teapartysamurai
Gold Member
- Mar 27, 2010
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When President-elect Obama came to Washington in late 2008, he was outspoken about the need for an economic stimulus to revive a struggling economy After he was sworn in as president, he proclaimed that taxpayer money would assuredly not be doled out to political friends
But an examination of grants and guaranteed loans offered by just one stimulus program run by the Department of Energy, for alternative-energy projects, is stunning. The so-called 1705 Loan Guarantee Program and the 1603 Grant Program channeled billions of dollars to all sorts of energy companies
In the 1705 government-backed-loan program [alone], for example, $16.4 billion of the $20.5 billion in loans granted as of Sept. 15 went to companies either run by or primarily owned by Obama financial backersindividuals who were bundlers, members of Obamas National Finance Committee, or large donors to the Democratic Party. The grant and guaranteed-loan recipients were early backers of Obama before he ran for president, people who continued to give to his campaigns and exclusively to the Democratic Party in the years leading up to 2008. . . . . .
These programs might be the greatestand most expensiveexample of crony capitalism in American history. Tens of billions of dollars went to firms controlled or owned by fundraisers, bundlers, and political allies, many of whomsurprise!are now raising money for Obama again.
Report: 80% of DOE Green Energy Loans Went to Obama Backers
Can anyone say that's why Obama won't release any real records about Solyndra??????