Posted on 09/15/2015 9:26:26 AM PDT by Hostage
FULL TITLE: GE may move up to 500 US jobs overseas since Congress failed to renew Ex-Im Bank funding
NEW YORK – General Electric Co. may move up to 500 American jobs overseas because Congress did not renew a government program that allows foreign companies to borrow money to buy U.S. products.
Authorization for the U.S. Export Import Bank was not approved by Congress, causing it to stop lending on July 1. Foreign companies use the agency to buy expensive U.S. products when bank loans are not possible.
As a result, GE says 100 jobs from a Houston plant that makes gas turbines will move to Hungary and China in 2016. The Fairfield, Connecticut, company says those countries have lending options in place for customers.
Another 400 jobs could be created in France instead of factories in South Carolina, Maine and New York if the company wins projects it is bidding on. The projects require financing, which the export credit agency in France has agreed to provide it.
This is FreeRepublic not AlmostFree not IdeallyFree. It is a site for idealism.
It’s okay with me you thinking whatever you like about me, right or wrong. I’m confident in what I know and so far you haven’t made one comment that applies to me.
I know my thoughts and beliefs. You don’t. You jumped to the wrong conclusions based on faulty logic.
That’s okay.
I work on locomotives for a living, and I CAN’T STAND working on them. GE has so cheapened up their designs, their locomotive have almost become disposable.
They make me appreciate working on EMD/Electromotive locomotives that much more.
Does your conscience bother you at all for implying Boeing could care less about the bank, when it's obviously not true.
Nope, because I didn’t say it.
It was a Boeing representative on CNBC.
If the gov’t is giving away our money, I can’t fault Boeing to get in line to get some. The gov’t shouldn’t be loading debt on our children and grandchildren. The piper will have to be paid someday.
bump
The government isn’t giving away anything.
What it does through the Export Bank is to borrow money using the government’s credit rating, which gets it the lowest possible rate. Then the bank loans that money at a slightly higher rate to Boeing and any other exporter that qualifies. In the process the Export Bank makes money. They’ve returned $7 billions in profits to the treasury over the last 20 years.
Killing the bank was stupid and didn’t save taxpayers anything. It cost us. It cost us, because we are now losing those export jobs. Boeing and GE both have taken processes overseas since killing the bank. So now taxpayers don’t get the $7 billion in profits over 20 years. They don’t get the taxes that would have been paid in, from the American workers. And instead we get to pay unemployment, food stamps and other safety net programs for these American workers that could have been building exports.
The government isn’t giving away anything.
What it does through the Export Bank is to borrow money using the government’s credit rating, which gets it the lowest possible rate. Then the bank loans that money at a slightly higher rate to Boeing and any other exporter that qualifies. In the process the Export Bank makes money. They’ve returned $7 billions in profits to the treasury over the last 20 years.
Killing the bank was stupid and didn’t save taxpayers anything. It cost us. It cost us, because we are now losing those export jobs. Boeing and GE both have taken processes overseas since killing the bank. So now taxpayers don’t get the $7 billion in profits over 20 years. They don’t get the taxes that would have been paid in, from the American workers. And instead we get to pay unemployment, food stamps and other safety net programs for these American workers that could have been building exports.
The last Bush budget included the TARP act which authorized $ 984 billion to save the economy.
When the Demorats took over the Congress when obama was elected, they did not pass a new budget, just renewed the current one. That has happened each year now even with the RINO’s in charge. obama has gotten that extra $984 billion to spend EVERY YEAR! Just the operating defecit has gone from 8 trillion to 18 trillion.
The measley 7 billion you are worried about pales in light of what we owe.
We must stop the spending, especially on programs that private industry should be handling.
China, Japan and Italy struck deals with Boeing to buy the 787 IF Boeing allowed them to make parts for the plane. Boeing agreed. That is why jobs went overseas, not the financing structure of the deals.
I sat next to a GE jet engine engineer on a trip to France recently. GE has been building engines there for many years. The worlds’ aircraft are not the sole product of one country anymore.
Again, the bank makes money. We’re not spending anything on it. Yeah $7 billion is a drop in the bucket to what we owe and to what we are spending. But that’s $7 billion less that we will be earning, and we’re still spending. Killing the bank is moving in the wrong direction.
And the bank can’t just stop operations. They still have to collect the loans that have been issued. They just can’t issue any more loans. So maybe a few loan officers don’t report in any more, but everyone else still works. It will just be less profit sent to the treasury. And that profit will dwindle down.
The most expensive way to do business is let the Gov’t get involved.
There are scads of programs like the Im/Ex bank that need to be eliminated. Veterans Administration, Dept. of Education, Energy and the EPA come to mind. They are huge money pits that can be replaced or eliminated.
The global warming(climate change) hoax is an excuse to tax and control the masses. The amount of carbon on earth has not changed since the beginning of Earth. The only ‘change’ is atoms the carbon is attached to. Volkswagen will now get raped for trying to avoid rules that are made to collect taxes, not solve any envoirment problem.
The over-reaching gov’t beast must be trimmed, and the bank is one of many things that has to go. There is no data released on loans that were taxpayer backed and went sour. Every lending program has defaults. Look at the mess student loans are costing us and obama is gleefully letting people walk away from their debt if they vote demorat.
Canada has a program like this - but it also applies to their smaller exporters and helps boost small- and medium-sized export-based business.
In the USA, only multi-nationals like GE get favors like this done for them.
Let me restate my objection. Our government should not be helping businesses. Provide a stable medium of exchange, defend liberty, punish evil doers, and enforce private property rights.
Once again the Export Bank was making money. $7 Billion in 20 years. At the same time they helped American exporters which means American jobs.
It’s reported now that the whole Iranian nuke deal was the result of Boeing and Airbus wanting the $150 billion of sequestered funds released so Iran could upgrade their worn-out airline. WA-d senators Murray and Cantwell as well as other demos and Chamber of Commerce owned reps. got the deal rolling as other businesses wanted in on the cash cow.
It would be great irony if Im/Ex bank was around to finance the deal.
The little puke in the white hut has handed the Middle East to Putin.
I agree that keeping jobs here is necessary, but the Big Picture is pretty scary right now.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.