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starfire_xes
I Am 'They'



Registered: 10/24/09
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Loc: Dallas with all the assho...
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Quote:
Falcon91Wolvrn03 said: I see both sides. Things have been good so far, but IF something really bad were to happen, the taxpayer would be on the hook. I'm neutral on this, because we might have already made enough money to cover a few things going bad.
i was reading apparantely there have been defaults. What is really sick about this is the US giving tax-payer guaranteed loans to foreign governments.
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Falcon91Wolvrn03
Stranger



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Sure, but the net cost to taxpayers has still been zero.
-------------------- I am in a minority on the shroomery, as I frequently defend the opposing side when they have a point about something or when my side make believes something about them. I also attack my side if I think they're wrong. People here get very confused by that and think it means I prefer the other side.
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hostileuniverse
Stranger



Registered: 05/14/15
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Quote:
Falcon91Wolvrn03 said: Sure, but the net cost to taxpayers has still been zero.
Wasn't the net cost to taxpayers zero for all those high risk loans, until the fed decided to bail them out? That's the problem here, there is huge "risk" to the taxpayers, so I guess we just wait until it costs us a couple trillion, lol
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paperbackwriter
Edward Lear


Registered: 03/31/14
Posts: 1,888
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Doesn't allowing huge corporations to take risks on the tax payers dime encourage them to take bigger risks?
-------------------- Why should we strive with cynic frown To knock their fairy castles down? ~ Eliza Cook It's rather embarrassing to have given one's entire life to pondering the human predicament and to find that in the end one has little more to say than, 'Try to be a little kinder.' ~Aldous Huxley
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hostileuniverse
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Quote:
paperbackwriter said: Doesn't allowing huge corporations to take risks on the tax payers dime encourage them to take bigger risks?
Well yeah, that's why govt shouldn't gaurantee any loans, IMO
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Diploid
Cuban



Registered: 01/09/03
Posts: 19,274
Loc: Rabbit Hole
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First, let's correct something. The bank does not finance American corporations. It finances purchases by foreigners of American goods. In other words, we are loaning to other foreign corporations and governments to buy stuff from American corporations.
Now, should we do this? Considering that some 60 other countries do it to the benefit of their corporations and tax payers, we MUST do it too to level the playing field.
If you want globalization, you have to accept cultural relativity.
-------------------- Republican Values: 1) You can't get married to your spouse who is the same sex as you. 2) You can't have an abortion no matter how much you don't want a child. 3) You can't have a certain plant in your possession or you'll get locked up with a rapist and a murderer. 4) We need a smaller, less-intrusive government.
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hostileuniverse
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Re: The Export Import Bank [Re: Diploid]
#22470937 - 11/03/15 12:42 PM (8 years, 2 months ago) |
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Quote:
Diploid said: First, let's correct something. The bank does not finance American corporations. It finances purchases by foreigners of American goods. In other words, we are loaning to other foreign corporations and governments to buy stuff from American corporations.
Now, should we do this? Considering that some 60 other countries do it to the benefit of their corporations and tax payers we MUST do it to level the playing field.
If you want globalization, you have to accept cultural relativity.
But that's NOT a level playing field, because the govt picks and chooses which companies are able to be financed by the exim, if it were level, any corporation or company could acces exim funds for trade with other countries, not the case with exim
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Diploid
Cuban



Registered: 01/09/03
Posts: 19,274
Loc: Rabbit Hole
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the govt picks and chooses which companies are able to be financed by the exim
That's not true. My understanding is that the bank operates independently of the government like any other bank and follows standard industry practice in selecting loans for approval.
What's more, most of the 60 countries that have Export Import banks play by an internationally-agreed set of guidlines to prevent favoratism and promote fairness and transparency. Except China who doesn't play by the rules. All the more reason we need to keep the bank open. A bank that self-finances and makes a small profit for the US taxpayer while helping American corporations close sales they would otherwise never close.
Win-win. I have no problem with that.
-------------------- Republican Values: 1) You can't get married to your spouse who is the same sex as you. 2) You can't have an abortion no matter how much you don't want a child. 3) You can't have a certain plant in your possession or you'll get locked up with a rapist and a murderer. 4) We need a smaller, less-intrusive government.
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hostileuniverse
Stranger



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Re: The Export Import Bank [Re: Diploid]
#22471164 - 11/03/15 01:42 PM (8 years, 2 months ago) |
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So a private bank gives loans to overseas companies, those loans are backed by the tax payer, is that correct?
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paperbackwriter
Edward Lear


Registered: 03/31/14
Posts: 1,888
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Re: The Export Import Bank [Re: Diploid]
#22471206 - 11/03/15 01:51 PM (8 years, 2 months ago) |
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The wikipedia page is telling.
The case for it is a bunch of anecdotes by small businesses (note: the bank's charter provides that Ex-Im Bank makes available "not less than 20%" of its lending authority to small businesses although they have often fallen short of the 20% threshold). The case against it... well... I'd quote it but all the citations would make it ugly.
You guys can read for yourselves under criticisms.
https://en.wikipedia.org/wiki/Export-Import_Bank_of_the_United_States
-------------------- Why should we strive with cynic frown To knock their fairy castles down? ~ Eliza Cook It's rather embarrassing to have given one's entire life to pondering the human predicament and to find that in the end one has little more to say than, 'Try to be a little kinder.' ~Aldous Huxley
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hostileuniverse
Stranger



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Quote:
The Export-Import Bank of the United States (Ex-Im Bank) is the official export credit agency of the United States federal government.[1] Operating as a government corporation, the bank finances and insures foreign purchases of United States goods for customers unable or unwilling to accept credit risk.
Government corporation? The more I'm learning, the more I don't like it all and can see why libs do, they like the govt ownership of banks
So it hasn't cost the taxpayers anything "yet" like Fanni and Freddie, I guess we'll see when the defaults start happening if this is another "too big to fail" banking scheme cooked up by our benevelont govt...
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hostileuniverse
Stranger



Registered: 05/14/15
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Quote:
paperbackwriter said: The wikipedia page is telling.
The case for it is a bunch of anecdotes by small businesses (note: the bank's charter provides that Ex-Im Bank makes available "not less than 20%" of its lending authority to small businesses although they have often fallen short of the 20% threshold). The case against it... well... I'd quote it but all the citations would make it ugly.
You guys can read for yourselves under criticisms.
https://en.wikipedia.org/wiki/Export-Import_Bank_of_the_United_States
Quote:
Environmental groups say that under the Obama Administration the Ex-Im Bank is on a "fossil fuel binge", which "makes a mockery of Obumble...
Lol, not hard to do, the guy has made himself the laughing stock of the world countless times...
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starfire_xes
I Am 'They'



Registered: 10/24/09
Posts: 21,590
Loc: Dallas with all the assho...
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Re: The Export Import Bank [Re: Diploid]
#22473270 - 11/03/15 08:42 PM (8 years, 2 months ago) |
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Quote:
Diploid said: First, let's correct something. The bank does not finance American corporations. It finances purchases by foreigners of American goods. In other words, we are loaning to other foreign corporations and governments to buy stuff from American corporations.
Now, should we do this? Considering that some 60 other countries do it to the benefit of their corporations and tax payers, we MUST do it too to level the playing field.
If you want globalization, you have to accept cultural relativity.
Oh I see. Companies like Boeing and GE can't extend credit to customers like most companies do. (DO you know what 'accounts receivable' is? 
Here's the problem: GE or Boeing et. al. don't want to have any risk. So they get the government to extend taxpayer guaranteed loans so credit risk countries can purchase their products.
No risk for corporations, no risk for the buyer: risk totally on the US taxpayer.
Now let's see...where have I heard this before? Hmmmmm........ oh yeah, I remember now!! It's called Crony Capitalism.
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hostileuniverse
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Quote:
Now let's see...where have I heard this before? Hmmmmm........ oh yeah, I remember now!! It's called Crony Capitalism.
But but but, liberals are AGAINST crony capitalism... Or are they?
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