I got a laugh out of this headline:The Economic Times: US Airlines Sue EximBank For Giving Loan Guarantee To Air India
Delta Airlines and the Pilots Association are suing the Exim bank for financing Air India. I think they have a great case. I hope they win.
Exim gives cheap money to India so it can buy Boeing planes. This story “sounds” good as exports mean jobs and business is booming at Boeing. You can count on Obama showing up in Seattle sometime, and crowing about all the jobs he has created thanks to the cheap money deals.
I wonder what he will be saying to the folks who work for the airlines. They don’t get cheap money, so they can’t buy the new aircraft they need to compete with the likes of Air India on the profitable transatlantic routes. (The basis for the suit.)
The only winners in this story will be the lawyers. The losers will be “us”. We will pay for it in the form of higher airfares, more debt and deficits.
Is this an example of an unintended consequences, or just stupidity?
A Greek, a Portuguese and a Spaniard are talking to god:
The Spaniard and the Portuguese ask, “When will our countries be free of debt?”
God answers, “In 100 years for Portugal and 150 years for Spain.”
The Iberians respond in dismay, “But, our children’s children will be dead by then.”
When the Greek asks God the same question for his country, God answers, “I don’t know — I’ll be dead by then.”
NOW WATCH: Briefing videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.