GOP and Obama Support Crony Capitalism

The Washington Examiner’s senior political columnist, Tim Carney, has a new column out about how Republicans have lost a key talking point against President Obama. Instead of being able to distinguish themselves from the President by claiming he is for crony capitalism and government support of the private sector, Republicans in the House voted to expand the very government institution responsible for such taxpayer-funded market distortion: the Export-Import Bank.

The good news is that conservatives within the party are fighting back. Conservatives recognize that there is no difference between President Obama’s loan guarantees to “green” energy companies – like the failed Solyndra – and loan guarantees that benefit major U.S. corporations:

“So the Right is mostly agreed: Government shouldn’t be running a subsidy bank.

“But the business lobby is almost unanimously agreed in the opposite direction. The Chamber of Commerce, National Association of Manufacturers, Business Roundtable, American Petroleum Institute and most big businesses have lobbied to reauthorize the agency and raise the lending cap to $140 billion.

“On Wednesday, House Republicans sided with their business base over their conservative base — 147 House Republicans, including the entire leadership, voted for reauthorization, compared with 93 nays.

“This represents progress, compared with past reauthorization votes. In the 1990s, fewer than 40 Republicans voted to abolish. In 2002, 50 Republicans, or 23 percent, voted no on reauthorization. This year’s 93 nays represent 38 percent of the House GOP caucus. Notably, Paul Ryan voted against Ex-Im, and freshman Rep. Mike Pompeo, who has Boeing manufacturing in his district, also voted nay.

“So, in the wake of the 2008 bailouts and Obama’s corporatism, the Republican rank and file are steadily moving against corporatism. But the GOP leadership still isn’t ready to wage war on corporate welfare — which leaves one less line of attack on Obama.”

You can read the full article here.


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