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An Offense Against Free Market Capitalism: The Export-Import Bank

Brian 2798 Wrote: Apr 30, 2012 5:45 PM
Foreign government owned companies are not a good business model. These governments end up subsidizing lower priced products that help consumers, but artificially lower the price hurting the company at the expense of European taxpayers. Ex-Im is a socialist idea and your post reaffirms my belief that it is bad policy. What is so wrong with a truly free market and why should the US be copying the low growth policies of our European friends?

A 1934 creation of President Franklin D. Roosevelt, the Export-Import Bank was meant to facilitate trade between the United States and other nations.

Its initial focus was lending to the old Soviet Union. But over the years, the Ex-Im Bank portfolio has greatly diversified.

Eighty years on, it has loaned billions to numerous foreign nations and companies. The idea, as always, is to encourage those foreign entities to purchase U.S. goods. In reality, however, the so-called bank has outlived its usefulness.

Today, the Ex-Im Bank is fast approaching its statutory cap of $100 billion in loans, and...