Nader of all people sees this as being a Bi-Partisan issue.

What's interesting, is seeing how the President himself has flip-flopped on this. Evidently he can't decide if he's a far-leftist or a cronyist.

All leftists are corrupt cronyists.
I have never seen an exception to the rule.

[FlaGator]

Time to end corporate welfare. Even Ralph Nader of all people sees this as being a Bi-Partisan issue.

What's interesting, is seeing how the President himself has flip-flopped on this. Evidently he can't decide if he's a far-leftist or a cronyist.

What is corporate welfare exactly?

[thundley4]

What is corporate welfare exactly?

That is what liberals call letting companies keep more of their profits by paying less in taxes.  But don't you dare call the EITC, which gives people back more on their tax refund than what they paid in, welfare.

[obumazombie]

That is what liberals call letting companies keep more of their profits by paying less in taxes.  But don't you dare call the EITC, which gives people back more on their tax refund than what they paid in, welfare.

Or even better...
They pay nothing in and get a large refund out.
It must be nice creating money out of thin air if you are a lib.
But if you are conservative, the "thin air" is located in their pocket libs love to pick.

[Belle]

I don't know why I should be surprised about this. 
The R's, failing us once again.
Or, perhaps I'm missing something here.
Why would anyone representing American interests NOT want to vote for this amendment?

There was a vote on 11/4 in the House "that would have prohibited the Export-Import Bank from providing loans, loan guarantees, and credit to state sponsors of terrorism such as Iran."

Rep. Ed Royce, R-Calif., chairman of the Foreign Affairs Committee, introduced the amendment amid concerns that President Barack Obama would issue waivers to state sponsors of terrorism that would allow them to receive taxpayer-backed subsidies from the government bank.

63 R's joined 181 D's to strike down this amendment.

Congress allowed the charter of the Ex-Im Bank to expire in June, citing examples of cronyism, but efforts are afoot among lawmakers to revive the government bank.