In one of the rare triumphs (likely fleeting–see below), the Republicans actually let the Import-Export Bank die a most well-deserved death by refusing to renew its charter which expired at the end of June.  For those that don’t know, this government program is known as “Boeing’s bank,” since it subsidizes loans to foreigners who are then able to buy Boeing aircraft.  I’ve highlighted Veronique De Rugy’s work before, she has been indefatigable on this issue (at 3:07 in the video below):

Unfortunately Speaker Boehner and the Republican leadership will go against its caucus and side with the democrats such as President Obama and Senator Elizabeth Warren to revive the dead.

“It is a culturally corrupt organization,” said Rep. Bill Flores of Texas, who chairs the conservative Republican Study Committee. “It is the worst of the federal government. It is the Enron of federal [government-owned companies]. And it’s gotta go away.”

But for Washington institutions, death can be just a first step toward rebirth: Democrats, along with a handful of GOP lawmakers, are already laying the groundwork to resurrect the bank, as soon as the end of July. They’ll push to renew the bank’s charter, which expires on June 30, after which the bank would not be able to make any new loan guarantees.

To help put pressure on this, Boeing was out today whining that they might have to reconsider domestic production of its aircraft if we won’t keep subsidizing them.  This is corporate welfare at its worst, yet the Republican leadership and Democrats seem to be in favor.

Here’s my answer to Boeing.  Fine, take your marbles and go home. If you want to move production overseas, it is within your right–you’re free to do that.  But then don’t be surprised when we cancel the Air Force’s tanker deal, since the whole world knows the only reason you have that contract is domestic politics, since you lost the contract the first time to a superior foreign product.   Two can play at this game.

Bereans are against crony capitalism for many reasons, among them:  1) it redistributes money from the poor to the rich, 2) as Arthur Brooks says, “big government is the handmaiden to crony capitalism.”–this allows government to grow well beyond its biblical role of “avenger of evil (Romans 13),” and 3) it takes scarce resources aware from those that are most competitive in markets and gives it to those who are the most politically connected, which violates God’s standard of fairness, that of impartiality.

Let the dead stay dead:   Resurrection is for people, not bad laws!

EDIT Update:  7/30/15:  For those that want a more extended analysis on Im-Ex Bank, Ms. De Rugy came out with a new analysis just 2 days ago