On October 9 members of the House, pretty much every Democrat (Which is just a crying shame but speaks to conformist nature of the party under Ms. Pelosi, Dems used to hate Ex-Im.) and a smattering of Republicans (but just enough) signed a “discharge petition” to bring a vote on the Export-Import Bank to the floor of the House through extraordinary means. The giant corporations, specifically Boeing, GE, Caterpillar and a few others have deployed their lobbyists in an all out assault on the anti-crony insurgents in Congress. The companies fear that if they lose the Export-Import Bank, a bank which provides below market capital to these already capital rich companies thanks to taxpayer support, a real tide of anti-crony sentiment may begin to take hold in Congress. The cronies have already lost Speaker Boehner. McCarthy was chased out. Now who knows who may take the helm? There’s a very real chance that leadership won’t be completely in the pocket of these companies. As such the cronies must move now.
If the people are able to turn back the cronies at the Battle of Ex-Im, there might be real change afoot. The Congress which has generally refused to listen to the American people might actually reflect the wrath of the American people. And Lord knows Boeing can’t have that.
A vote for the Export-Import Bank is a vote for crony capitalism, the status quo, a Congress in the pocket of business, and AGAINST THE AMERICAN PEOPLE. You can see if your member of Congress voted for the “discharge petition” HERE.
They can dress it up as being for “jobs” all they want, for “small business” (ha!), Ex-Im is Boeing’s Bank and Boeing is so spoiled the company thinks you owe it to them to pad their bottom line just a bit more.
Hey Boeing – we’re pissed. We don’t want to pay for your executive bonuses any more. And that’s what this is fundamentally about. That’s why the company is fighting so hard.
The Ex-Im Bank, for those who are unfamiliar, is an 80 year old creature of Washington. The bank was initially created to promote trade with one of history’s greatest monsters, Joseph Stalin, but has since evolved into handing out lucrative taxpayer-backed loans to large, politically-connected businesses and foreign corporations. Ex-Im has also been a cesspool of corruption. Several high-ranking bank officials have been removed from their posts for accepting improper cash payments and kickbacks, multiple cases of fraud and improper conduct remain under investigation and one member of Congress was even sent to prison in connection with bank-related charges—scary stuff indeed.
The good news is that, thanks to principled leadership in both the Senate and the House, the Ex-Im monster finally met its match when the bank’s charter expired in July this year. The bad news is that rather than moving into liquidation as required by law, Ex-Im has continued to shamble on through the streets of Washington, counting on K-Street lobbyists to put enough pressure on Congress to raise Ex-Im from the dead. And with the filing of the discharge petition this week, the bank appears to have taken its first step towards reanimation.