The Corporate Welfare Export-Import Bank is Opposed by Everyone But the Politicians and the Cronies

Candidate Barack Obama, according to Patrick Brennan at the National Review, Corner blog, “decried the bank on the 2008 campaign trail as wasteful and ‘little more than a fund for corporate welfare.’” He was referring to the “Ex-Im Bank.”

Now, Ralph Nader is calling for the end of that bank. So is Larry Kudlow of CNBC, extolling the Tea Party for attacking the Export-Import Bank.

John Stossel of Fox Business spoke at George Mason University with economist John Boudreaux. Stossel called the bank what it is, “crony capitalism.”

“Why should we pay foreigners to consume our products? That’s what it does, that’s what it boils down to,” Boudreaux said.

If you follow the links you will see that the conservative Heritage Foundation is pumping out anti-Ex-Im Bank stories on its news site, The Daily Signal.

Even though there are plenty of Leftists who have attacked the Ex-Im Bank, the Tea Party is plainly leading this charge, but is opposed by the Chamber of Commerce and other corruptocrat lobbying groups, as well as by the White House and Congressional Democrats.

According to the Hill:

Now business leaders are taking a page out of the Tea Party playbook, looking to activate a grassroots community of their own: Main Street USA. The U.S. Chamber of Commerce and the National Manufacturers Association are striking back against Heritage Action and Club for Growth by rallying hundreds of small businesses nationwide as the clock crunches down toward Ex-Im’s Sept. 30 reauthorization deadline.

They’re looking to make small business the face of Ex-Im (more “mom and pop” shops, less “Bank of Boeing”). That strategy shift is upping-the-ante in an already politically hostile battle between Tea Party and the establishment GOP, and it’s putting pressure on red-meat Republicans heading home for Fourth of July recess. 

— One senior GOP strategist, who opposes Ex-Im, writes OVERNIGHT FINANCE: “We are seeing a new ironic trend that I expect to see continue as other contentious business related issues come up. And that is the business community will need more than lobbyists in Washington they will need activists on Main Street who bombard their specific members of Congress.

“This issue could signal the first shot across the bow, where you see Congressional Republicans in DC become defenders of Main Street rather than glorified bean counters of Wall Street. The battle is moving from the congressional corridors of Washington to Main Street USA.”

“It is a ‘prisoners dilemma’ for some Congressional Republicans (Tea Party v. small business) which is why (while the Dems are near unanimous in support) some Republicans are touting reforms/compromise to the EX-IM charter. See, P. King (NY), J. Campbell (CA), Fincher (TN).”

This is a wonderful target for the Tea Party to go after. If we win this we will show that while the Left sometimes talks anti-corruption, the conservatives are the ones who are doing something about it, even in the face of opposition from their own party’s establishment.