Tuesday, April 10th, 2012 and is filed under News
No, hell has not frozen over yet, but the Washington Post published an editorial criticizing the Ex-Im Bank and Boeing’s case for its expansion. Washington Post for free markets?
“Why can’t a blue-chip giant like Boeing sell planes without Washington’s help? Ex-Im supporters argue that even in normal economic times banks hesitate to extend long-term credit in emerging markets such as Vietnam and Colombia. Maybe so, but that contradicts another argument in favor of the bank — that it exposes taxpayers to little or no risk. Historically, Ex-Im’s default has been low — less than 2 percent. But it developed that record on the basis of a much smaller portfolio. To the extent that Ex-Im substitutes the U.S. government’s judgment for the market’s, it encourages emerging countries to over-invest in new aircraft and the United States to over-produce them. And that’s inherently risky.”
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