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Boeing Warns Of Job Relocations If US Ex-Im Bank Goes

Boeing may have to relocate US-based engineering and manufacturing jobs overseas if Congress eliminates funding for the US Export-Import Bank, chief executive Jim McNerney said. "Most of my engineering and manufacturing jobs are in the United States and I'd like to keep it that way. But without Ex-Im financing, you'd have to start asking the question" about where they should be, McNerney said at a conference sponsored by the US export credit agency. ( More...

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It's amusing to see how this issue has pitched the tea party/libertarian Republicans against the loyal-to-big-business-no-matter-what Republicans. Is Ex-Im corporate welfare? Or is it necessary for a reality that's more complex than a dumbed-down idealization of free markets as the one-and-only solution for every problem in the world, even if the world doesn't really work that way? Sad to say, I fear this will follow the historical trend, that in the future we will remember that Americans used to make fine airplanes, but eventually that work will all be done overseas.
Robert Black 5
The EX-IM bank only supports political cronys. If Boeing wants to pull that trick, slap them with a 100 billion dollar fine, because they are a DEFENSE CONTRACTOR! And DENY them any more contracts.
VKSheridan 1
Totally agree with your first point. Not sure moving engineering outside the borders is cause for a fine but it doesn't help them with their defense contracts. To the flip side, if they need the taxpayer to prop up the dividends they pay investors, one has to question why. Hardly a case of "survival" but more of an example of lining pockets off the income of the middle class.......
matt jensen 5
It's called leverage. Boeing moving to Chicago, trying to leverage Seattle-Everett into a bargaining position didn't work. Now they are threatening to take 165k jobs out of the countryt - smoke and mirrors.
preacher1 2
It will all be interesting but probably borrowers ought to be restricted to U.S. Companies, which I think was the original intent.
preacher1 3
And how it progressed to how it is now, idk.
preacher1 9
Free Enterprise is fine, but there are certain things in the infrastructure that government is going to have to get behind or we'll be doing without. All these 3rd world and blown up countries are now up on their own after much help from us getting there and seeking to kick our butt. We must realize this is not your daddy's world.
linbb 4
I very much agree am not really up to speed on these things but from my limited knowledge of these things it seems some of our supposed leaders don't have a grip on reality. That being said, it is a known fact that the EU provides much more support for some company's that are in direct competition with US company's and things are not equal in them. I thought that the move Boeing made would wake up such things as the unions and states but it appears it did not.
Any move like this (particularly with the dollar as strong as it is) will weaken Boeing's competitiveness and ultimately help Airbus.
I do not know about the alleged corruption and other negative issues so cannot and will not comment on that aspect
Ken Lane 2
Basic question...

Why should a foreign corporation or government with low financial ability or poor credit in commercial banking be any different than a high-risk consumer borrower or even a business borrower in the United States?

The Ex-Im Bank simply allows those sales to take place which might not otherwise exist or not be as large. So, it's in Boeing and other manufacturer's interest these loan opportunities exist. But, it's the US taxpayer taking the risk as these Ex-Im loans are guaranteed by your tax dollars. And, if they default... there's no way to go after the funds and even assets may be very difficult to reacquire.

I have my misgivings on anything operated by the government and this is one of them.
Let the bank go. Why should taxpayers be on the hook if the loan goes south? That is all this is, a corporate funded taxpayer account. Corporations 1, taxpayer screwed!
Richard Tarr 3
The rummer mill in charleston South Carolina is that Boeing like the lack of unions in the state and their production unit there for the Dreamliner is proving successful .dont be surprised if more production moves south !!
canuck44 1
Sure...they are going to move the jobs to Vietnam or Cambodia? That will save money and of course they have a deep talent pool from which to recruit engineers etc. This is smoke and mirrors.

The I-E bank will finance Saudi Airways purchases but not US Carriers. Essentially it is financing governments that hate us and will screw us at any is like foreign aid. If they want to keep it active, US corporations should have it available to them. As it currently exists, Airbus can sell discounted subsidized aircraft to US carriers who cannot access similar discounts from Boeing.

It needs to either be killed or modified to include our own corporations.


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