Lefty Liz Backs Subsidies for Big Biz, Megabanks
24th August 2014
Veronique de Rugy blows the whistle.
In the little time she’s been in Congress, Sen. Elizabeth Warren has made a name for herself as a populist who talks tough about Wall Street and other large corporations. But is she going to do more than just talk about it?
Recently, Warren confirmed that she is renewing her support for the Export-Import Bank — an agency that lends money to foreign companies to buy U.S. goods and services. This may sound good on paper; however, Warren’s endorsement of the Ex-Im Bank is inconsistent with her otherwise populist stand.
The biggest Ex-Im Bank beneficiaries are giant corporations like Boeing, General Electric, Caterpillar and their very wealthy foreign buyers. These companies don’t need the bank, but they love it. It increases their profits and transfers onto taxpayers the risk that the companies should be shouldering since they pocket the benefits.