Letter: Letter contained number of inaccuracies
This letter is in response to a letter by Peter Courtenay Stephens ("Let’s kick out the incompetent louts," Oct. 7). I wanted to point out that his letter has quite a few errors.
This inaccurate information was put out to the public by Glenn Beck in an op-ed piece in the Wall Street Journal on Aug. 18, 2009:
1. Barack Obama did not sign an executive order to lend Petrobras any money. The approval of this particular loan was an action undertaken not by officials who had been appointed by President Barack Obama; but by his predecessor, President George W. Bush;
2. This loan did not cost the U.S. taxpayer any money as referenced in this rebuttal. That’s because the mandate of the Export-Import Bank of the U.S. (Ex-Im Bank) is to help create and sustain U.S. jobs by financing U.S. exports. They make no grants. The vast majority of their financing consists of guarantees of loans made by commercial lenders, not Ex-Im Bank direct loans. The foreign buyers that use Ex-Im Bank products pay in full. Over the past 16 years, the fees that Ex-Im collected have netted American taxpayers more than $4.9 billion plus the jobs those exports have created. Thanks to the fees we charge, the bank is self-sustaining and does not receive any appropriated funds from Congress.
"At a time when jobs, and exports, are more important than ever in helping our economy recover, Ex-Im Bank is achieving its mission to keep Americans working, and we’re doing it without burdening the U.S. taxpayer," Fred P. Hochberg, chairman and president, Export-Import Bank of the U.S.
3. Regarding a blatant payoff to George Soros for his campaign contributions, this does not seem possible, since the agreement with Petrobras was made by a majority Republican board that had been appointed by George Bush.
What the writer and I should both be very concerned about are the other implications of this deal. This deal is in support of offshore drilling for oil. Offshore drilling is environmentally hazardous. It doesn’t matter whether that drilling takes place on our shores or Brazil’s shores. Loans should be made to companies that will search for and produce sustainable energy that is not killing our environment.
Also, the fact that China (who loaned Brazil $10 billion for the same project) will benefit from this offshore drilling is also of concern. China and the economy of "Chinese Made" is very dangerous. China now owns the production capabilities for most consumer goods purchased in the U.S. In 2010, they did across-the-board cost hikes to U.S. manufacturers. In 2011, the cost of goods coming out of China will increase by another 10 to 15 percent across the board. At what point do the American people say enough is enough and insist on U.S.-made? When do Americans say, "I will pay $1 more for that blouse, if it’s made in America?" When do we stop buying U.S. flags that are made in China?