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Posted By Don Boudreaux On July 22, 2014 @ 8:16 am In Crony Capitalism,Hubris and humility,Movies,Myths and Fallacies,Other People's Money,Seen and Unseen,Subsidies,Wal-Mart | Comments Disabled
The biggest Ex-Im beneficiaries are U.S. giant corporations like Boeing, GE, and Caterpillar  and their very wealthy foreign buyers . These companies don’t need the bank, but they love it. It allows a select number of U.S. exporters to increase their profits and transfer onto taxpayers risk that the companies should be shouldering. The foreign companies love it because, while they do have access to capital without the bank, Ex-Im loans come much cheaper, giving them a U.S. government-sponsored edge over their competitors — including all their American competitors.
Meanwhile, the mega-banks  that Warren always complains about are some of the biggest beneficiaries of Ex-Im. They get to extend billions of dollars in loans, collect large fees and interest rates, without shouldering most of the risk involved. This is exactly the kind of favoritism for Wall Street she says she opposes.
Ira Stoll, writing in the New York Sun, is properly unimpressed by New York governor Andrew Cuomo’s arrogant expenditure of $135 million of other people’s money to assist General Electric . A slice:
If Messrs. Obama and Cuomo want to be high-technology investors, there are plenty of well-paid opportunities awaiting them in the private sector following their stints in public service. Right now, they are investing while in office, using money that we taxpayers could be investing better on our own. If I want to invest in GE or Cree or IBM or John Deere, I’d rather do it through a stockbroker than through President Obama or Governor Cuomo. America and New York have enough problems to solve without the president and the governor taking on side jobs as high-tech speculators.
(It is an astonishing fact that “Progressives” praise those who force others to invest in projects that those others choose on their own not to invest in, while condemning those who successfully invest only their own money in projects of their own choosing.)
Tyler Cowen points us to a study that should (but won’t) give opponents of Wal-Mart and other big retailers pause before launching into their typical and tiresome complaints about how such retailers hurt workers .
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 My Mercatus Center colleague Veronique de Rugy explains that the U.S. Export Bank is inefficient and immoral: http://reason.com/archives/2014/07/19/the-crony-capitalism-machine
 Speaking of which, Vero is properly unimpressed by Sen. Elizabeth Warren’s economically uninformed support for the Ex-Im Bank: http://www.nationalreview.com/corner/383130/it-turns-out-liz-warren-loves-subsidizing-big-businesses-and-wall-street-veronique-de
 like Boeing, GE, and Caterpillar: http://mercatus.org/sites/default/files/C1-Total-Assistance-large.png
 wealthy foreign buyers: http://financialservices.house.gov/blog/?postid=387528
 the mega-banks: http://mercatus.org/sites/default/files/C8-ex-im-bank-v2-large.png
 And speaking of economically ignorant officious women who are mad for political power, James Pethokoukis is properly unimpressed with Hillary Clinton’s command of recent economic history: http://www.aei-ideas.org/2014/07/hillary-tries-to-say-reaganomics-was-a-failure-and-totally-different-than-bill-clintonomics/?utm_source=today&utm_medium=paramount&utm_campaign=072114
 Ira Stoll, writing in the New York Sun, is properly unimpressed by New York governor Andrew Cuomo’s arrogant expenditure of $135 million of other people’s money to assist General Electric: http://www.nysun.com/new-york/cuomo-makes-bet-on-ge-brusing-money-of-taxpayers/88788/
 John Tamny is properly unimpressed by Dinesh D’Souza: http://www.forbes.com/sites/johntamny/2014/07/20/dinesh-dsouzas-america-will-have-some-conservatives-yearning-for-michael-moores/
 Tyler Cowen points us to a study that should (but won’t) give opponents of Wal-Mart and other big retailers pause before launching into their typical and tiresome complaints about how such retailers hurt workers: http://marginalrevolution.com/marginalrevolution/2014/07/overall-large-retailers-are-raising-wages.html
 Here’s an interview with the wise and interesting Christina Hoff Sommers: http://www.ravishly.com//ladies-we-love/christina-sommers-author-who-stole-feminism
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