The New York Times carries a gloom-and-doom news piece today on a Cameroonian water project and a small business in California.

Without taxpayer-backed financing from the Export-Import Bank, this project could fall through. Clear away the atmospherics in this piece, including the dark threat of a Chinese company, and the real story emerges: General Electric, the contractor on this project, says that if Ex-Im doesn’t subsidize this deal, GE will move its manufacturing to Canada or Hungary, “where the company has other plants supported by those countries’ credit agencies.”