Glen Beck OD's on chalk dust

Beck has been pinging off the walls over Barack H. Obama 'giving' $2 billion to Petroleo Brasileiro SA. a Brazilian oil company in which leftie billionaire George Soros is a major investor. On June 21, Beck announced his grand conspiracy theory involving Obama, Soros, Petrobras, and the Gulf oil disaster.

Beck, apparently confused by the effects of way too much chalk dust up the snoot, has put together a really neat conspiracy theory, wherein the Gulf oil mess is linked to a plot by Obama to enrich his pal Soros.

The sorry fact of the matter is, this is old news. Not the Beckian conspiracy theory; the loan to the Brazilians.

It was examined by FactCheck.Org last year, after a commentary - not a news story - in the Wall Street Journal:

Bogus Brazilian Oil Claims

It's been around long enough to qualify as an urban myth over on Snopes.Com:

Snopes and the Brazilian Oil Myth

Some sources say the amount is $10 billion, not a paltry $2 billion. There is a $10 billion loan in there, but it's from China, not the US ... and for what it's worth - apparently not much to Glen Beck and his entourage of chalk-sniffers - Barack H. Obama can't spend money that hasn't been appropriated by Congress, and in any case, the Export-Import Bank is not funded by appropriated funds from Congress. Contrary to what Glen Beck would have you believe, Ex-Im's loan sources are not funded by We the Taxpayer.

Further, if you look at the dates of all this, you'll see it was conceived by, and executed by, bipartisan appointees put in place by George Bush:

* The message falsely says the decision was due to an "executive order" by the president. No presidential order was required. Furthermore, none of President Obama’s appointees had joined the Ex-Im board at the time of the vote, which was unanimous, and bipartisan. The Ex-Im Bank states: "In fact, at the time the Bank’s Board consisted of three Republicans and two Democrats, all of whom were appointed by George W. Bush."

* The message falsely claims that "we have absolutely no gain" from the loan. In fact, the loan is being made specifically to finance purchase by Petrobras of U.S.-made oilfield equipment and services. The mission of the Ex-Im Bank is to encourage exports by making such loans.

Beck also fails to mention that Ex-Im was bagged back in 2007 for making "... least $243 million in fraudulent loans to companies doing business with Mexico, including giving loans to companies with no verifiable address and individuals who were known associates of the Sinaloa and Juarez drug trafficking cartels." That also occurred during the Bush administration.

And far from producing no benefit to this country, as Beck claims, the loan to PetroBras is for financing the purchase of American-made drilling equipment. Remember, the mission of Ex-Im is the subsidizing of U.S. exports of goods and services. From Ex-Im Bank chairman Fred Hochberg, back in July of last year:

"I chose Brazil as my first international destination for good reason: Brazil is a powerhouse among South American economies and offers tremendous opportunities for U.S. exporters in many sectors. I want Brazilians to know that Ex-Im Bank has the will and the capacity to finance their purchases of U.S. equipment, products and services"

Is Glen Beck really the best that Fox News can do?

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