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While it does not seem to bother the Democrats in Congress that Obama is sending $2 billion to Brazil to drill for oil offshore and create jobs for Brazilians, Sarah Palin is asking questions about it.
The Wall Street Journal reports
The U.S. is going to lend billions of dollars to Brazil's state-owned oil company, Petrobras, to finance exploration of the huge offshore discovery in Brazil's Tupi oil field in the Santos Basin near Rio de Janeiro. Brazil's planning minister confirmed that White House National Security Adviser James Jones met this month with Brazilian officials to talk about the loan.
One question is why Obama prefers to support Petrobas in Brazil and not drilling for oil in Alaska which would add to the United States energy independence.
Is it because he has sold out the ordinary Americans to the extremist environmentalists who helped to elect him?
And why is he not using that $2 billion to support the thousands of small businesses in the United States so they can hire people and expand their operations?
Obama seems to disregard that the money he is sending to drill for oil in Brazil is from hard-earned tax dollars that should be helping the United States recover from the recession.
The United States has an abundance of oil and natural gas but the Democrats are determined not to allow the individual states to develop their own natural resources that are on federal land and offshore. With an unemployment rate at 9.4% and expected to reach 10% in the near future, this could provide jobs for thousands of Americans who are now forced to collect unemployment insurance.
Obama needs to answer the question of why he is sending $2 billion to Brazil instead of investing money in Americans and American resources and its energy future.
Sources
http://www.facebook.com/sarahpalin#/sarahpalin?v=app_2347471856&viewas=6511
http://online.wsj.com/article/SB10001424052970203863204574346610120524166
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Comments
While he's add it, when the Obama's go on their umpteenth vacation in less than 7 months, Obama needs to address why there are so many illegals from Brazil working in Teddy's backyard of Martha's Vineyard.
Sarah is right to question this.If it's perfectly alright(environmentally)for Brazil to drill offshore to develop their oil resources,why isn't it alright for us to do the same?I think it's because Obama(Democrats)have "sold-out"to the "Enviro-Wackos"in this country for election-dollars!!!!!!!!!!!!
This article is at best incompetent reporting and at worst rabble rousing nonsense (as unfortunately evidenced by the first two comments here).
You'd all do well to check out reports from sources other than Sarah Palin and those controlled by Rupert Murdock. Here, for example, are some facts about the Ex Im Bank and this particular activity:
exim.gov/brazil/letter_to_editor_082009.cfm
perhaps the reason for the Export-Import Bank loan is the following:
1. The drilling gets done anyway, whether we do anything or not. If we don't use Ex-IM loans, it gets done by European or Asian companies, supported by their own national export subsidy programs. So nothing we do has any effect on the Brazilian environment. Anyway, it is up to Brazil to decide how oil they want on their beaches.
2. On the other hand, if we don't issue the loan, we lose American jobs that will be used on the project, and we lose profits that will go to U.S. corporations. Foreign companies will get the jobs and the profits instead.
3. You see, Ex-Im has nothing to do with the environment, and nothing to do with the Brazilians. It's supposed to give US companies a level playing field against subsidized foreign competitors. If the loan gets jobs for our workers and profits for our companies, I am for it. Perhaps Ms. Gore (and Ms. Palin) can explain why they are against helping U.S. workers
Turns out the actual amount is $10 billion. Interesting to note that George Soros, who is a big supporter and financer of 0bama, and a host of other left wing astroturf groups, recently invested over $800 million in the Brazilian operation. Sounds a little bit like pay to play to me. It should also be noted that Soros destroyed the economy of his native Hungary, destroyed the British pound some years ago, and boasted of making billions during our economic crisis. BTW, Soros is also a self acknowledged Nazi collaborator in his native country during WW2.
Why is this resident allowed to do these things without Congressional approval?
It seems there is no stopping this train wreck.
Drill here, drill now- and stop the George Soros corruption.
And morning till night we have this person on TV and radio.
Go on vacation and enjoy the hurricane-
nyp are you kidding me? Drilling in our own country by our own citizens and corporations is not as beneficial as sending this money out of the country to foreign corporations that may or may not use our citizens as workers. This would benefit what corporations in our country??? Oh yeah, the ones that keep stealing our tax-payer dollars to line their own pockets and that of their thugs. You must be on the kool-aid too! How American of you!
sigh..
1. Greg. It really is a terrible thing to call someone a Nazi collaborator. As a matter of simple decency you need to be really, really sure of your facts before you say something so outrageous. Mr. Soros was a 14-year old Jewish boy in Nazi-occupied Hungrey during the worst of WWII. Many of his friends and neighbors were shipped to concentration camps. You really should not say such things, even anonymously.
2. "jcsjcm": I am sorry that you wish to abolish the Export-Import Bank. It has been a very successful program, supported by Democrats and Republicans alike. And, as a Democrat, I simply do not share your contempt for the American businessman, even though I believe there needs to be additional government regulation of certain corporate activities. So we will just disagree: I like modern capitalism; you think that capitalist are thieves.
Yes, I believe that capitalists are thieves when they use our tax-payer dollars to profit and they receive mass amounts of profit even if they lose mass amounts of our tax-payer funds while doing it. Incentives should be that they only make a profit off of the profit that our money creates. If they lose our profit, then they lose as well. No bonus, no compensation! Like a salesman that receives compensation only if he makes his company money. If he does not bring in any money, he receives no compensation. Plain and simple!
www.getbesthere.com
very good news, i like this very much,every morning i wait for news here
It seems that Sarah Palin (and a lot of commentors here) don't understand how international banking works. This loan will purchase good made in the US and thereby create revenue and jobs for US workers. You should all try to understand at least a little about what you are talking about before you spout off. In other words, Don't be like Sarah Palin!
NYP hit the nail pretty much on the head. The loan is good for the US. Brazil takes the risks, we profit as suppliers of technology, worldwide oil supplies are increased thus lowering prices. Later when the US develops its own difficult to extract supplies we have already learned on someone else's dime.
Brazil wants the oil bad enough to give it away below the costs of production, at least at first. Basically it's dumping. Let them do it and laugh all the way to the bank.
Our own petroleum resources are simply not economically competitive now which is why the US oil companies have gone slow on development. The oil isn't going anywhere. Makes sense to use up the $50 a barrel oil before you develop the $100+ a barrel oil.
Want to see $10 a gallon gas? Interfere with the free market and force US oil companies to develop fields for political rather than economic reasons. Alaskan oil and gas will always be high. Let the Middle East use up their oil first.
GIT-R-DONE SARAH!
Here is what gets me;
Union members would normally SCREAM if jobs were going to Brazil instead of the USA. However, the unions are in bed with the dems, so the papers back the dems who back the union leaders and the American worker gets screwed!!!
Once again, Palin's ignorance shows through:
From Fox News: In fact, the Export-Import bank receives no appropriations from Congress and thus does not rely on American taxpayer dollars and is also not "sending" $2 billion to the Brazilian company but offering lines of credit to U.S. firms so they can compete to land contracts as part of Petrobras' drilling operations.
The $2 billion "preliminary commitment" by the Export-Import Bank to Petrobras is expected to grow, as the U.S. competes on behalf of American exporters of goods and services against those from China. Beijing has extended a commitment of $10 billion -- but the Brazilians are said to prefer U.S. management and technology.
Sarah is completely right to be mad! Sure, international business is always a good thing but not when the American Economy is suffering! Drilling in ANWR would create tons of AMERICAN jobs wich would help out OUR economy. I'm sick of Obama and his administration sending over billions of dollars to other countries, when we are SOO far in DEBT! What is wrong with this guy?? ANd who the hell voted for him?? And this whole us sending Brazil a couple a billion thing when the US should get the money isn't the onl thing that is getting me mad, but has anyone ever heard of Sean Goldman? Well look him up! His mother(a teacher at my school) fled with him to Brazil, and now Brazil won't send him home to his father who has rightful custody of his son esp since the boys mother has died. What is Obama doing about this?? Ohh lets see! Nothing! We should not be giving Brazil, ANYTHING!!
Truth Commission says: Export-Import bank receives no appropriations from Congress
Then where does its money come from?
Where does the IE Bank get the cash to pay if their loans go belly up?
1. Hey, "Happy Indep": Ex-Im is a bank. A Bank. A federally-chartered credit export credit agency. It makes money from its financial products. That money is used for other financing, like this one. Sigh.
2. To my "business Republican" friends: this kind of thing is the result of the Faustian bargan you guys made with the Sarah Palin types.
nyp says: Ex-Im is a bank. A Bank. A federally-chartered credit export credit agency. It makes money from its financial products.
WHERE did the seed money come from? did it just appear?
I think we hit a new low in pretend-journalism here with a Sarah Palin talking point being the only source. Way to go, Martha.
NYP is correct in that Export-Import Bank isn't charity and Congressional fingers are kept out of the pork pie. (Thank God)
Brazil giving us a hell of a deal. The project they want to undertake can't possibly pay back investment inside of ten years. They can get their money anywhere else (provided they do business with that country). Basically aren't they subsidizing their future oil exports while improving the health of US oil companies and US jobs? And potentially lowering oil prices?
What is the downside?
The Chinese would take that in a heartbeat I think. I mean by that they would do the deal at a loss rather than lose the opportunity. Check the New Testament about the wisdom of burying money in a hole in the ground, which the Chinese seem to have been doing for the past twenty years. (With apologies to Ron Paul, investing in gold is not Bible approved)
The US is supposed to be a capitalist country, aka not economically stupid.
Mike - your posts are informative. Do you lurk anywhere else?
"Happy Indep" - you ask "WHERE did the seed money come from? did it just appear".
I dunno. Ex-Im was founded by FDR. It has been around since the Great Depression. Pretty old seed.
Who cares what this nitwit C-unt has to say?
Mike,
Your reasoning corresponds to the real strategy of USA toward oil prospecting. But you should consider that if your country keeps on going down the economic hills, the future opportunities will get lost amid the degeneration of your society in progressive unemployment rates. On the contrary, Brazil needs to improve the living standards of its impoverished population, that's why the country is taking the risks of prospecting the oil such deep into the sea, employing a cutting-edge technology in development. But you are mistaken when you suggest Brazil will burn the oil until the last drop to satisfy the American needs. You Americans always think everybody else in the world are stupid and you are the only wise people!
why anyone cares what this loser says is beyond me
Then answer me this: Why is Palin sending HER OWN American dollars chasing after Petrobras, the Brazilian oil company receiving these funds, yet declaring such a move by a US bank as unrighteous? Her 2007 and 2008 financial disclosure statements indicate a hefty investment in TRowePrice Latin America Fund, which has a large stake in Petrobras. Therefore, she stands to profit (as all ordinary Americans with such stock in their 401Ks will) should this loan result in a successful offshore project.
It's not just her ignorance about her own holdings (of which she should be cognizant before she shoots off her mouth) but her ignorance about how the world of finance works - how these dollars will result in purchase of US goods and services. . .not to mention the fattening of her own wallet.
She thinks these dollars would be better spent invested stateside? Then she had better do some divesting of her own portfolio.
Hey, kids, know who the largest individual stockholder of this Brazilian Oil Company is, and who will benefit most from Mr. Oba,a's generosity? It is American Billionaire, George Soros, businessman, radical left wing supporter and financier of MoveOn.org, among other liberal schemes. Not surprisingly, Soros was Obama's largest and most generous supporter during his campaign. If you are able to connect the dots and follow the money, it doesn't matter what Palin said. Change we can believe in? Looks to me like more of the same, old school, Chicago political pablum on which Obama was bred. Forget Palin - you deserve Obama.
I am amazed at the amount of people who were educated in the public and private schools of this country and haven't the faintest idea of researching methods. First of all, there is no more truth in media requirement. Every person who broadcasts, writes, speaks, in some media forum, IS NOT REQUIRED TO TELL THE TRUTH! The expectation of truth in the media was removed when the Fairness Doctrine was eliminated by President Reagan. Does anyone search for the truth in these sites? How are we to maintain a democracy without truth? How do we establish which government representatives in this country are ethical? We DO want ethical governing, don't we? When we read a BLOG, this is an opinion. That opinion MAY be based on FACT, but most people are just airing their opinions with the extra baggage of distorted and spurious information, prejudice, and paranoia.
Here is the TRUTH about this :Brazilian Deal," researched from original documents:
"This $2 Billion dollar loan was approved by appointees from the Bush Administration from the Import/Export Bank. President Obama did NOT sign this executive order. On 14 April 2009, the Export-Import Bank of the United States (Ex-Im), an agency whose mission "is to assist in financing the export of U.S. goods and services to international markets," issued a preliminary approval for a $2 billion loan to Brazil's national oil company, Petroleo Brasileiro S.A. (Petrobras), to help fund offshore oil exploration and development."
"The approval of the loan was an action undertaken not by officials who had been appointed by President Obama, but by his predecessor, President George W. Bush, as Ex-Im itself stated: The Bank's bipartisan Board unanimously approved the preliminary commitment to Petrobras on April 14, 2009, before any Obama appointees joined the Bank. In fact, at the time the Bank's Board consisted of three Republicans and two Democrats, all of whom were appointed by George W. Bush."
"Despite the claim that the money committed to Petrobras is "taxpayer dollars," Ex-Im notes that "the vast majority of our financing consists of guarantees of loans made by commercial lenders," that "the bank is self-sustaining and does not receive any appropriated funds from Congress," and that "the Bank's activities do not cost the American taxpayer a dime."
The majority of commenters here have offered "facts" that have no basis in TRUTH. Again, without truth, democracy is lost. Why are people willing to give up their citizens' rights to corporations (corporations are now POWERFUL American citizens) and accept that SPECIFIC "news programs" you see on television and political BLOGs on the Internet, are intended as political propaganda, depending on which party wants to win or remain in power. FOX CABLE NEWS, however, DISTORTS THE TRUTH, AND LIES--BIG TIME! If you ever researched to learn the truth, you would know that. I have discovered, through the years, though, people want to believe conspiracy theories, and do not really want to learn the truth. I have a problem with this, however. If YOU are willing to accept lies, why do I have to lose my democracy because you would not research the truth? Do you ever worry about the fate of your children and grandchildren? PLEASE RESEARCH TO FIND OUT THE TRUTH!
The unfounded remarks and comments on this site are an insult to our country as a democracy. You are free to believe what you want, and say what you want, but do you ever feel--even a little silly--that you "bought" information that is entirely unproved? Don't you ever feel that these lies are an insult to your intelligence and an insult to your patriotism?
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