Tuesday, August 26, 2014

What's It Gonna Be?

I doubt you've noticed but we've got a vote coming up in September to extend the authorization for the Import-Export Bank. The Import-Export Bank you ask, is that like a credit union? No it isn't. The "bank" is an official agency established by FDR that is independent from the executive and it really doesn't loan money. What it does is take on the "risk" that business would otherwise not take so as to facilitate exports. In other words if a business wants to do business in Upper Volta but is afraid the local Generalissimo (who two years ago was a staff sergeant) might spend the national treasury on a villa in Nice then the Import-Export Bank guarantees the business will get paid. In fact they pay the business up front to take the risk (that they didn't take) and if the deal goes ass over tits the business still gets paid (with taxpayer cash). I know, it's complicated but what it really means is the "bank" hands out taxpayer money to companies that big politicians like. For example, about 44% of the cash goes to Boeing (and you wonder why Washington state is so damned leftist!).

Now everybody knows this is just a boondoggle but hey, big business likes it, the politicians like it, the corporate lapdog Chamber of Commerce likes it, and money don't mean shit these days so who are we to complain? Well there are a few malcontents out there such as myself who, I don't know, think that just maybe corporate welfare to connected multi-national companies at the expense of the US taxpayer just ain't right. But I'm just being difficult I guess.

But here's the thing. This is a good litmus test for our Republican politicians. Most to the Tea Party types are of course against this, but Boehner is, as would be expected, foaming at the mouth to vote HELL YES! So keep an eye out, it's going to pass there's just no doubt, but let's see who walks the walk.

No comments:

Newer Post Older Post Home