Anti-ExIm Bank Republicans 'damaging our economy...American workers and companies'
Times Tribune Editorial – Without Ex-Im, jobs exported
The bank never was controversial until 2012, when a handful of right-wing ideologues in congressional leadership positions targeted it as "corporate welfare."
Clearly, this foolish exercise in ideology as policy already has failed…Congress should export blind ideology and adopt policy that bolsters exports and U.S. jobs.
Cincinnati.com Editorial – Congress must revive Ex-Im Bank
It is time for Congress…to bring it back to life.
It is past time for Congress to reauthorize the Export-Import Bank. Boehner should signal his willingness to move a bill to the floor, and local representatives who oppose the bank should reconsider their position for the good of the local economy.
Reuters – More U.S. firms eying overseas moves given EXIM lapse: AIA
More U.S. companies are considering moving plants overseas given concerns about the shutdown of the U.S. Export-Import Bank…
David Melcher, president of the Aerospace Industries Association, said he expected similar announcements from Boeing Co (BA.N) and other companies, which are already losing business due to lack of access to U.S. trade credits.
"Any company that has traditionally depended on EXIM financing as part of their strategy to sell internationally will start to hedge their bets with thoughts of moving their business overseas where they can get that support from a different government," Melcher told Reuters in an interview.
Denver Business Journal – Billions in exports threatened unless U.S. House holds up or down vote on Ex-Im Bank
…Washington now threaten to upset the fine-tuned economy we've worked to build…
Without Ex-Im, American exporters simply would not be able to close these overseas sales. In the weeks since Ex-Im expired we have seen American firms losing business to foreign competitors everyday.
Journal Star – Make local, ship global
Without this bank, U.S. companies will face a deep disadvantage in global markets.
We know that eliminating Ex-Im would mean fewer exports. Fewer exports mean less business for American suppliers and sub-contractors. It would hurt businesses…
SpaceNews – Orbital Blames Lost Satellite Deal on Ex-Im Closure
As a second U.S. satellite manufacturer reported losing contracts because of the lack of export credit financing…
At a Sept. 21 Washington Space Business Roundtable panel session here, Ted McFarland, senior director for GEOComm at Orbital ATK, said his company lost a competition for the Azerspace-2 satellite with the government of Azerbaijan because Ex-Im could not provide financing after its authorization lapsed July 1.
"It's an increasing trend we're seeing," McFarland added. "If you don't have an export credit agency capability, you can't even step up and play."
DefenseNews.com – Protect Ex-Im Bank
The failure to keep Ex-Im open for business is already having a substantial ripple effect throughout our economy. US satellite sales are being threatened or even lost and American exporters are having to scramble to find private financing to replace Ex-Im programs. If those sources were readily available, the exporters wouldn't have had to go to Ex-Im in the first place.
Shutting down Ex-Im would also threaten American national security interests. American aerospace and defense companies have relied on overseas markets, particularly commercial markets serviced by Ex-Im loans, to keep the defense industrial base healthy as US defense spending has declined.
The Fiscal Times – What Happens When Political Ideology Costs U.S. Jobs? Ex-Im Bank Opponents Aren't Worried
The fate of the New Deal-era credit agency has divided congressional Republicans for much of the last year. House Speaker John Boehner (R-OH), whose own support for the bank has been uneven, has deferred to conservatives who argue the bank is the post-child for "crony capitalism" that favors large corporations over small businesses.
New York Times' Joe Nocera – Republican Job Killers and the Export-Import Bank
The damage this is doing to our economy is starting to become clear. In recent weeks, Boeing, America's largest exporter in dollar volume, made two sobering announcements: first, that Asia Broadcast Satellite canceled an $85 million satellite contract expressly because there was no Ex-Im support…More recently, Kacific, a Singapore-based satellite company, told Boeing not to bother bidding on a satellite contract, again because of a lack of Ex-Im financing.
…The anti-Ex-Im Bank faction is having a glorious time…
And perhaps The Atlantic's James Fallows said it best:
…the results of this self-inflicted folly are starting to come in.
The ExIm consequences are just one example of where that know-nothing posture leads, and not even the most destructive.
The people bringing down the Export-Import bank are morons zealots who care more about their theories than the completely foreseeable damage they are doing to American workers and companies.