Forbes: US loan to Brazil will create jobs

Forbes Magazine’s Bric Breaker blog delivered a smackdown to Fox news today, dissing the channel’s (and the Wall Street Journal's) recent claim that the $2 billion loan commitment the Export-Import bank of the United States recently gave to Brazil for oil drilling is somehow causing a slowdown of drilling in the Gulf of Mexico, or somehow sending U.S. jobs overseas. Nonsense, Forbes says. The mandate of the Export-Import bank is to loan money to entities that want to do business with U.S. companies. The loan will allow Brazil’s state-run oil giant, Petrobras, to pay for the equipment and know-how necessary for it to begin drilling in its recently-discovered, untapped fields of offshore oil. These goods and services will be bought from U.S. companies, Forbes says, thus creating jobs at home.