Rush doesn’t under EX-IM. It doesn’t lend money, it eithers guarantees loans or provides loan insurance. Cruz said this in his statement
The company both large and not so large go toEx-Im and have the loan by their own bank or banks guaranteed. Unless the customer doesn’t pay or there is a war or other bad circumstance, EX/Im pays nothing. Ex-Im is paid for the service. by the company getting the guarantee.
Taxpayers don’t loan the money or lose any money unless there is a default. Then Ex/Im pays the lending bank for the defaulted amount and then can collect from the defaulting party.
I don’t have stats on defaults but they are low.
The Ex/Im process allows commercial banks to make loans they other wise could not
EX/Im banks is involved with companies much smaller than Boeing. Ex/Im bank should be approved again
If Boeing makes a killing do I get some money out of it? Of course not. So I'm taking risks, however small, but there is no reward. Its bullshit.
As with all government "insurance", such as flood insurance, the premium is unrealistically low. Therein lies the cronyism. Default risk is always present even for the largest corporations, for example General Motors. Default risk is being offloaded to the public in support of a favored few. Try getting an Ex-Im loan guarantee as a small exporter.
This Ex-Im fight is political theater. Why not knock out NPR? We’re being hustled by Cruz. He voted for Corker. What else do you need to know about his GOPe status?