Crony Governmentism - Obama style

Discussion in 'Politics' started by Wiseacre, Feb 22, 2012.

  1. Wiseacre
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    Wiseacre Retired USAF Chief Supporting Member

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    Nothing like syphoning off big bucks to your friends and supporters. Below is a blog from Reason.com, with a link to a story in the WaPo.


    Not so sure this is crony capitalism as much as it is just straight up cronyism:

    Overall, the [Washington] Post found that $3.9 billion in federal grants and financing flowed to 21 companies backed by firms with connections to five Obama administration staffers and advisers.

    One leading example:

    Sanjay Wagle was a venture capitalist and Barack Obama fundraiser in 2008, rallying support through a group he headed known as Clean Tech for Obama.

    Shortly after Obama’s election, he left his California firm to join the Energy Department, just as the administration embarked on a massive program to stimulate the economy with federal investments in clean-technology firms.
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    He was one of several players in venture capital, which was providing financial backing to start-up clean-tech companies, who moved into the Energy Department at a time when the agency was seeking outside expertise in the field. At the same time, their industry had a huge stake in decisions about which companies would receive government loans, grants and support.

    During the next three years, the department provided $2.4 billion in public funding to clean-energy companies in which Wagle’s former firm, Vantage Point Venture Partners, had invested, a Washington Post analysis found.

    So, ah, yeah, nice to have that change in Washington.

    Reason Foundation - Out of Control Policy Blog > Crony Governmentism: Energy Edition
     
  2. knuckles
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    knuckles Neanderthal Man

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    And one wonders why there is not public outrage.
     
  3. occupied
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    occupied Gold Member

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    Probably because after Cheney and Halliburton we are just numb to it. After the outrage of a war profiteer VP starting a war, anything less is just not worth worrying about. Maybe republicans will tighten the restrictions on steering contracts to political allies, LOL, not likely.
     
  4. California Girl
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    California Girl BANNED

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    But.... didn't your messiah run on being 'different' to the previous regime? Didn't he promise that he would not do this shit? At what stage do you hold him accountable for being a lying fucking assclown?

    Bunch of fucking hypocrites on the left.
     
  5. Wiseacre
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    Wiseacre Retired USAF Chief Supporting Member

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    Well we sure as hell know the democrats won't tighten shit. Time to get somebody else in there, and BTW your crap about " a war profiteer VP starting a war " is pure bull shit.
     
  6. occupied
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    occupied Gold Member

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    I have no outrage in this for one reason, how is this guy supposed to invest the nation's money in alternative energy without giving some to companies he thought were good investment bets when he was a venture capitalist? Is he supposed to abandon the ones he knows about and invest in the one's he doesn't? Is there any correct path here other than perhaps sitting around drawing a check for four years and do nothing? Is there any evidence he personally profited from this? That's the question. Answer that and see if he did and then get outraged.
     
  7. Wiseacre
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    Wiseacre Retired USAF Chief Supporting Member

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    He's not supposed to be investing taxpayer money in any venture at all. He's got no business picking winners and losers, who gets business loans and grants and who doesn't. He should be creating an environment for ALL businesses to succeed, not just the chosen ones, and he sure as hell isn't supposed to picking the companies that enrich his political supporters.

    Did he personally profit? Not as far as I know, at least not directly. But his political campaign did benefit from donations from the very people he is now rewarding with gov't largesse, and that stinks to high heaven.
     
    Last edited: Feb 22, 2012
  8. Listening
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    Listening Gold Member

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    Which is just another way of saying he did profit.

    Just like bailing out GM was an effort to buy re-election.
     

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