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April 21, 2014

Andrew Silow-Carroll: Passoverkill? Suggestions to make next year's seders even more culturally sensitive

Sara Israelsen Hartley: Seeking the Divine: An ancient connection in a new context

Christine M. Flowers: Priest's execution in Syria should be call to action

Courtnie Erickson: How to help kids accept the poor decisions of others

Lizette Borreli: A Glass Of Milk A Day Keeps Knee Arthritis At Bay

Lizette Borreli: 5 Health Conditions Your Breath Knows Before You Do

The Kosher Gourmet by Betty Rosbottom Coconut Walnut Bars' golden brown morsels are a beautifully balanced delectable delight

April 18, 2014

Rabbi Yonason Goldson: Clarifying one of the greatest philosophical conundrums in theology

Caroline B. Glick: The disappearance of US will

Megan Wallgren: 10 things I've learned from my teenagers

Lizette Borreli: Green Tea Boosts Brain Power, May Help Treat Dementia

John Ericson: Trying hard to be 'positive' but never succeeding? Blame Your Brain

The Kosher Gourmet by Julie Rothman Almondy, flourless torta del re (Italian king's cake), has royal roots, is simple to make, . . . but devour it because it's simply delicious

April 14, 2014

Rabbi Dr Naftali Brawer: Passover frees us from the tyranny of time

Greg Crosby: Passing Over Religion

Eric Schulzke: First degree: How America really recovered from a murder epidemic

Georgia Lee: When love is not enough: Teaching your kids about the realities of adult relationships

Cameron Huddleston: Freebies for Your Lawn and Garden

Gordon Pape: How you can tell if your financial adviser is setting you up for potential ruin

Dana Dovey: Up to 500,000 people die each year from hepatitis C-related liver disease. New Treatment Has Over 90% Success Rate

Justin Caba: Eating Watermelon Can Help Control High Blood Pressure

The Kosher Gourmet by Joshua E. London and Lou Marmon Don't dare pass over these Pesach picks for Manischewitz!

April 11, 2014

Rabbi Hillel Goldberg: Silence is much more than golden

Caroline B. Glick: Forgetting freedom at Passover

Susan Swann: How to value a child for who he is, not just what he does

Cameron Huddleston: 7 Financial Tasks You Should Tackle Right Now

Sandra Block and Lisa Gerstner: How to Profit From Your Passion

Susan Scutti: A Simple Blood Test Might Soon Diagnose Cancer

Chris Weller: Have A Slow Metabolism? Let Science Speed It Up For You

The Kosher Gourmet by Diane Rossen Worthington Whitefish Terrine: A French take on gefilte fish

April 9, 2014

Jonathan Tobin: Why Did Kerry Lie About Israeli Blame?

Samuel G. Freedman: A resolution 70 years later for a father's unsettling legacy of ashes from Dachau

Jessica Ivins: A resolution 70 years later for a father's unsettling legacy of ashes from Dachau

Kim Giles: Asking for help is not weakness

Kathy Kristof and Barbara Hoch Marcus: 7 Great Growth Israeli Stocks

Matthew Mientka: How Beans, Peas, And Chickpeas Cleanse Bad Cholesterol and Lowers Risk of Heart Disease

Sabrina Bachai: 5 At-Home Treatments For Headaches

The Kosher Gourmet by Daniel Neman Have yourself a matzo ball: The secrets bubby never told you and recipes she could have never imagined

April 8, 2014

Lori Nawyn: At Your Wit's End and Back: Finding Peace

Susan B. Garland and Rachel L. Sheedy: Strategies Married Couples Can Use to Boost Benefits

David Muhlbaum: Smart Tax Deductions Non-Itemizers Can Claim

Jill Weisenberger, M.S., R.D.N., C.D.E : Before You Lose Your Mental Edge

Dana Dovey: Coffee Drinkers Rejoice! Your Cup Of Joe Can Prevent Death From Liver Disease

Chris Weller: Electric 'Thinking Cap' Puts Your Brain Power Into High Gear

The Kosher Gourmet by Marlene Parrish A gift of hazelnuts keeps giving --- for a variety of nutty recipes: Entree, side, soup, dessert

April 4, 2014

Rabbi David Gutterman: The Word for Nothing Means Everything

Charles Krauthammer: Kerry's folly, Chapter 3

Amy Peterson: A life of love: How to build lasting relationships with your children

John Ericson: Older Women: Save Your Heart, Prevent Stroke Don't Drink Diet

John Ericson: Why 50 million Americans will still have spring allergies after taking meds

Cameron Huddleston: Best and Worst Buys of April 2014

Stacy Rapacon: Great Mutual Funds for Young Investors

Sarah Boesveld: Teacher keeps promise to mail thousands of former students letters written by their past selves

The Kosher Gourmet by Sharon Thompson Anyone can make a salad, you say. But can they make a great salad? (SECRETS, TESTED TECHNIQUES + 4 RECIPES, INCLUDING DRESSINGS)

April 2, 2014

Paul Greenberg: Death and joy in the spring

Dan Barry: Should South Carolina Jews be forced to maintain this chimney built by Germans serving the Nazis?

Mayra Bitsko: Save me! An alien took over my child's personality

Frank Clayton: Get happy: 20 scientifically proven happiness activities

Susan Scutti: It's Genetic! Obesity and the 'Carb Breakdown' Gene

Lecia Bushak: Why Hand Sanitizer May Actually Harm Your Health

Stacy Rapacon: Great Funds You Can Own for $500 or Less

Cameron Huddleston: 7 Ways to Save on Home Decor

The Kosher Gourmet by Steve Petusevsky Exploring ingredients as edible-stuffed containers (TWO RECIPES + TIPS & TECHINQUES)

Jewish World Review March 20, 2012/ 26 Adar, 5772

Fund but verify Export-Import Bank: Lending is vital for financing foreign sales of U.S. products

By Frank J. Gaffney Jr.




http://www.JewishWorldReview.com | Ordinarily, a question of whether to reauthorize the U.S. Export-Import Bank of the United States (Ex-Im Bank) and increase its loan limit would be about as uncontroversial a proposition as one could find on Capitol Hill. Ex-Im Bank provides an important counterpart to the government-guaranteed loans our international competitors use to encourage their industries' exports. And it makes money for the Treasury.

This year, though, some of my friends among the fiscal-conservative and strict constitutionalist communities are urging that the bank's authorization be allowed to expire or, at least, that Ex-Im Bank not be allowed to increase the amount of loans it can make with government guarantees. They argue that we should not be extending credit at a time when we are broke, we should not be picking winners and losers, and these sorts of transactions amount to crony capitalism and favor big businesses.

Despite such concerns, the outcome is not really in doubt. The U.S. Senate surely will vote to reauthorize the Export-Import Bank, as has the House of Representatives, and raise its loan limit from $100 billion to perhaps as much as $140 billion. The reason is clear: The current authorization will expire on May 31, and the bank's existing loan limit will be reached this month. Most senators and their House counterparts recognize that renewing Ex-Im's authority and expanding its lending capacity are crucial to maintaining the industrial base and military readiness, rebuilding American manufacturing and job growth, improving our trade balance with other nations and reducing the deficit.

But let's examine the critics' complaints in turn.

First, the Export-Import Bank is a moneymaking activity for the U.S. government. According to the U.S. Chamber of Commerce, since 2005, Ex-Im Bank loans, guarantees and insurance programs have returned $3.4 billion over and above the bank's costs and loss reserves, with a default rate of less than 2 percent. That includes $400 million in 2011 alone. Even if we have to borrow money from the Chinese to make such loans, the net return on investment is positive. That is money that reduces the deficit, not adds to it.

Second, far from picking winners and losers, Ex-Im Bank loan guarantees simply ensure that the United States has a chance to have winners in the international marketplace. By leveling the playing field with foreign competitors whose governments are only too happy to provide credit - indeed, the communist Chinese have a facility 11 times the size of the U.S. Export-Import Bank for precisely that purpose - the excellence of our products can be the determinant, not our rivals' sweetheart financial arrangements.

Third, thanks to an existing congressional mandate to focus Ex-Im Bank's lending on small businesses, 87 percent of the bank's transactions have gone to such enterprises - the ones that have been hit hardest by the credit crunch of the past four years. This fact should allay concerns about "crony capitalism" as the competition for such loans is fierce and merit-based.

Of particular concern to those of us in the national security community, moreover, is the fact that more than half of the dollar amount of the Export-Import Bank's loans support manufacturing. That is of tremendous importance with respect to the foreign sales of big-ticket U.S. items such as commercial aircraft. Such support translates into a cost-effective way to help preserve an aerospace industrial base at a time when it is reeling and contracting because of dangerously reduced defense budgets.

Alternatively, if Ex-Im Bank is not reauthorized with a higher loan level, U.S. manufacturing will soon be damaged by attacks from two sides. For one, in a predatory global market, we would be eliminating a facility that constitutes a vital source of financing for the commercial industrial base for foreign sales. The commercial lending institutions either cannot or will not fill this void.

For another, thanks to the roughly 20 percent cuts in our national-security-related spending that the Obama administration has translated, with congressional acquiescence, into binding statutory direction, we risk devastating - possibly irrecoverably - the manufacturing base of our defense sector.

Matters will be made still worse for the international competitiveness of American corporations as they are being burdened with the highest corporate tax rate in the world at 39.2 percent. All of this country's seven major trading partners - Canada, China, Mexico, Japan, the United Kingdom, France and Germany - have lower rates.

Making the case for the Export-Import Bank does not mean we should be indifferent to the need to improve its oversight. Notably, we should not be providing U.S. taxpayer financing to actual or prospective antagonists such as China's National Nuclear Power Corp. (which in 1996 received $120 million in low-interest loans to purchase U.S. nuclear power technology). Also, it was not until 2009 that Ex-Im Bank put in place a rule requiring borrowers to certify they have no operations in Iran's energy sector.

Growing exports to friendly nations through loans that are repaid is an eminently sensible public policy, one we should continue through a reauthorized Export-Import Bank with a larger line of credit. At the same time that a redoubled effort is needed to ensure that the bank's operations and loans are sound and well-managed, we need to resist the temptation - and Obama administration policy - that seeks to grow exports through encouraging the unlicensed export of militarily relevant ("dual-use") technologies such as "toxins for vaccine research." That will be the subject of a forthcoming column.


Every weekday JewishWorldReview.com publishes what many in the media and Washington consider "must-reading". Sign up for the daily JWR update. It's free. Just click here.

JWR contributor Frank J. Gaffney, Jr., Deputy Assistant Secretary of Defense for Nuclear Forces and Arms Control Policy in the Reagan Administration, heads the Center for Security Policy. Comments by clicking here.

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