In this Washington, the idea that a federal agency helped Boeing sell 106 airliners last year might have us doing handstands, especially when we learn that it didn’t cost taxpayers a dime. The Export-Import Bank of the United States did it by offering $7.9 billion in loans, loan guarantees and credit insurance to foreign purchasers of Boeing aircraft, the same sort of thing it has done for the last 80 years.
Leave it to the other Washington to turn things upside down. Critics in Congress say this represents failure. They are leading a crusade to shut down the bank, on grounds that its lending to large corporations represents “corporate welfare” and crony capitalism.”
Somehow conservative rhetoric has been harnessed for a cause that will hamper America’s ability to compete in markets abroad, and the argument is so lofty it drifts in the direction of outer space. But here’s what counts. If Congress fails to reauthorize the bank by Oct. 1, the little guy gets whacked just like Boeing does. It’s not just the Bank of Boeing.More