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Senate votes to reauthorize the Ex-Im Bank

ResponsiblyIrresponsible
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7/27/2015 11:28:59 PM
Posted: 1 year ago
In a fairly bipartisan vote, the Senate voted today to reauthorize the Export-Import Bank [http://www.senate.gov...].

Suffice it to say, I'm absolutely furious. This might be the one time where Ted Cruz and I stand in lockstep, because he couldn't be more right that this is quite possibly the most vile and typical example of corporate welfare we've seen in a while, masquerading as "promoting exports."

On that point, I can't even stress enough how utterly facile that argument is, and it's one I've seen a stunning amount of Democrats, who supported this bill, make: "Exports have been sh1t, and therefore this is needed."

Ignore the fact that the claim is *factually* wrong, because the Ex-Im's charter expired only about a month ago, and export growth was sh1t even with it -- it's been sh1t since mid-2014 when the dollar starting rising and Europe began disintegrating. But the primary reasons, which these morons refuse to acknowledge, as to why exports have been so bad as recent are (a) appreciating dollar and (b) falling global growth--and, of course, the appreciating dollar is largely a consequence of slow growth in China, Europe (namely Greece), etc., though to a lesser extent the expectation of a 2015 liftoff. Corporate welfare will in no way approve fundamentals or boost U.S. competitiveness: it's a drop in the bucket of funds that could clearly be better spent elsewhere. Hell, you could even throw a bone to deficit scolds in the GOP and toss the $20 billion or so aside for "deficit reduction." Make some nonsensical Ricardian-equivalence argument, and call it a day. I'd accept even *that* -- the possibility of averting future austerity -- over reauthorizing the bloody Ex-Im Bank.

First the TPP and now the Ex-Im Bank. Dems are going a really sh1tty job of proving they're "for the common man."
~ResponsiblyIrresponsible

DDO's Economics Messiah
Skepsikyma
Posts: 8,280
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7/27/2015 11:40:45 PM
Posted: 1 year ago
At 7/27/2015 11:28:59 PM, ResponsiblyIrresponsible wrote:
In a fairly bipartisan vote, the Senate voted today to reauthorize the Export-Import Bank [http://www.senate.gov...].

Suffice it to say, I'm absolutely furious. This might be the one time where Ted Cruz and I stand in lockstep, because he couldn't be more right that this is quite possibly the most vile and typical example of corporate welfare we've seen in a while, masquerading as "promoting exports."

On that point, I can't even stress enough how utterly facile that argument is, and it's one I've seen a stunning amount of Democrats, who supported this bill, make: "Exports have been sh1t, and therefore this is needed."

Ignore the fact that the claim is *factually* wrong, because the Ex-Im's charter expired only about a month ago, and export growth was sh1t even with it -- it's been sh1t since mid-2014 when the dollar starting rising and Europe began disintegrating. But the primary reasons, which these morons refuse to acknowledge, as to why exports have been so bad as recent are (a) appreciating dollar and (b) falling global growth--and, of course, the appreciating dollar is largely a consequence of slow growth in China, Europe (namely Greece), etc., though to a lesser extent the expectation of a 2015 liftoff. Corporate welfare will in no way approve fundamentals or boost U.S. competitiveness: it's a drop in the bucket of funds that could clearly be better spent elsewhere. Hell, you could even throw a bone to deficit scolds in the GOP and toss the $20 billion or so aside for "deficit reduction." Make some nonsensical Ricardian-equivalence argument, and call it a day. I'd accept even *that* -- the possibility of averting future austerity -- over reauthorizing the bloody Ex-Im Bank.

First the TPP and now the Ex-Im Bank. Dems are going a really sh1tty job of proving they're "for the common man."

So.... what does this bank do? Offer subsidized loans to companies which export goods?
"The Collectivist experiment is thoroughly suited (in appearance at least) to the Capitalist society which it proposes to replace. It works with the existing machinery of Capitalism, talks and thinks in the existing terms of Capitalism, appeals to just those appetites which Capitalism has aroused, and ridicules as fantastic and unheard-of just those things in society the memory of which Capitalism has killed among men wherever the blight of it has spread."
- Hilaire Belloc -
ResponsiblyIrresponsible
Posts: 12,398
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7/27/2015 11:45:02 PM
Posted: 1 year ago
At 7/27/2015 11:40:45 PM, Skepsikyma wrote:
At 7/27/2015 11:28:59 PM, ResponsiblyIrresponsible wrote:
In a fairly bipartisan vote, the Senate voted today to reauthorize the Export-Import Bank [http://www.senate.gov...].

Suffice it to say, I'm absolutely furious. This might be the one time where Ted Cruz and I stand in lockstep, because he couldn't be more right that this is quite possibly the most vile and typical example of corporate welfare we've seen in a while, masquerading as "promoting exports."

On that point, I can't even stress enough how utterly facile that argument is, and it's one I've seen a stunning amount of Democrats, who supported this bill, make: "Exports have been sh1t, and therefore this is needed."

Ignore the fact that the claim is *factually* wrong, because the Ex-Im's charter expired only about a month ago, and export growth was sh1t even with it -- it's been sh1t since mid-2014 when the dollar starting rising and Europe began disintegrating. But the primary reasons, which these morons refuse to acknowledge, as to why exports have been so bad as recent are (a) appreciating dollar and (b) falling global growth--and, of course, the appreciating dollar is largely a consequence of slow growth in China, Europe (namely Greece), etc., though to a lesser extent the expectation of a 2015 liftoff. Corporate welfare will in no way approve fundamentals or boost U.S. competitiveness: it's a drop in the bucket of funds that could clearly be better spent elsewhere. Hell, you could even throw a bone to deficit scolds in the GOP and toss the $20 billion or so aside for "deficit reduction." Make some nonsensical Ricardian-equivalence argument, and call it a day. I'd accept even *that* -- the possibility of averting future austerity -- over reauthorizing the bloody Ex-Im Bank.

First the TPP and now the Ex-Im Bank. Dems are going a really sh1tty job of proving they're "for the common man."

So.... what does this bank do? Offer subsidized loans to companies which export goods?

Basically, it makes loans to foreigners to buy U.S. export goods. That in itself doesn't sound all that terrible, except for the fact that the vast majority of that money ends up going to giant corporations (e.g., Boeing). The bill is pretty much a backhanded deal to throw money at large corporations whilst pretending to care about exports (which, by itself, is only about 13 percent of GDP).
~ResponsiblyIrresponsible

DDO's Economics Messiah
Skepsikyma
Posts: 8,280
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7/27/2015 11:46:12 PM
Posted: 1 year ago
At 7/27/2015 11:45:02 PM, ResponsiblyIrresponsible wrote:
At 7/27/2015 11:40:45 PM, Skepsikyma wrote:
At 7/27/2015 11:28:59 PM, ResponsiblyIrresponsible wrote:
In a fairly bipartisan vote, the Senate voted today to reauthorize the Export-Import Bank [http://www.senate.gov...].

Suffice it to say, I'm absolutely furious. This might be the one time where Ted Cruz and I stand in lockstep, because he couldn't be more right that this is quite possibly the most vile and typical example of corporate welfare we've seen in a while, masquerading as "promoting exports."

On that point, I can't even stress enough how utterly facile that argument is, and it's one I've seen a stunning amount of Democrats, who supported this bill, make: "Exports have been sh1t, and therefore this is needed."

Ignore the fact that the claim is *factually* wrong, because the Ex-Im's charter expired only about a month ago, and export growth was sh1t even with it -- it's been sh1t since mid-2014 when the dollar starting rising and Europe began disintegrating. But the primary reasons, which these morons refuse to acknowledge, as to why exports have been so bad as recent are (a) appreciating dollar and (b) falling global growth--and, of course, the appreciating dollar is largely a consequence of slow growth in China, Europe (namely Greece), etc., though to a lesser extent the expectation of a 2015 liftoff. Corporate welfare will in no way approve fundamentals or boost U.S. competitiveness: it's a drop in the bucket of funds that could clearly be better spent elsewhere. Hell, you could even throw a bone to deficit scolds in the GOP and toss the $20 billion or so aside for "deficit reduction." Make some nonsensical Ricardian-equivalence argument, and call it a day. I'd accept even *that* -- the possibility of averting future austerity -- over reauthorizing the bloody Ex-Im Bank.

First the TPP and now the Ex-Im Bank. Dems are going a really sh1tty job of proving they're "for the common man."

So.... what does this bank do? Offer subsidized loans to companies which export goods?

Basically, it makes loans to foreigners to buy U.S. export goods. That in itself doesn't sound all that terrible, except for the fact that the vast majority of that money ends up going to giant corporations (e.g., Boeing). The bill is pretty much a backhanded deal to throw money at large corporations whilst pretending to care about exports (which, by itself, is only about 13 percent of GDP).

Oh. Not surprised then, lol.

This is why I don't vote.
"The Collectivist experiment is thoroughly suited (in appearance at least) to the Capitalist society which it proposes to replace. It works with the existing machinery of Capitalism, talks and thinks in the existing terms of Capitalism, appeals to just those appetites which Capitalism has aroused, and ridicules as fantastic and unheard-of just those things in society the memory of which Capitalism has killed among men wherever the blight of it has spread."
- Hilaire Belloc -
ResponsiblyIrresponsible
Posts: 12,398
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7/27/2015 11:47:59 PM
Posted: 1 year ago
At 7/27/2015 11:46:12 PM, Skepsikyma wrote:
At 7/27/2015 11:45:02 PM, ResponsiblyIrresponsible wrote:
At 7/27/2015 11:40:45 PM, Skepsikyma wrote:
At 7/27/2015 11:28:59 PM, ResponsiblyIrresponsible wrote:
In a fairly bipartisan vote, the Senate voted today to reauthorize the Export-Import Bank [http://www.senate.gov...].

Suffice it to say, I'm absolutely furious. This might be the one time where Ted Cruz and I stand in lockstep, because he couldn't be more right that this is quite possibly the most vile and typical example of corporate welfare we've seen in a while, masquerading as "promoting exports."

On that point, I can't even stress enough how utterly facile that argument is, and it's one I've seen a stunning amount of Democrats, who supported this bill, make: "Exports have been sh1t, and therefore this is needed."

Ignore the fact that the claim is *factually* wrong, because the Ex-Im's charter expired only about a month ago, and export growth was sh1t even with it -- it's been sh1t since mid-2014 when the dollar starting rising and Europe began disintegrating. But the primary reasons, which these morons refuse to acknowledge, as to why exports have been so bad as recent are (a) appreciating dollar and (b) falling global growth--and, of course, the appreciating dollar is largely a consequence of slow growth in China, Europe (namely Greece), etc., though to a lesser extent the expectation of a 2015 liftoff. Corporate welfare will in no way approve fundamentals or boost U.S. competitiveness: it's a drop in the bucket of funds that could clearly be better spent elsewhere. Hell, you could even throw a bone to deficit scolds in the GOP and toss the $20 billion or so aside for "deficit reduction." Make some nonsensical Ricardian-equivalence argument, and call it a day. I'd accept even *that* -- the possibility of averting future austerity -- over reauthorizing the bloody Ex-Im Bank.

First the TPP and now the Ex-Im Bank. Dems are going a really sh1tty job of proving they're "for the common man."

So.... what does this bank do? Offer subsidized loans to companies which export goods?

Basically, it makes loans to foreigners to buy U.S. export goods. That in itself doesn't sound all that terrible, except for the fact that the vast majority of that money ends up going to giant corporations (e.g., Boeing). The bill is pretty much a backhanded deal to throw money at large corporations whilst pretending to care about exports (which, by itself, is only about 13 percent of GDP).

Oh. Not surprised then, lol.

Exactly, lol.

This is why I don't vote.

Eh, I think if anything it's a reason to vote. Not voting breeds the mentality that politicians , irrespective of their deplorable voting records, can maintain their seats -- or they pull the "well, the other guy did the same thing, so choose between Coke and Pepsi!"
~ResponsiblyIrresponsible

DDO's Economics Messiah
Skepsikyma
Posts: 8,280
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7/27/2015 11:52:39 PM
Posted: 1 year ago
At 7/27/2015 11:47:59 PM, ResponsiblyIrresponsible wrote:
At 7/27/2015 11:46:12 PM, Skepsikyma wrote:
At 7/27/2015 11:45:02 PM, ResponsiblyIrresponsible wrote:
At 7/27/2015 11:40:45 PM, Skepsikyma wrote:
At 7/27/2015 11:28:59 PM, ResponsiblyIrresponsible wrote:
In a fairly bipartisan vote, the Senate voted today to reauthorize the Export-Import Bank [http://www.senate.gov...].

Suffice it to say, I'm absolutely furious. This might be the one time where Ted Cruz and I stand in lockstep, because he couldn't be more right that this is quite possibly the most vile and typical example of corporate welfare we've seen in a while, masquerading as "promoting exports."

On that point, I can't even stress enough how utterly facile that argument is, and it's one I've seen a stunning amount of Democrats, who supported this bill, make: "Exports have been sh1t, and therefore this is needed."

Ignore the fact that the claim is *factually* wrong, because the Ex-Im's charter expired only about a month ago, and export growth was sh1t even with it -- it's been sh1t since mid-2014 when the dollar starting rising and Europe began disintegrating. But the primary reasons, which these morons refuse to acknowledge, as to why exports have been so bad as recent are (a) appreciating dollar and (b) falling global growth--and, of course, the appreciating dollar is largely a consequence of slow growth in China, Europe (namely Greece), etc., though to a lesser extent the expectation of a 2015 liftoff. Corporate welfare will in no way approve fundamentals or boost U.S. competitiveness: it's a drop in the bucket of funds that could clearly be better spent elsewhere. Hell, you could even throw a bone to deficit scolds in the GOP and toss the $20 billion or so aside for "deficit reduction." Make some nonsensical Ricardian-equivalence argument, and call it a day. I'd accept even *that* -- the possibility of averting future austerity -- over reauthorizing the bloody Ex-Im Bank.

First the TPP and now the Ex-Im Bank. Dems are going a really sh1tty job of proving they're "for the common man."

So.... what does this bank do? Offer subsidized loans to companies which export goods?

Basically, it makes loans to foreigners to buy U.S. export goods. That in itself doesn't sound all that terrible, except for the fact that the vast majority of that money ends up going to giant corporations (e.g., Boeing). The bill is pretty much a backhanded deal to throw money at large corporations whilst pretending to care about exports (which, by itself, is only about 13 percent of GDP).

Oh. Not surprised then, lol.

Exactly, lol.

This is why I don't vote.

Eh, I think if anything it's a reason to vote. Not voting breeds the mentality that politicians , irrespective of their deplorable voting records, can maintain their seats -- or they pull the "well, the other guy did the same thing, so choose between Coke and Pepsi!"

Yeah, but for every informed voter there's a trailer full of Bobby Joe Jims smashing beer cans on their head and voting for whoever spouts the most moronic buzzwords, and a PTA meeting full of liberal soccer Mom's who would sequel about how great it is that American industry is being supported by this great piece of legislation.
"The Collectivist experiment is thoroughly suited (in appearance at least) to the Capitalist society which it proposes to replace. It works with the existing machinery of Capitalism, talks and thinks in the existing terms of Capitalism, appeals to just those appetites which Capitalism has aroused, and ridicules as fantastic and unheard-of just those things in society the memory of which Capitalism has killed among men wherever the blight of it has spread."
- Hilaire Belloc -
ResponsiblyIrresponsible
Posts: 12,398
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7/27/2015 11:58:31 PM
Posted: 1 year ago
At 7/27/2015 11:52:39 PM, Skepsikyma wrote:
At 7/27/2015 11:47:59 PM, ResponsiblyIrresponsible wrote:
At 7/27/2015 11:46:12 PM, Skepsikyma wrote:
At 7/27/2015 11:45:02 PM, ResponsiblyIrresponsible wrote:
At 7/27/2015 11:40:45 PM, Skepsikyma wrote:
At 7/27/2015 11:28:59 PM, ResponsiblyIrresponsible wrote:
In a fairly bipartisan vote, the Senate voted today to reauthorize the Export-Import Bank [http://www.senate.gov...].

Suffice it to say, I'm absolutely furious. This might be the one time where Ted Cruz and I stand in lockstep, because he couldn't be more right that this is quite possibly the most vile and typical example of corporate welfare we've seen in a while, masquerading as "promoting exports."

On that point, I can't even stress enough how utterly facile that argument is, and it's one I've seen a stunning amount of Democrats, who supported this bill, make: "Exports have been sh1t, and therefore this is needed."

Ignore the fact that the claim is *factually* wrong, because the Ex-Im's charter expired only about a month ago, and export growth was sh1t even with it -- it's been sh1t since mid-2014 when the dollar starting rising and Europe began disintegrating. But the primary reasons, which these morons refuse to acknowledge, as to why exports have been so bad as recent are (a) appreciating dollar and (b) falling global growth--and, of course, the appreciating dollar is largely a consequence of slow growth in China, Europe (namely Greece), etc., though to a lesser extent the expectation of a 2015 liftoff. Corporate welfare will in no way approve fundamentals or boost U.S. competitiveness: it's a drop in the bucket of funds that could clearly be better spent elsewhere. Hell, you could even throw a bone to deficit scolds in the GOP and toss the $20 billion or so aside for "deficit reduction." Make some nonsensical Ricardian-equivalence argument, and call it a day. I'd accept even *that* -- the possibility of averting future austerity -- over reauthorizing the bloody Ex-Im Bank.

First the TPP and now the Ex-Im Bank. Dems are going a really sh1tty job of proving they're "for the common man."

So.... what does this bank do? Offer subsidized loans to companies which export goods?

Basically, it makes loans to foreigners to buy U.S. export goods. That in itself doesn't sound all that terrible, except for the fact that the vast majority of that money ends up going to giant corporations (e.g., Boeing). The bill is pretty much a backhanded deal to throw money at large corporations whilst pretending to care about exports (which, by itself, is only about 13 percent of GDP).

Oh. Not surprised then, lol.

Exactly, lol.

This is why I don't vote.

Eh, I think if anything it's a reason to vote. Not voting breeds the mentality that politicians , irrespective of their deplorable voting records, can maintain their seats -- or they pull the "well, the other guy did the same thing, so choose between Coke and Pepsi!"

Yeah, but for every informed voter there's a trailer full of Bobby Joe Jims smashing beer cans on their head and voting for whoever spouts the most moronic buzzwords, and a PTA meeting full of liberal soccer Mom's who would sequel about how great it is that American industry is being supported by this great piece of legislation.

Lmfao.

Unfortunately, that's... very true. Hell, you've basically described the Bible Belt and the stay-at-home moms who watch "The View," lol. As much as I want to say that it's possible to sway public opinion via vocalizing reality, it's doubtful that those efforts will actual reach their targeted audience.

Then again, there's the whole loop, whereby putting these people into office means nothing gets done about campaign finance laws, so these dipsh1ts can continue to run their deceptive ads that keep ignorant people ignorant.
~ResponsiblyIrresponsible

DDO's Economics Messiah
Chang29
Posts: 732
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7/28/2015 12:40:03 AM
Posted: 1 year ago
At 7/27/2015 11:28:59 PM, ResponsiblyIrresponsible wrote:
In a fairly bipartisan vote, the Senate voted today to reauthorize the Export-Import Bank [http://www.senate.gov...].

Suffice it to say, I'm absolutely furious. This might be the one time where Ted Cruz and I stand in lockstep, because he couldn't be more right that this is quite possibly the most vile and typical example of corporate welfare we've seen in a while, masquerading as "promoting exports."

On that point, I can't even stress enough how utterly facile that argument is, and it's one I've seen a stunning amount of Democrats, who supported this bill, make: "Exports have been sh1t, and therefore this is needed."

Ignore the fact that the claim is *factually* wrong, because the Ex-Im's charter expired only about a month ago, and export growth was sh1t even with it -- it's been sh1t since mid-2014 when the dollar starting rising and Europe began disintegrating. But the primary reasons, which these morons refuse to acknowledge, as to why exports have been so bad as recent are (a) appreciating dollar and (b) falling global growth--and, of course, the appreciating dollar is largely a consequence of slow growth in China, Europe (namely Greece), etc., though to a lesser extent the expectation of a 2015 liftoff. Corporate welfare will in no way approve fundamentals or boost U.S. competitiveness: it's a drop in the bucket of funds that could clearly be better spent elsewhere. Hell, you could even throw a bone to deficit scolds in the GOP and toss the $20 billion or so aside for "deficit reduction." Make some nonsensical Ricardian-equivalence argument, and call it a day. I'd accept even *that* -- the possibility of averting future austerity -- over reauthorizing the bloody Ex-Im Bank.

First the TPP and now the Ex-Im Bank. Dems are going a really sh1tty job of proving they're "for the common man."

We are finally in agreement.

This is Boeing flexing its political muscle, being in bed with both democrats and republicans has its advantages.

I am for ending all corporate welfare, especially welfare to financial sector corporations through the Federal Reserve.
A free market anti-capitalist

If it can be de-centralized, it will be de-centralized.
ResponsiblyIrresponsible
Posts: 12,398
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7/28/2015 12:52:39 AM
Posted: 1 year ago
At 7/28/2015 12:40:03 AM, Chang29 wrote:
At 7/27/2015 11:28:59 PM, ResponsiblyIrresponsible wrote:
In a fairly bipartisan vote, the Senate voted today to reauthorize the Export-Import Bank [http://www.senate.gov...].

Suffice it to say, I'm absolutely furious. This might be the one time where Ted Cruz and I stand in lockstep, because he couldn't be more right that this is quite possibly the most vile and typical example of corporate welfare we've seen in a while, masquerading as "promoting exports."

On that point, I can't even stress enough how utterly facile that argument is, and it's one I've seen a stunning amount of Democrats, who supported this bill, make: "Exports have been sh1t, and therefore this is needed."

Ignore the fact that the claim is *factually* wrong, because the Ex-Im's charter expired only about a month ago, and export growth was sh1t even with it -- it's been sh1t since mid-2014 when the dollar starting rising and Europe began disintegrating. But the primary reasons, which these morons refuse to acknowledge, as to why exports have been so bad as recent are (a) appreciating dollar and (b) falling global growth--and, of course, the appreciating dollar is largely a consequence of slow growth in China, Europe (namely Greece), etc., though to a lesser extent the expectation of a 2015 liftoff. Corporate welfare will in no way approve fundamentals or boost U.S. competitiveness: it's a drop in the bucket of funds that could clearly be better spent elsewhere. Hell, you could even throw a bone to deficit scolds in the GOP and toss the $20 billion or so aside for "deficit reduction." Make some nonsensical Ricardian-equivalence argument, and call it a day. I'd accept even *that* -- the possibility of averting future austerity -- over reauthorizing the bloody Ex-Im Bank.

First the TPP and now the Ex-Im Bank. Dems are going a really sh1tty job of proving they're "for the common man."

We are finally in agreement.

We've agreed on a few things in the past, actually.

This is Boeing flexing its political muscle, being in bed with both democrats and republicans has its advantages.

Exactly.

I am for ending all corporate welfare, especially welfare to financial sector corporations through the Federal Reserve.

Lol, damnit, we were so close to a beautiful moment. Let's just leave it at that.
~ResponsiblyIrresponsible

DDO's Economics Messiah