I dunno. Maybe the stopped clock is right this once. Why should the US government guarantee loans for a privately owned cruise-ship? It isn’t really private financing if the government guarantees it. How is this different from Solyndra or Fannie Mae?
Title XI of the Merchant Marine Act of 1936, as amended, is intended to promote the growth and modernization of the U.S. merchant marine and the Nation’s shipyards by helping owners of eligible vessels and shipyards obtain long-term financing under terms and conditions that might not otherwise be available.
Due to Obama's handling of the banks . . . seems like now more than ever, tis true.
The program currently has a portfolio of guarantees that covers over $2 billion in loans, and has the funding to expand it to almost $4 billion.
Since 2004, however, Title XI has approved only five applications, with commitments totaling approximately $482 million, compared to an average of 11 approvals per year from fiscal year 1998 through fiscal year 2002.
Admittedly the program seems to be in disarray, but her point is well taken. Instead of fixing, like any typical narcissist, instead of fixing the problem he chooses to PICK and CHOOSE programs that his supporters participate in. Corruption by a different name
It’s not a ship, it’ an industry
And it has national security applications in time of war or national emergency, when the cruise ships become national assets, like the airlines
But not to worry, the industry will find a govt willing to abate taxes and regulations to make it profitable to build ships
In China