Political Quotes

“I thank the Senator from North Dakota for that question because that is the issue. What people don't understand is that there are so many of these deals that--basically there was a U.S. company that wanted to sell its ability to build bridges to an African country. Yet, because the Export-Import Bank expired, that African country ended up basically going with a competitor, an Asian competitor. Same thing here. When we don't finance these deals--I know of a deal that GE lost to Rolls-Royce. Why? Because the credit agency in Europe could finance the deal, so they just bought a different product. The issue is not that somehow the private sector is going to step in here and basically help in a capital market. It is the same way the Small Business Administration works. The Small Business Administration has 7(a) loans to help finance the sales that basically go through Main Street banking, but the Small Business Administration provides a little certainty and predictability to the process so that we are not seeing huge losses. Basically, the Small Business Administration has not seen large defaults, and neither has the Export-Import Bank. So these are tools that basically people try to say to us will be picked up somehow, that the private sector will respond to this. Well, in developing markets around the world, when U.S.…”