By: Mark Hyman
[The Export-Import Bank was started by President Franklin Roosevelt in 1934 to loan money to the Soviet Union. That ended badly didn’t it? Now the Ex-Im Bank provides low-interest loans to foreign companies to buy U.S. goods.]
[The legislative history of the Ex-Im Bank is here.]
Here’s an example of how the Ex-Im Bank works.
First Solar wanted a sweetheart, taxpayer-backed loan from the Ex-Im Bank. In spite of losing about $135 million in the last couple of years. It was the worst-performing stock in the S&P 500 for 2011.
Enter the Center for American Progress. This de facto lobbying group was started by chairman of the Obama transition team John Podesta. Using money from George Soros. Soros is a billionaire who became an American citizen. And then began criticizing America as a really terrible country.
First Solar also happens to be a secret donor to the Center for American Progress. So First Solar gets taxpayer money from the federal government. Then it gives money to CAP. Then CAP can lobby for more money for First Solar. And the cycle continues.
Crony Capitalism at its best.
[Here is another example. Nearly $50 billion has been loaned to support one company: Boeing. The money only goes to foreign companies -- in this case, foreign airlines. They buy Boeing jets for less than what U.S. airlines are charged. This gives foreign airlines a competitive advantage over U.S. carriers in the global market. According to one estimate, it has cost U.S. airlines 7,500 jobs.]
Mark Hyman hosts "Behind the Headlines," a commentary program for Sinclair Broadcast Group.