Sarah Palin's ghoswriter and the Wall Street Journal got the wrong end of the stick regarding a loan to Petrobras, a Brazilian state owned oil company. From her latest note on Facebook:
So why is it that during these tough times, when we have great needs at home, the Obama White House is prepared to send more than two billion of your hard-earned tax dollars to Brazil so that the nation's state-owned oil company, Petrobras, can drill off shore and create jobs developing its own resources? That's all Americans want; but such rational energy development has been continually thwarted by rabid environmentalists, faceless bureaucrats and a seemingly endless parade of lawsuits aimed at shutting down new energy projects.
Neither Palin's writer nor the WSJ bothered to do their homework, but Politico's Ben Smith did:
A spokesman for the bank, Phil Cogan, noted to POLITICO that the bank does not rely on tax money and that Palin's statement ignores the bank's central function: To lend money to foreign companies for the purchase of American goods and services.
"It has to be produced by U.S. workers," Cogan said. Palin's statement refers to "creating jobs and health benefits in the U.S."
"That's exactly what a purchase financed by the U.S. government would do," Cogan said.
In this case, Cogan said, the proposed loan would likely finance engineering services, sales of ships to service oil platforms, or drilling equipment.
"This is the government doing what it's supposed to do: Create jobs and make sure that Americans get a fair shot at selling goods and services — not the British or the French or anyone else — and to help American workers compete on a level playing field," Cogan said, noting that most developed countries have similar credit-export agencies.
Just as there are no "death panels", it should be noted that "the bank does not rely on tax money ", so this is another lie from the Palin camp.
Cogan also stressed that by lending the money, the bank promotes the creation of jobs for Americans.
Sarah, how about in honor of the American soldier, ya quit makin’ things up?
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