GE to move engine plant to Canada as U.S. export financing nixed

[KeepItReal]

Source: Reuters

General Electric Co said on Monday it will move production of large, gas-powered engines to Canada from Wisconsin, along with 350 jobs, to access export financing no longer available in the United States.

In its latest salvo aimed at persuading Congress to renew the U.S. Export-Import Bank's charter which expired in June, GE will invest $265 million in a new state-of-the-art manufacturing plant at a Canadian location yet to be determined.

...

"I'd say the workers at Waukesha are the real world casualties in the right-wing fight to close the EXIM Bank," said Frank Larkin, a spokesman for the International Association of Machinists, which represents plant workers.

...

In recent weeks, GE has announced several deals to locate thousands of new jobs out of the United States following EXIM's closure and to access government export credit from the United Kingdom, France, Hungary and China.

Read more: http://in.reuters.com/article/2015/09/28/usa-exim-ge-idINL1N11Y0Z620150928

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In other words, General Electric says "screw you America, our $3.6 Billion in 1st Quarter Profits is not enough."

[restorefreedom]

1. fine. we'll take our 139 billion in bailout money back now.

i'd like my share in 20's, please.

[rpannier]

2. Not me

I want them to pay me all in 1's
I want them to have to make the stacks and wait while I count them to see it's all there

[restorefreedom]

3. heh heh

and maybe in quarters for people who use pay laundry machines

[cstanleytech]

4. I would ask for pennies. nt

[yeoman6987]

6. Can't they paid it back already.

[restorefreedom]

7. well out of all the $ they made

becsuse of the bailout, they need to send some back for this betrayal

[Plucketeer]

5. Certainly there's alternatives to these products

Of course - THIS is the sort of freedumb that the tea party chants about. Another "Welfare Queen" leavin' town for better pickin's elsewhere.

[TheBlackAdder]

8. Another excuse to ship jobs offshore! Any will do, no matter how small! Do they get a tax break? nt

[postulater]

9. Walker's job creators take the jobs to Canada.

They leave the hard-working taxpayers with no jobs to pay taxes from.

Well-done Scotty.

[Geronimoe]

10. Clinton's NAFTA free trade

We should slap a 15% import fee to sell there engines in the US, but NAFTA prevents this.

So it is race to the bottom, with Global Corporations destroying a living wage.

[pampango]

12. The US-Canada free trade agreement was passed in 1987 and went into effect in 1988.

Canada–United States Free Trade Agreement

We should slap a 15% import fee to sell there engines in the US, but NAFTA prevents this.

The Donald goes one better and says he would impose a 35% import 'tax' and that he would simply tear up NAFTA and other international agreements that he does not like. Since he seems to dislike every international agreement the US has, he does not worry about the effect that new tearing up existing deals will have on our credibility to negotiate new ones.

Trump, who announced his plans to run at an appearance in New York on Tuesday, vowed to impose 35 percent taxes on imported Ford vehicles and parts coming from the new Mexican plant.

http://www.detroitnews.com/story/news/politics/elections/2015/06/16/trump-press-ford-cancel-mexican-plant/28816173/

Of course, if the Donald really wanted to prevent a race-to-the-bottom, he could promote the repeal of Taft-Hartley and its right-to-work laws that weaken unions, move manufacturing from 'union' states to rtw states and lower American workers' wages. Unfortunately, he has praised 'right-to-work' laws so that is not going to happen.

Donald Trump to Detroit autoworkers: you make too much money

All Trump wants are border walls, higher tariffs, mass deportation, etc. If he can't solve the problem by going after foreigners, he is not going to solve it.

[pampango]

11. FDR created the Export-Import Bank. The tea party destroyed it.

They thrive on 'cut the government'; not on 'what happens after you cut government'. The worse the economy does, the better for them.

House Dems bullish on Export-Import Bank

House Democrats say they’re confident lawmakers will reauthorize the federally backed Export-Import Bank — they just don't know when.

Conservatives have vehemently opposed the bank, whose charter formally lapsed June 30. They argue that it uses taxpayer funds to finance politically connected corporations like Boeing and General Electric, the latter of which announced earlier this month it would move nearly 500 U.S. jobs overseas as a result of Ex-Im's charter lapsing.

Democrats and moderate Republicans are adamant they have the votes to reauthorize the bank, which they say sustains millions of U.S. jobs by helping to finance projects the private sector wouldn’t otherwise enter.

Rep. Maxine Waters (D-Calif.), the top Democrat on the House Financial Services Committee, said that Ex-Im supporters have enough votes. She criticized conservatives for blocking such a vote.

http://thehill.com/policy/finance/254514-house-dems-bullish-on-ex-im

[kentauros]

13. I would like to recommend your post!

Thank you for explaining what's really going on here. And it seems everyone else on this thread (including the OP) are ignoring this rather important part of the second paragraph:

In its latest salvo aimed at persuading Congress to renew the U.S. Export-Import Bank's charter

In other words, GE wants to keep their plant here, but can't without that government money from the EXIM bank to build their new facility. So instead, they'll get their investment money from the Canadian government. And we lose more high-skill jobs due to conservative stupidity.

[YabaDabaNoDinoNo]

14. Lots of folks vote GOTEA in WI glad they got what they voted for!

Some folks will never learn and I would not be surprised if they send even more of em back to congress