The Export-Import Bank has proposed a $2 billion loan to a Brazilian oil company to fund oil drilling and development by a state-owned company, hurting American workers, oil companies, and the country’s energy independence. Sarah Palin sees this is as a rather self-defeating strategy.
After the idea went public, Palin quickly noted that President Obama wants to use American dollars to pay salaries and benefits to Brazilians — to state-owned oil company, Petrobras, at that — to the detriment of our own country.
In response, Ex-Im Bank spokesman Phil Cogan tried to mislead people, and disprove Palin’s assessment, by saying the government agency, started in 1934, has a function which is to lend money to foreign companies for the purchase of American goods and services. "It has to be produced by U.S. workers," Cogan said.
But even Senator Bernie Sanders knows that the Ex-Im bank is a massive U.S. corporate welfare giveaway program. According to Sanders, and this was a few years back, 80 percent of the subsidies distributed by the taxpayer funded Ex-Im Bank went to Fortune 500 companies including Enron, Halliburton, General Electric, AT&T, Lucent Technologies, General Motors, and more. GE received $2.5 billion in direct loans from Ex-Im with the result that GE reduced it’s workforce by 270,000 jobs. Then GE moved to Mexico.
We are losing jobs here and funding jobs there.
Ignorance is a bliss!
1) We'll get about a 1/4 of the money in direct profits.
2) PetroBras will buy American machinery & technolgy with the loan. Hence; creating/maintaining great number of American jobs!
3) Europe and China (now; more technically capable) lost the contract although that they've offered more money to the Brazilians!
4) We're garaunteed a percentage of the oil production from those oil fields (some say it rivals all of the oil fields in the Middle East!)
5) We now are buying foreign oil (we still CAN afford it) and saving our own oil here in the USA and under our OWN soil for future generations.
6) It is still cheaper to extract the oil from those foreign countries than from our own soil. We hope that; in time (maybe 20 years) the technology would allow less expensive processes to extract our OWN oil.
The USA is doing the smart thing by saving our oil for our future. As long as we can afford to buy foriegn oil and save our own then we should do it.
Do let let an ignorant radio talk show spin this into DEMS & REPS. It is to the best of our future to save our oil. We spent some $600 billion on the Iraq war to get our hands on their oil. That makes the price per barrel a lot steeper than what we pay directly at the pump. Butying some of our oil consumption need from Brazil is a lot cheaper way to get cheap oil than war!
We could have created thousands of jobs directly and hundreds of thousands of jobs indirectly and greatly boosted our own economy. Instead we are padding George Soros' pockets with billions of American taxpayer dollars. You are an Obama sycophant!!!
You won't be able to spend your money with a nuke in your backyard. Let me be clear, the neocons are desperate people in search of world domination. They are killers and they are NOT conservatives.
The problem is that Sarah Palin is not a populist. Any position she takes, right or wrong, is calculated. She is the biggest threat to the world there is, being supported by Bill Kristol and Karl Rove of PNAC. You can almost guarantee a false flag will happen with Palin and the neocons want to provoke Russia, maybe into WW3. Even Pat Buchanan has written forcefully of this. See my website http://palinsuresucks.com I repeat, she is dangerous because of her beliefs. Please read the site.