This Newsbite Deserves "Stand Alone" Status

If you thought Fannie Mae, Freddie Mac and Solyndra would teach Congress a lesson about politicized credit, think again.

The federal Export-Import Bank is up for reauthorization, and the only question seems to be how much more taxpayer money Washington wants to put at risk.

* PRICK BASTARDS!

The ExIm Bank (founded in 1934 to support trade with the Soviet Union... but never mind...) provides taxpayer-backed loan guarantees and other services to U.S. business, especially big exporters.

* i.e. CORPORATE WELFARE.

The bank's renewable charter expired on September 30 and Congress has kept it alive through temporary spending bills.

* YOU KNOW... CONGRESS... THAT BODY WHERE REPUBLICANS SUPPOSEDLY CONTROL THE HOUSE OF REPRESENTATIVES...

(*SIGH*)

* TRAITOROUS RINO BASTARDS! THAT SON OF A BITCH, BOEHNER...!

California Republican Gary Miller, supported by fellow Republican Spencer Bachus, Democrat Barney Frank and others, has a bill pending in the House to prolong the bank's life through 2015 and raise its lending cap to $160 billion from $100 billion.

* DO YOU BELIEVE THIS SHIT...?!?!

The House Financial Services Committee waved the bill through in a voice vote last year and it's likely to get a floor vote this month.

* MOTHER FUC... (*GNASHING MY TEETH*) (*SCREAMING INTO A PILLOW*)

ExIm says it takes risks that private lenders are "unable or unwilling" to take. But in today's global capital markets, there are very few places (North Korea) where private banks are unable to function, which raises the question of why taxpayers should bear risks that private banks are unwilling to take.

At the same time, ExIm also paints itself as a low-risk enterprise.

It can't be both.

* YEP! LOGIC 101!

ExIm by its nature helps some companies at the expense of others. ExIm, for instance, helped its biggest client - Boeing — win airplane contracts in 2011 from Air China, Air India, Cathay Pacific and others.

That's great for Boeing... But this subsidy means that foreign airlines can then buy newer aircraft more cheaply than their U.S. competitors.

(In a letter to Congress last month, Delta estimated that ExIm cost the U.S. airline industry up to 7,500 jobs and $684 million a year. ExIm Bank supporters play the patriotism card by suggesting that export subsidies help U.S. companies at the expense of foreigners, but in this case it helps foreign companies at the expense of American airlines.)

ExIm distorts markets in other industries, too. The bank has an "environmental export" financing program that has backed the likes of Solyndra, First Solar and Abound Solar. Think about that: The Department of Energy's loan program provided the start-up capital for those companies, and ExIm Bank provided financing for their customers. Solyndra is now bankrupt, Abound Solar has halted production and First Solar is struggling.

(*SNORT*)

* FOLKS... WHAT CAN I FRIGG'N TELL YA...? IT'S A FRIGG'N NIGHTMARE.