Arguments that the bank might go bankrupt and prove costly to American taxpayers doesn't hold much water either. Not only has it been in business since Franklin D. Roosevelt was president but its default rate as of Sept. 30 was 0.175 percent, which would make it the envy of the private sector. Are there examples of EXIM loans helping one American company at the cost to another — as when Delta claims loan guarantees for Boeing jets inadvertently helped its foreign rivals keep down costs? Most likely, yes, but should the country sacrifice aerospace manufacturing for the sake of laissez-faire purity? Without the loan guarantees, Delta would be the winner and Boeing a loser, and the U.S. trade imbalance would grow worse for it.