Republicans Are Right, Dems Are Wrong & America Loses Again

"House Majority Leader Eric Cantor's stunning loss in his Republican primary introduced a number of potential unpredictable macroeconomic events into the 2014 calendar. But perhaps nothing stands to lose more than a bank that came into existence in the New Deal era of the Franklin D. Roosevelt administration.

The movement toward the death of the Export-Import Bank, first targeted by conservative grassroots as a priority in 2012, has finally appeared to hit its stride. The bank provides direct loans, guarantees, and credit insurance to aid foreign purchasers in buying American-made goods. Its charter expires at the end of September, unless Congress acts to renew it.

Cantor was largely responsible in 2012 for brokering a deal to extend the Bank's charter and raise its lending authority to $140 billion. But on Sunday, incoming House Majority Leader Kevin McCarthy signaled a major shift when he called for the closure of the bank. * The Young Turks hosts Cenk Uygur breaks it down.

*Read more here from Brett Logiurato / Business Insider:


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