A couple weeks ago, The Nation’s George Zornick rattled off a screed against “far-right Republicans” who want to eliminate the Export/Import bank, which is basically just a distribution center for corporate welfare and guaranteed loans. That the GOP would even dream of entertaining free marketeer fantasies of getting rid of the organization, Zornick wrote, “shows yet again the sway that far-right ideology has on the party.”
In a recent white paper published by those stooges at the Cato Institute, Sallie James gives some examples of exactly what it is Zornick is defending.
Boeing—the world’s largest aerospace company, earning over $64 billion in revenue in 2010, with $31 billion of that money from commercial airplane sales—alone accounted for 44 percent of total Ex-Im Bank loans and long-term guarantees in FY2010. It is difficult to argue that large multinational companies with large market shares and combined revenues of hundreds of billions of dollars are suffering from market failure or that they could not finance their own loans.
As Tim Carney points out, in fairness to Zornick, the organization does help out businesses beyond Boeing—mom ‘n’ pop setups like, for example . . . Wells Fargo and Bank of America!
Lesson: When free market types call for less regulation or lower taxes, they’re whoring for corporations. When liberals call for extending sweetheart loans to mammoth multinational companies (that also happen to be major players in the military-industrial complex), we should cut them some slack. They’re just looking out for American jobs.