Pres. Obama was Against ExIm, Before He Was For It

In 2008, during a campaign speech in Green Bay, Wisconsin, then-Senator Obama called the Export-Import (ExIm) Bank “little more than a fund for corporate welfare.” But don’t take our word for it, see the video below:

(h/t Club for Growth for uncovering this video!)

Fast forward to today. President Obama is now urging Congress to reauthorize the ExIm Bank. The Orlando Business Journal reports that President Obama urged businesses to “join the fight over the U.S. Export-Import Bank.”

(An interesting aside, the article links to the original story in the New York Times, but when clicking on the link, the NYT page cannot be found.)

While visiting the Boeing plant in Everett, Washington, President Obama gave a speech to union members and urged Congress to support the ExIm Bank. Ooops! That video hasn’t been deleted yet. See below:

“So last November, when I was in Indonesia, Boeing announced a deal – with the help of the Export-Import Bank – to sell more than 200 planes to one of the fastest growing airlines in the world. Boeing is one of the largest exporters in the world. This is one of the biggest deals Boeing had ever done.”

So we guess he is now praising that same corporate welfare he once derided.

Senator Obama, meet President Obama, a man who will say anything to get re-elected.

Related Links:
Key Vote Alert: “NO” on Export-Import Bank Reauthorization (Senate)
Key Vote Alert: “NO” on Export-Import Bank Reauthorization (House)
ExIm Bank: The Fannie Mae for Exporters
The Washington Establishment’s Big Problem
Corporate Welfare Gets New Life
Heritage: Fannie Mae for Exporters Leaves Taxpayers Holding the Bag
WSJ: The Export Subsidy Boomerang

Please Share Your Thoughts

11 thoughts on “Pres. Obama was Against ExIm, Before He Was For It

  1. Pingback: Obama on the ExIm Bank « ObamaDoubleSpeak

  2. ????? Ronald Reagan seemed to like this bank, as did Bush-Cheney, especially when it came to getting loans OK’d that helped ENRON? Anyone remember this? Reagan quotes from 1986 re-authorization signing:

    I have signed H.R. 5548, the Export-Import Bank Act Amendments of 1986, which extends the Bank’s charter for 6 more years. This sends an important signal to both our exporting community and foreign suppliers that American exporters will continue to be able to compete vigorously for business throughout the world. I am pleased that this bill gives the Bank the authority for the tied-aid war chest that I requested in September 1985. This authority will give the United States needed leverage for use in negotiations to eliminate predatory financing practices whereby countries mix official export financing with concessional foreign aid in an effort to undercut bids on major overseas projects.

    Although I have signed this bill, I must express some reservations about several of its provisions. I am disappointed that the bill sets severe restrictions on the new authority for the interest rate matching program (I-Match) I proposed in the budgets for both fiscal years 1986 and 1987. Section 8 of H.R. 5548 redefines eligibility standards for Export-Import Bank programs to exclude specified Marxist-Leninist countries, expanding the current statutory definition of Communist countries that are ineligible to participate in the Bank’s programs. I note that some of the countries deemed ineligible under the new definition have been making substantial progress in redirecting their economic and political systems towards Western models. Since my administration agrees that access of Communist states to Eximbank programs should continue to be treated with special care, I am directing the Secretary of State to review the new list expeditiously and to advise me which, if any, of those countries should not be treated as Marxist-Leninist for purposes of this legislation. I note that Tibet is listed as a country in section 8. The United States recognizes Tibet as part of the People’s Republic of China. I interpret Tibet’s inclusion as a separate country to be a technical oversight.

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