What's Wrong With That Video? WTO Edition
Doesn’t it bug you when other countries give their carmakers money? Doesn’t it bug you a hell of a lot when other countries give their carmakers money with they express purpose to increase exports? Shouldn’t those felonious countries be dragged in front of the WTO and shot? Well, there are exceptions.
At his good-will tour to Detroit, President Obama came bearing gifts for Ford. Ford will receive $250m in government financing that will help export more than 200,000 vehicles, the White House announced, and the DetN printed it.
The money doesn’t come from the Whitehouse. It comes as a loan guarantee by the Export-Import Bank of the United States. It will finance $3.1b of export sales for more than 200,000 vehicles to buyers in Canada and Mexico.
Why?
Says the DetN: “The bank makes loans to help boost exports, in part to level the playing field when other countries help industries with exports.”
Bertel Schmitt comes back to journalism after taking a 35 year break in advertising and marketing. He ran and owned advertising agencies in Duesseldorf, Germany, and New York City. Volkswagen A.G. was Bertel's most important corporate account. Schmitt's advertising and marketing career touched many corners of the industry with a special focus on automotive products and services. Since 2004, he lives in Japan and China with his wife <a href="http://www.tomokoandbertel.com"> Tomoko </a>. Bertel Schmitt is a founding board member of the <a href="http://www.offshoresuperseries.com"> Offshore Super Series </a>, an American offshore powerboat racing organization. He is co-owner of the racing team Typhoon.
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They are just stealing from the mentally retarded voting majority...The publik skewl / TV watcher phules are too stupid to realize it.
Newsflash, that is what the Ex-Im Bank does. Does the author decry the financial involvement of the Chinese government in industry and in the promotion of said industry's exports?
You know, not too long ago I used to be all for free trade and etcetera, but in recent years I've realized it's a farce. Yes, in a theoretical perfect market everyone would do what they do best and everyone would be richer and happier - but we don't, never have, and never will live in that entirely theoretical Utopia. NAFTA, for example, put a great big bunch of Mexican corn farmers out of business (some of whom then came to the US illegally) because the American companies that have economies of scale plus subsidies up the wazoo could sell corn cheaper than a poor Mexican farmer. China manipulates it's currency to push exports while demanding all foreign investment go into joint ventures. All of this and I'm supposed to be outraged that the US Export-Import bank gave Ford a chunk of cash? Tell me again why? Sorry, the fairyland where libertarian free trade economics works does not exist any more than the fairyland where communism is a great idea that makes people free and equal. I want to believe, I do, but it just isn't like that.
They are only doing this to provide Obama with something to throw back at those who accuse him of shilling GM and Chrysler. Ford won't turn it down, they'll just quietly accept it and pay it back in a year. Obama's got a comeback, the UAW can't complain about it, rah rah team.