Bush clears way for $500 million Iraq export plan

[Nambe]

WASHINGTON, Aug 27 (Reuters)

President George W. Bush cleared the way on Wednesday for the U.S. Export-Import Bank to start making loans to companies that do business in post-war Iraq.

The decision comes one day before the Export-Import Bank's board is expected to approve a program providing up to $500 million in financing to support U.S. exports to Iraq.

The Export-Import Bank's so-called short-term export credit insurance program with the newly created Trade Bank of Iraq could begin making loans as early as October, an Export-Import Bank official said.

"It is in the national interest for the Export-Import Bank to guarantee, insure or extend credit or participate in the extension of credit in support of United States exports to Iraq," Bush said in a memorandum, lifting long-standing restrictions on Export-Import Bank operations in the country. ---

Ride Don’t Drive It’s Global Cool

[MGKrebs]

1. Bizarre.

What is this? I swear I saw 2 executive orders recently: 1 re-authorizing the sanctions against Iraq (preventing anyone from doing business in Iraq), and another preventing any kind of legal action against petroleum companies that do business with Iraq. Now this.

It's gonna take 6 special prosecutors to uncover all the scams these guys are running.

[burrowowl]

2. Haliburton

wins again.

[Don_G]

3. Given A Record Deficit

How much more do you think he and his contributors can milk out of the US now and again?

[wtmusic]

4. Open a US Treasury credit line today

and get a FREE Kevlar flak jacket! Supplies limited.