Joe Nocera reacts to the movement against reauthorization of the Ex-Im Bank.
“I continue to find it mind-boggling that anyone in Washington would want to pursue a path that is so clearly destructive to the economy. But that is exactly what is happening. Conservative organizations like Heritage Action for America and Americans for Prosperity (financed by the Koch brothers) have made killing the Ex-Im Bank their cause.
“Most of the arguments made against the Ex-Im Bank revolve around its help to the big companies, not the small ones … That’s true, but it’s the customers, not the companies, that are pushing for export credit guarantees.
“Other countries have no interest in walking away from export assistance; indeed, countries like China and Japan are far more wedded to this kind of assistance than the U.S. is.”
“In its editorial on Monday, The Journal mocked the phrase ‘unilateral disarmament’ in regards to the Export-Import Bank. But that is what it would be. There are times when we have to accept the world as it is, rather than how we wish it would be.”