Corporate Welfare

The Government From Boeing

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Can't really improve on that

Anti-corporatist crusader Timothy P. Carney explains how "Obama is not 'anti-business,'….he's just anti-free market." Case in point: The president's National Export Initiative, which aims to double U.S. exports in five years by goosing the activity of U.S. Export-Import Bank. Sample:

[C]heck out the minutes from the Ex-Im board meeting at which the Stolle [Machinery] subsidy was finalized. The other subsidies given either final or preliminary approval weren't so photo-op friendly: a federal guarantee for JP Morgan to subsidize a Boeing aircraft sale to Turkey's Pegasus Airlines; another loan guarantee for Boeing to sell jets to Asiana Airlines; $20 million in financing to subsidize GE turbines going to Slovakia; a direct loan of more than $20 million to the Pakistani government to buy GE locomotives; and yet another Boeing subsidy guaranteeing jet sales to Nigeria.

If you think Boeing's showing up a lot, you're getting the point. Last year, Ex-Im dedicated 64 percent of loans and long-term guarantees to subsidize Boeing sales. Yes, this federal agency exists mostly to subsidize one corporation.

Which brings us to the President's Export Council. Its chairman is Jim McNerney, CEO of Boeing.

Whole workaday outrage here. Reason on the Ex-Im Bank here.

NEXT: Penn Jillette Explains It All at Bigthink.com

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  1. Well, that’s more naked and shameless than usual.

  2. “Obama is not ‘anti-business,’….he’s just anti-free market.”

    So he’s a fascist?

    1. All within the state, nothing outside the state, nothing against the state.

      Seems to be a good summary of his econ policy.

    2. Does that make me one too for owning Boeing stock?

      1. Yes, because you’re one of the “owners” of Boeing.

        But no, because anyone who has a 401(k) or invests in index/mutal/ETF funds probably has ownership of GE, or Boeing, or BoA, or Citi.

        Hate the game, not the player.

    3. Well, he did corporatize GM and Chrysler.

      And that’s corporatism in the 1920’s to 1940’s definition, not the modern definition.

    4. According to Joe Boyle, yes.

  3. but… but… but airbus is doing the same

  4. Send this to every lefty you know who voted for Obama because they projected their personal distaste for corporations onto him.

  5. I thought Obama was closing that revolving door thingee.

    1. Yeah, funny thing about that. When you close the revolving door, it just opens again from the other side.

  6. I own Lockheed Martin and Northrop Grumman. Buy? Sell? Hold?

    1. Sell, then buy Boeing.

      Polishing my jackboots now for the big parade.

  7. What, so now Reason is against business?

    You libertarians make no sense at all. No wonder why everyone thinks you’re all racists. Anything to criticise Obama. The truth hurts.

    For a magazine called “Reason” you would think the writers be a bit less idiotic.

    1. I’m not sure the human liver was designed to withstand that many drinks.

      1. You just need more practice, Matt.

        1. He’s less evolved. If he read Ron Bailey’s posts, he’d know that humans are evolving a greater tolerance of alcohol.

      2. At least he’s self-aware enough to choose a correct handle for himself.

    2. My parody detector is malfunctioning this morning. Is this serious?

      1. That’s one drink too many.

    3. We’re for free markets. That precludes government using it’s clout to promote exports by specific companies.

    4. You’re right, actually. For word-count the editors cut my original closing: “Did I mention he’s black?”

  8. I win then!

    1. Congrats, here’s a medal for ya: Go ahead and print this off.

  9. Well, that’s more naked and shameless than usual.

    Is it? No matter how open state/corporate collusion is, pointing to it is a “conspiracy theory.” Corruption doesn’t have to hide, so it doesn’t. In fact, it’s better (for it) if it doesn’t.

    Defenders of the Man who call “LOL LaRouche!” on every open favor swap have to deny, consciously or otherwise, patently obvious things, and their own weakness and hypocrisy. That kind of denial makes for a powerful psychological bond with the conspirators in whose name it’s formed.
    That’s how something like Journolist works on its participants. Breitbart’s $100,000 was never in danger. I don’t think he knew that.

    Send this to every lefty you know who voted for Obama because they projected their personal distaste for corporations onto him.

    They’ll just get pissed at you.

    Freud, yo.

    1. They’re already pissed at me for being raaaaaaaaaaaaaaaaaaaaaacist.

  10. The Presidential Suit is only opposed to “unbridled” capitalism. I am surprised* Jeff Immelt isn’t playing a starring role in this little stylized Japanese drama.

    *have not yet RTFA

  11. See, this proves just how much we need campaign finance laws. If Boeing can corrupt even the noble and good Democrats, just think of what they’ll do to those evil fascist Bushitler pigs!

  12. This program brought to you by Ex-Im Bank, a joint venture of Boeing and the United States government.

  13. I wonder how many dollars in loans Boeing gets from the Small Business Administration…

  14. And Boeing recently moved it’s headquarters to Illinois.

    Nope. Nothing suspicious here. Move along, folks.

    1. Not suggesting this has anything to do with anything else, but James McNerney also holds an MBA from Harvard.

  15. good link. tim carney will probably be assassinated later this evening.

    you should read his book. it gives you an intolerable feeling, but it’s still worth a read.

  16. The question here is, would McCain do the same thing? Almost certainly. It’s not like the Ex-Im Bank is an Obama creation, anyways. It’s been around since the 1930’s.

    1. McCain? Was he on the ballot? Huh, I only noticed Obama and Barr on mine, I didnt read down thru the minor party list.

    2. What the hell? Is that the new “Kerry would have been worse” retort? McCain didn’t win so we don’t really need to give two shits what McCain would have done or is doing in some parallel universe.

      How pathetic and desperate is it to fall back on the “McCain would have done the same thing” defense? But I suppose when you line up Gitmo, the continuing wars, the bailouts, the increase in deportations, the corporate subsidies, continuing WoD, WoT, etc., pointing out that your guy is really no different than the other is pretty much all you have left.

    3. Hard to say. He bashed the ExIm Bank here. He also was no friend to Boeing when they tried to bribe their way into the tanker contract.

      But, sure, I’d be willing to bet that the ExIm Bank would still be around.

  17. Sigh. Stretch, yawn.

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