Mr. Cruz Goes to Washington

Sen. Ted Cruz has been making a name – and a nuisance of himself, at least to the GOP – in the United States Senate.  The senator from Texas had the temerity to take on the Senate Majority Leader, Mitch McConnell (R-KY) and call him a liar to his face in front of a gathering of Senate Republicans – on C-SPAN, no less.

And we thought The Donald came out swinging.  Trump is a lot taller than Cruz and fills out his suits much better, being of greater bulk than Sen. Cruz.  This son of Cuban immigrants wasn’t taking any flack from the GOP Establishment, though.  He’s been at it since he was elected in 2012.  The Media – and the Republicans – were just silent on this Conservative Attack Dog.  They didn’t want Tea Party Conservatives getting any ideas about challenging them for leadership of the GOP, evidently

In a letter to his supporters, Cruz wrote recently, “The Washington Cartel is at it again. This time, we’ve been betrayed by the Senate Majority Leader. “Three times the Senate Majority Leader lied as he looked me in the eyes… “Some time ago, I asked the Senate Majority Leader if he had cut a deal to reauthorize the Export-Import Bank — a classic example of cronyism and corporate welfare — in order to pass Trade Promotion Authority (TPA), and, three times, he said there was no deal.

 

National Review:
Over the objections of ineducable progressives – and of conservatives who really should know better – Pres. Obama signed into law the…trade-promotion authority (TPA bill). It simply allows the president to submit trade agreements to Congress for an up-or-down vote, a feature of U.S. trade policy for decades, and a useful one, too.  It became controversial partly because Conservatives distrust the president, not without reason, which led some of them to resist this commonplace measure; partly because 2016 presidential contenders in both parties are looking for a fight; partly because trade is an issue ripe for cheap demagoguery; partly because the Left hates international trade, per se; and, not least, because TPA was caught up in a controversy over the trade deal currently being negotiated, the Trans-Pacific Partnership, a hate totem to the Buchananite Right and to the Warrenite Left, which objects to the proposal’s extension of U.S.-style intellectual property protections, and to the fact that some for-profit enterprise might profit from it.  This latest bill extends TPA for six years, and we hope that President Cruzpaulbio makes fuller use of it than his predecessor has.
“Friday morning, the Majority Leader demonstrated that he had not told the truth. He brought up the reauthorization of the Export-Import Bank — putting the taxpayers on the hook for hundreds of millions of dollars of loan guarantees that go primarily to a handful of giant corporations. “Why? “Because that’s what the Washington Cartel wanted. Career politicians in both parties are so concerned with staying in power at all costs, that they get in bed with lobbyists and special interests and listen to them rather than the American people.
“Today,” Cruz writes, “we have government of the lobbyists, by the lobbyists, and for the lobbyists. Now, the long knives are coming out because I dared to tell you and the rest of America the truth and expose what was really happening behind closed doors in Washington. “People are rightfully frustrated because Republicans keep winning elections, and then our leaders don’t do a single thing that they said they were going to do. “We see far too many ‘campaign conservatives’ – [sic] conservatives [politicians] who pretend to be conservatives on the campaign trail, but when it comes time to step up and govern, they don’t govern based upon what they promised us in their stump speeches. “It’s time to change that. It’s time to break [up] the Washington Cartel — I have pulled no punches, and I am enemy number one on the establishment hit list.

“We’ve seen before how to defeat the Washington Cartel. In 1980, the Reagan Revolution came from the American people. “The incredible outpouring of grassroots support, of volunteers, of over 175,000 donations to our campaign to reignite liberty is so encouraging. The only way we can break this cycle and force leaders to actually stand for conservative principles is with a grassroots tsunami. “I truly believe 2016 is going to be an election like 1980 — a grassroots tsunami. “We’re going to win. We’re going to do it by painting in bold colors. And most importantly, we’re going to do it with your support.

Here’s The New York Times’ account:

WASHINGTON — Senator Ted Cruz, the sometimes-incendiary Texan running for the Republican presidential nomination, took to the Senate floor on Friday to call his party’s majority leader a liar in an extraordinary public airing of grievance.

Mr. Cruz, an ardent opponent of the federal Export-Import Bank, reacted in starkly personal terms after the leader, Senator Mitch McConnell, Republican of Kentucky, allowed a vote pressed by a bipartisan group of senators to resurrect the government’s export credit agency.

That vote will come Sunday in a rare weekend session of Congress called to rush forward a major infrastructure bill before the Highway Trust Fund runs out of money July 31.

“I cannot believe he would tell a flat-out lie,” Mr. Cruz said of Mr. McConnell, who he said had promised him there was no deal to bring the Export-Import Bank matter up for a vote.

Mr. Cruz said allowing that vote on the measure, which will almost certainly pass, was “an absolute demonstration that not only what he told every Republican senator, but what he told the press over and over and over again, was a simple lie.”

The outburst breached the Senate’s decorum — and perhaps its rules, which preclude a senator from using “any form of words” to “impute to another senator or to other senators any conduct or motive unworthy or unbecoming a senator.” Mr. McConnell and his staff declined to comment.

Aides to Senator John Cornyn of Texas, the Senate’s No. 2 Republican, said he also would not comment on Mr. Cruz’s speech.

Mr. Cruz has been a combative figure since his arrival in the Senate in 2013, when he helped shut down the government in a fruitless effort to defund the Affordable Care Act. He also pressed to shut down the Department of Homeland Security this year over President Obama’s executive orders on immigration.

While Mr. Cruz frequently challenges Democrats, he has largely refrained from attacking fellow Republicans.

“In my time in the Senate, I haven’t impugned the character of Republicans or Democrats, and I don’t intend to start today,” he said this month when pressed to condemn a fellow Republican White House hopeful, Donald J. Trump, who had questioned Senator John McCain’s wartime heroism.

On Friday, Mr. Cruz held nothing back. He detailed what he said was a closed-door confrontation he had with Mr. McConnell in May, after supporters of the Export-Import Bank tried to derail a trade bill unless they were promised a vote to keep the bank open.

“It was a direct question I asked the majority leader in front of all the Republican senators,” he said. He said that Mr. McConnell had been “visibly angry” and that “like St. Peter,” the majority leader had offered a denial three times: “There is no deal, there is no deal, there is no deal.”

Far from backing down, Mr. Cruz joined the conservative radio show host Rush Limbaugh on Friday afternoon, basking in Mr. Limbaugh’s praise for a “direct hit” on leadership like none he could remember.

“It’s not a good day when the majority leader is willing to lie to the Senate,” Mr. Cruz told Mr. Limbaugh.

Tea Party groups, the Heritage Foundation’s political arm, and Charles G. and David H. Koch’s Freedom Partners rushed to Mr. Cruz’s defense.

Support for the Export-Import Bank in both the House and Senate is sufficient to restore it if Republican leaders allow a vote. On June 30, the authorization ran out on the agency, which offers loan guarantees and other assistance to the foreign customers of American exporters.

Businesses – powered by some of the nation’s biggest corporations, like Boeing, General Electric and Caterpillar — have been pressing to reopen it, arguing that the Conservative war on the agency is costing American jobs in the service of a purely ideological fight. On the other side of the money fight, Delta Air Lines, the Kochs, Club for Growth and the Heritage Foundation are fueling the opposition.

Mr. Cruz framed the fight as one pitting “the Washington cartel of the lobbyists on K Street, or the big money and big corporations,” against the American taxpayer.

Money has in fact sloshed through both sides of the fight. Among Republican presidential candidates, only Senator Lindsey Graham of South Carolina, where Boeing operations benefit from Export-Import Bank financing, supports restoring the agency.

Mr. McConnell, in allowing a vote Sunday afternoon to reopen the bank, was careful to say he personally opposed it. At the same time, he offered conservatives a compromise in the form of a separate amendment to the highway bill to repeal the Affordable Care Act.

Mr. Cruz called that “an empty show vote.”

“The Republican leader is behaving like the senior senator from Nevada,” Mr. Cruz said, accusing Mr. McConnell of running the Senate the same way his predecessor, Senator Harry Reid, Democrat of Nevada, operated.

In a test vote last month, 65 senators, Republican and Democrat, showed that they would vote for the Export-Import Bank’s reauthorization. In the House, 60 Republicans have signed on to legislation to reopen new lending activity at the bank, more than enough to pass a bill that has overwhelming Democratic support.

The question is whether Speaker John A. Boehner will buck the opposition of other Republicans on his leadership team to allow the Senate’s bank amendment to come to a vote.

ABC News/Fox News/The Associated Press reported thusly:

Senators overruled heated conservative opposition Monday and added a measure reviving the federal Export-Import Bank to must-pass highway legislation. But House Republicans declared the Senate transportation bill dead on arrival.

The developments set the two chambers on a collision course days ahead of a crucial highway deadline in the midst of the summer driving season. And the ultimate outcomes on the highway bill and the Export-Import Bill were uncertain, although it looked likely late Monday that Congress would consider a short-term highway extension.

As House members convened Monday for their final days of work before an annual August recess, Majority Leader Kevin McCarthy ruled out taking up the Senate’s highway bill, which cleared a procedural hurdle Monday and is headed for completion in the next several days.

“We’re not taking up the Senate bill,” the California Republican told reporters at the Capitol, adding that the Senate should instead take up the bill already passed by the House. “My best advice to the Senate is to get our highway bill moved forward,” he said.

Hours later, in a hectic late-night session, the Senate voted 64-29 to include the provision reviving the Export-Import Bank as an amendment to its version of the highway bill. The bank, a federal agency that underwrites loans to help foreign customers buy U.S. goods, expired June 30 amid Conservative opposition.

Supporters in the business community say the bank is necessary for U.S. competitiveness, but Conservatives say it amounts to corporate welfare, and their objections pushed the vote Monday well past 10 p.m.

Presidential candidate Sen. Ted Cruz, R-Texas, who has led an angry charge against the bank and clashed with Senate Majority Leader Mitch McConnell about it, lashed out at McConnell over the outcome. “He turned his back on the American people and allowed one of the worst examples of corporate welfare our nation has ever known to be resurrected from the dead,” Cruz

said.

But the Senate action on the Export-Import Bank does not guarantee its continued survival since the House’s transportation bill does not include the bank. The House bill is a five-month extension of current programs while the Senate’s version authorizes $350 billion in transportation programs for six years, though only three of those are paid for.

Authority for federal highway aid payments to states will expire Friday at midnight without action. At the same time, if Congress doesn’t act before then, the balance in the federal Highway Trust Fund is forecast to drop below a minimum cushion of $4 billion that’s necessary to keep aid flowing smoothly to states.

House Republican leaders say their approach would buy them time to try to come up with a tax reform deal coveted by the White House and some leaders in both parties, and use that to pay for an even longer-term highway bill. But McConnell has said publicly and privately that such a deal will be all but impossible to achieve. He wants to move legislation now to dispense with the highway issue at least through next year’s elections, give certainty to states and avoid repeated fights over the issue.

“Time is running out to get this bill through Congress. We’re up against a deadline at the end of week,” McConnell, R-Ky., said on the Senate floor. “Jobs are on the line. Important infrastructure projects are too.”

Especially in Kentucky.

Then, the EXIM website explains its existence this way:

The EXIM Bank is a demand-driven institution that empowers U.S. exporters to increase their sales abroad and support quality jobs at home. When American businesses are unable to access private export financing, EXIM fills the gaps by equipping them with the tools necessary to compete for global sales. In doing so, the Bank levels the playing field for U.S. exporters facing stiff foreign competition in overseas markets. No transaction is too small for EXIM.

While most of our website is devoted to U.S. Exporters, you can also find dedicated pages here on our website for brokers, lenders, congressional and government stakeholders, U.S. product importers, trade and city partners, media, and current customers.

For more than 80 years, Ex-Im Bank has worked to ensure a level playing field for U.S. exporters in a competitive global marketplace, and filled the gaps when the private sector is unable or unwilling to finance U.S. exports. In FY 2014, Ex-Im supported 164,000 U.S. jobs through $20.5 billion in export finance authorizations.

Ex-Im operates under authority  provided by Congress.  Sixteen times, bipartisan majorities  in  Congress have reauthorized Ex-Im Bank. Since Ex-Im’s most recent reauthorization (the Export-Import Bank Reauthorization Act of 2012 (P.L. 112-122) (link is external), the Bank has implemented more than a dozen reforms.  In addition, Ex-Im continues  to work to meet its Congressional mandates and directives requiring support for small business, environmentally beneficial exportsminority- and woman-owned business exports,  and exports to eligible markets in sub-Saharan Africa.

Ex-Im Bank operates at no cost to taxpayers. Ex-Im has been able to accomplish this because, like any bank, Ex-Im charges fees and interest on our loan guarantee, insurance, and direct loan programs, the result being that Ex-Im Bank does not rely on taxpayer resources to sustain operations. As a result, over the past two decades Ex-Im has generated approximately $7 billion in excess revenues for the U.S. Treasury to be used for deficit reduction—making it one of the few government agencies to actually generate a surplus for American taxpayers.

The Office of Congressional and Intergovernmental Affairs (OCIA) is the primary point of contact for Congress and state and local governments at Ex-Im. OCIA informs and educates elected officials and their staff on how Ex-Im Bank supports American jobs through financing exports of U.S. goods and services. In addition, OCIA responds to Congressional concerns, prepares Ex-Im officials for Congressional hearings, and helps elected officials to educate their constituents on Ex-Im financing tools through hosting local events.

The Export-Import Bank of the United States (EXIM Bank) is an independent, self-sustaining agency with an 80-year record of supporting U.S. jobs by financing the export of American goods and services.

As you’ll read further down, that claim of self-sustaining independence is highly questionable.

Finally, we turn to Wikipedia for an explanation of this confusing (to average Americans) issue:

The Export-Import Bank of the United States (Ex-Im Bank) was, until June 30, the official export credit agency of the United States federal government.  Operating as a government coporation, the bank finances and insures foreign purchases of United States goods for customers unable or unwilling to accept credit risk. According to its charter, the Ex-Im Bank does not compete with private sector lenders, but rather provides financing for transactions that would otherwise not take place because commercial lenders are either unable or unwilling to accept the political or commercial risks inherent in the deal. Its current chairman and president is Fred P. Hochberg.

The bank was established in 1934 by an executive order, and made an independent agency in the Executive Branch by Congress in 1945. It was last chartered for a three-year term in 2012 and extended in September 2014 through June 30, 2015. Congressional authorization for the bank lapsed as of July 1, 2015. As a result, the bank cannot engage in new business, but it continues to manage its existing loan portfolio.

Supporters claim that the bank is especially focused on trying to help small and medium size businesses expand their exporting capabilities. CEO and President of the National Association of Manufacturers, Jay Timmons stated: “The Ex-Im Bank plays a critical role in manufacturer’s ability to export to new markets and keep up with growing global competition. The Bank supports nearly 290,000 export related jobs and each year is helping more and more small and medium-sized manufacturers grow their businesses and hire new workers. More than 85 percent of all Ex-Im transactions directly benefit small business exporters—the economic engine that powers our economy and job creation.”

In an undated fact sheet compiled by the U.S. Chamber of Commerce, Oscar Ramirez, the President of a small business offering various products to the petroleum industry, gave his support for the Export-Import Bank: “We find the Ex-Im Bank very useful. The commercial banks will not lend us $1.7 million without the Ex-Im loan guarantee, and without the line of credit we would not be in business. All receivables are foreign and no commercial bank will lend against those receivables. We export tanks, dispensers, and signage for gas stations in Latin America, the Caribbean and Africa. We employ 35 people—but couldn’t do it without the Bank.”

Jenny Fulton, the owner of Miss Jenny’s Pickles, a small North Carolina food manufacturer, used Ex-Im’s export-credit insurance to export her pickles to China. After only 3 years of business, Fulton and her business partner have expanded their business to 1,000 stores in the U.S. and 40 stores in China. By putting more emphasis on exporting in China she expects her export sales to increase by 400 percent. She comments that: “Ex-Im Bank’s export-credit insurance enables us to offer terms to our foreign buyers, so they don’t have to pay for the whole order at once…Our export sales have permitted us to hire our first full-time employee and four part-time employees, and with the new orders from China supports by Ex-Im’s Express Insurance, we hope to turn those part-time jobs into full-timers by the end of the year.” Fulton’s story was featured on a segment of the CBS-TV News program 60 Minutes.

Air Tractor Vice President of Finance David Ickert has said that Air Tractor believes “the Export-Import Bank is essential to exports of U.S. products. For instance, in FY 2011, Ex-Im was involved with 3,751 transactions that supported nearly $42 billion in exports from more than 3,600 U.S. companies. Of those transactions, 3,247–87 percent—were with small-business exporters. All of those transactions added up to $6 billion in Ex-Im financing in FY 2011. The Ex-Im Bank Pays for itself (through the fees it charges to foreign buyers) and–above and beyond that–returns money to the U.S. treasury. From 2006 to 2010, Ex-Im Bank returned $3.4 billion to the Treasury. Ex-Im has maintained its incredibly low default rate (1.5%) through the recession and through several years of record growth.” In addition, on behalf of Air Tractor, Ickert said: “Exports have definitely meant jobs in this rural part of Texas, and Ex-Im Bank has helped us provide the export financing to increase our exports and break into new markets.”

Obama said during the Bank’s reauthorization battle in May 2012 that the Export-Import Bank plays a very important role in reaching his goal of doubling exports over five years. At the reauthorization ceremony President Obama stated: “We’re helping thousands of businesses sell more of their products and services overseas, in the process, we’re helping them create jobs here at home. And we’re doing it at no extra cost to the taxpayer.” When Obama was running for President in 2008, he stated that he wanted to shut down the Bank and cut all of the Bank’s funding, calling the Export-Import Bank a form of “corporate welfare.”

But – the cost and effectiveness of the bank are controversial. While the Ex-Im Bank projects to save the U.S. government $14 billion over 10 years, an alternative analysis from the Congressional Budget Office found that the program would actually lose about $2 billion over the same period, due in part to discrepancies in how credit risk is accounted for. Many Conservative groups have been highly critical of the bank, and called for its continued closure. Obama was highly critical of the bank during his presidential candidacy, but has since become a supporter of the program.

[Do they mean, once he found that high-risk green energy companies could be subsidized under EXIM, he changed his opinion of the bank?]

The Bank has come under criticism for favoring special interests ahead of those of the U.S. taxpayer. These interests have included corporations such as Boeing and Enron – all profitable corporations as well as foreign governments and nationals (such as a 1996 $120 million low-interest loan to the China National Nuclear Power Corporation (CNNP). Sixty-five percent of loan guarantees over 2007 and 2008 went to companies purchasing Boeing aircraft.

In 2012, the Bank’s loan guarantees became even more skewed, with 82 percent of them going to Boeing customers. There are many unseen costs created by the Export-Import Bank’s subsidies, including artificially raising the price of new airplanes and potentially adding $2 billion to the deficit over the next decade.

Forbes magazine contributor Doug Bandow wrote in 2014, “The agency piously claims not to provide subsidies since it charges fees and interest, but it exists only to offer business a better credit deal than is available in the marketplace. The Bank uses its ability to borrow at government rates to provide loans, loan guarantees, working capital guarantees, and loan insurance.” If the normal principles of economics or finance are applied, then it is unlikely that the bank has profited and most unlikely that it makes the annual profit that it has stated, because the bank’s calculations of profit fail to make proper adjustment for risk.

Best practice in finance and economics, as well as in banking, is to adjust the cost of capital or discount rate to reflect risk, or, equivalently, to use a fair-value estimate. On this basis the criticism is that: “This simple approach—which is based on a method outlined in a National Bureau of Economic Research paper by Debbie Lucas of the Massachusetts Institute of Technology—suggests that the Ex-Im bank’s long-term loan guarantee program actually provides guarantees at a loss for taxpayers, not a profit. Moreover, this analysis reveals that the Ex-Im bank’s loan guarantees are made at sufficiently generous terms that borrowers receive subsidies of about 1 percent of the amount borrowed. That translates into a $200 million cost for taxpayers on the $21 billion in loans that the bank will make in 2012.”

Environmental groups say that under the Obama Administration the Ex-Im Bank is on a “fossil fuel binge,” which “makes a mockery” of President Obama’s stated commitment to phase out fossil fuel subsidies. In December, 2009, Ex-Im Bank Directors approved $3 billion in financing for the Exxon-Mobile–led Papua New Guinea Liquid Gas project in December, 2009. The project has reportedly sparked violence and in April 2012, the Papua New Guinea government called in troops to quell opposition from villagers after a landslide linked to a quarry that had been used by the project killed an estimated 25 people.

In 2010, environmental groups criticized the Ex-Im Bank Directors for approving $917 million in financing for the 3,960 megawatt coal-fired Sasan Ultra Mega Power Project in India after initially rejecting the project on climate change grounds. Environmental groups say that in reversing the decision the agency’s Chairman, Fred Hochberg and Board of Directors “caved in” to political pressure from Wisconsin politicians. In 2011, several environmental groups protested at Export-Import Bank headquarters, unsuccessfully urging Chairman Hochberg and Board of Directors to reject $805 million in financing for the 4,800 megawatt Kusile coal-fired power plant in South Africa, which environmental groups say is the largest carbon emitting project in the agency’s history, which will not alleviate poverty but will emit excessive local air pollution, which health experts say causes damage the respiratory, cardiovascular, and nervous systems and deaths resulting from heart disease, cancer, stroke, and chronic lower respiratory diseases.

In 2012 three environmental organizations filed a lawsuit against Chairman Hochberg and the Ex-Im Bank for the agency’s financing of two liquid natural gas projects being constructed inside the Great Barrier Reef World Heritage Area. The lawsuit alleges that Ex-Im Bank financing for the projects violates U.S. environmental and cultural heritage laws.

Conversely the Ex-Im Bank has also faced scrutiny for pursuing green energy projects. The Ex-Im bank provided 10 million dollars of loan guarantees to Solyndra in 2011, a company that ultimately went bankrupt. More recently the bank authorized 33.6 million dollars in loans to Abengoa, a Spanish Green energy company on which former New Mexico Gov. Bill Richardson sits on the board. As of May 2014, Richardson was also listed as a member of the advisory committee of the Export Import Bank. On the campaign trail in 2008, then candidate Obama called the bank “little more than a fund for corporate welfare.”

At the beginning of September 2014, the Republican-controlled House of Representatives stated that they would reauthorize the Ex-Im Bank before its charter expires on September 30, giving it until June 2015 as part of a package to fund federal agencies, which was countered by criticism of Conservative groups for banks. Democrats and many Republicans say it supports middle-class American jobs through its funding to big companies. The banks’ funding is said to be part of a strategic bill to prevent a government shut-down and other strategic actions.

Okay (we’re back from Wikipedia Land, where the truth is always changing) so – those are the facts on the Ex-Im Bank controversy. Sen. Ted Cruz’ vocal opposition to a Senate bill that would have shut the bank permanently (as stated above, the Senate passed reauthorization, 64-29) stoked an uproar of controversy that drowned even Donald Trump’s own controversial presidential campaign.

Cruz’ public attack on Senate Majority Leader Mitch McConnell brought on a counterattack by three senior Senators – Orrin Hatch, Lamar Alexander, and John Cornyn – who took Cruz to task for defying Senate decorum by criticizing another senator.

“Squabbling and sanctimony may be tolerated in other venues and perhaps on the campaign trail, but they have no place among colleagues in the United States Senate,” said Hatch, the Senate’s president pro tempore.

“The Senate floor has even become a place where senators have singled out colleagues by name to attack them in personal terms, to impugn their character, in blatant disregard for Senate rules,” Hatch said. “Such misuses of the Senate floor must not be tolerated.”

Cruz rose to defend himself, declaring, “Speaking the truth about actions is entirely consistent with civility.”

All three senators have good Conservative scores, according to American for Prosperity’s Congressional Scorecard for the 114th Congress, 2014-2015 (Lifetime scores – Hatch, 85%; Alexander, 79%; Cornyn, 95%) – but Ted Cruz’ Lifetime Score is still higher – 98%.

Then again, Hatch, Alexander, and Cornyn scored somewhat lower on Conservative votes in the 113th Congress: 80%, 58%, and 89%, respectively, whereas Cruz came in at 95%, lower, but still 10 percent above Hatch, who scolded Cruz for “sanctimony.”

“Sanctimony?!” He was calling Cruz a hypocrite, when Cruz had a 95 percent Conservative rating from AFP last year, and currently is holding at 98 percent during this session of Congress? Hatch considers debating a form of “squabbling” when there are serious questions about the credibility of the EXIM Bank, which granted a loan to the now-defunct Solydra, which closed its doors before it ever opened?

Sen. Hatch believes the taxpayers shouldn’t call that into question via Sen. Cruz? EXIM specializes in high-risk loans to major corporations which, despite their high credit ratings, can’t get credit for loans for risky ventures. The bank also gives credit to minority businesses in high-risk urban areas. Well, that wouldn’t be so bad, only we watched as those kinds of businesses were torched in Ferguson and Baltimore.

That’s what high risk is all about. Loans to shaky governments, businesses operating in unsafe urban areas, to countries hostile to the United States for nuclear power plants, for crying out loud. Since the bank offers such low interest rates, how could it possibly prove profitable? During the financial crisis of 2008, as the Fed lowered the interest rate on savings and loans, banks went under as quickly as their bad loans did.

Where are these jobs the EXIM was supposed to create? Are any of them here in New Jersey, cause I’d sure like to apply? Oh – only state jobs. Too bad.

Keep on bucking them, Senator Cruz. You did great! Looking at your record, it’s obvious you don’t need boxing lessons from Donald Trump (although he’d probably be happy to oblige). Like New Jersey’s Congressman Garrett, you’ve been taking on the GOP Establishment from Day One.

Now that’s what American Conservatives are talking about!

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Published in: on July 28, 2015 at 3:51 pm  Leave a Comment  

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