Is Bernie Sanders a Demagogue?
Bernie Sanders is the only Democratic candidate in the presidential race to oppose the Export-Import Bank of the United States. Hillary Clinton has vigorously defended the Bank.
The Export-Import Bank extends loans to foreign companies in exchange for buying products from large U.S. companies. Similar Banks in China, Europe, Russia and even Canada support native industries selling their products.
Sanders makes the point that the largest beneficiary of the Export Import Bank is Boeing. In a recent debate, he asked Clinton, “Do you know what the other name of the Export-Import Bank is, what it’s called in Washington? It’s called the Bank of Boeing because Boeing itself gets 40 percent of the money discharged by the Export-Import Bank.”
Sanders is right. Close to 70 percent of the bank’s loan guarantees benefit Boeing alone. Of course, Boeing is also the main US exporter of large ticket goods. It principle competitor, Aerobus, is heavily supported by the EU. Potential competitors in China, Russia, and Brazil … all now building or planning to build competitors for Being’s lucrative 737 … all do their work with direct support from their governments.
Boeing is not the only beneficiary. Companies with up to 1,500 employees and $21.5 million in revenue make up 20% of the Banks’s clients. Presumably, companies like WAstates own SpacEX hope that their business will also be backed by the Bank.
Bernie’s main concern seems to be that Senator Clinton has been too close to Boeing. “Clinton functioned as a powerful ally for Boeing’s business interests at home and abroad, while Boeing has invested resources in causes beneficial to Clinton’s public and political image.” Specifically, the Sanders Campaign has argued that Clinton negotiated a $2 million deal with the aerospace giant to host a pavilion at a world’s fair and then delivered a $3.7 billion aircraft purchase deal between Boeing and the Russian government in 2010.
Shortly thereafter, Boeing announced it would contribute $900,000 to the Clinton Foundation.
Is Bernie charging that the Clinton Foundation is corrupt? That sounds like something that Donald Trump or Ted Cruz might say next Fall.
Tags: Ongoing Presidential Campaign
Posted 07 Apr 2016 by theaveeditor
in Misc.