The Obama administration is the nexus of crony capitalism and gangster government....
The following tale of woe is illustrative of same.
1. Solyndra, a solar panel manufacturer, was the first recipient of a stimulus loan guarantee from the Department of Energy, to the tune of $535 million. That means that the government agrees to make up the difference if the company fails to repay the loan.
2. In May 2010, Obama went to Silicon to praise his own stimulus package and the new factory it was building for Solyndra. [T]hrough the Recovery Act, this company received a loan to expand its operations. This new factory is the result of those loans. Since the project broke ground last fall, more than 3,000 construction workers have been employed building this plant. Across the country, workers in 22 states are manufacturing the supplies Solyndra expects to hire 1,000 workers to manufacture solar panels [C]ompanies like Solyndra lead the way toward a brighter, more prosperous future.
3. By November 2010, Solyndra was a deeply troubled company, making huge cuts in cost and production in order to mollify investors, and, instead of expounding into the new factory, the company was now going to close its old factory. It was foregoing expansion, cutting production in half, laying off workers, and terminating 150 of its subcontractors. Solyndra, a Solar-Panel Maker, Will Close a Plant - NYTimes.com
4. It is axiomatic that government invests taxpayer money less prudently than private investors invest, or risk, their own. Freddoso, Gangster Government, p.104
5. You've never heard of Solyndra? That's strange, because it was supposed to be the cornerstone of Obama's vaunted green-energy future, but now is a king-size political embarrassment. Solyndra, recipient of a $535 million Department of Energy loan guarantee, last month cancelled a $300 million initial public offering because auditor PricewaterhouseCoooper said its operating losses and negative cash flow raise doubts about its ability to continue as a going concern.
Ouch!... Vice President Joe Biden crowed that it was "part of the unprecedented investment this Administration is making in renewable energy, and exactly what the Recovery Act is all about." Taxpayers are on the hook for $390.5 million73% of the loans. Some observers questioned the wisdom of the government's deal from the start, saying the company was an inefficient, high-cost producer.Obama's Tough Luck - Barrons.com
6. How did Solyndra get a half billion dollars and Obamas blessing? Simple, they spent $550,000 on lobbying in 2010. Lobbying Spending Database-Solyndra Inc, 2010 | OpenSecrets
a. During the campaign, Obama said many times that lobbyists would not run his White House, and the campaign delighted in tweaking rival John McCain for the former lobbyists who worked on McCain's campaign.
PolitiFact | Obama's lobbyist rule: Promise Broken
But our Leftist friend don't care about the lies this President tells....so, what do you care about?
The following tale of woe is illustrative of same.
1. Solyndra, a solar panel manufacturer, was the first recipient of a stimulus loan guarantee from the Department of Energy, to the tune of $535 million. That means that the government agrees to make up the difference if the company fails to repay the loan.
2. In May 2010, Obama went to Silicon to praise his own stimulus package and the new factory it was building for Solyndra. [T]hrough the Recovery Act, this company received a loan to expand its operations. This new factory is the result of those loans. Since the project broke ground last fall, more than 3,000 construction workers have been employed building this plant. Across the country, workers in 22 states are manufacturing the supplies Solyndra expects to hire 1,000 workers to manufacture solar panels [C]ompanies like Solyndra lead the way toward a brighter, more prosperous future.
3. By November 2010, Solyndra was a deeply troubled company, making huge cuts in cost and production in order to mollify investors, and, instead of expounding into the new factory, the company was now going to close its old factory. It was foregoing expansion, cutting production in half, laying off workers, and terminating 150 of its subcontractors. Solyndra, a Solar-Panel Maker, Will Close a Plant - NYTimes.com
4. It is axiomatic that government invests taxpayer money less prudently than private investors invest, or risk, their own. Freddoso, Gangster Government, p.104
5. You've never heard of Solyndra? That's strange, because it was supposed to be the cornerstone of Obama's vaunted green-energy future, but now is a king-size political embarrassment. Solyndra, recipient of a $535 million Department of Energy loan guarantee, last month cancelled a $300 million initial public offering because auditor PricewaterhouseCoooper said its operating losses and negative cash flow raise doubts about its ability to continue as a going concern.
Ouch!... Vice President Joe Biden crowed that it was "part of the unprecedented investment this Administration is making in renewable energy, and exactly what the Recovery Act is all about." Taxpayers are on the hook for $390.5 million73% of the loans. Some observers questioned the wisdom of the government's deal from the start, saying the company was an inefficient, high-cost producer.Obama's Tough Luck - Barrons.com
6. How did Solyndra get a half billion dollars and Obamas blessing? Simple, they spent $550,000 on lobbying in 2010. Lobbying Spending Database-Solyndra Inc, 2010 | OpenSecrets
a. During the campaign, Obama said many times that lobbyists would not run his White House, and the campaign delighted in tweaking rival John McCain for the former lobbyists who worked on McCain's campaign.
PolitiFact | Obama's lobbyist rule: Promise Broken
But our Leftist friend don't care about the lies this President tells....so, what do you care about?
