Ex-Im Bank has died a miserable death.

http://ift.tt/1RSsrIp

Quote:

The Export-Import Bank died last night when its charter expired. After 81 years, what is commonly known as Boeing’s Bank is headed toward Washington’s trash bin. When Congress returns it could revive Ex-Im, which primarily subsidizes big business exports. But a proper burial for what Barack Obama once called “corporate welfare” would save Americans money, reduce economic injustice, and promote economic growth. The Bank was established in 1934 to promote trade with the Soviet Union, ExIm now is one of a score of federal agencies tasked with encouraging exports. The agency exists to borrow at government rates to provide credit at less than market rates for select exporters, mostly corporate behemoths. . . . Should the U.S. help American exporters? Absolutely. Encourage free trade. Roll back economic sanctions. Adopt responsible budget policies. Lower and simplify the corporate income tax. Cut regulations on business. Stop subsidizing the defense of prosperous trade competitors. But don’t turn the U.S. Treasury into a source of corporate welfare. ExIm’s closure is a very rare victory for the good guys in Washington. Crony capitalism is running rampant in America, undermining confidence in a market economy. As usual, the capitalists are proving to be the greatest enemies of capitalism, with many businesses trekking to Washington seeking handouts. Although the Bank’s Lazarus-like return can’t be ruled out, tomorrow Boeing and the rest of America’s corporate elite will enjoy one less special privilege at everyone else’s expense. One down. Hundreds more special interest subsidies to go.

Long read but worthy.

Killing this blood sucker of Americans is best news in a while.

:thumbs:

Ex-Im Bank has died a miserable death.