Posts Tagged ‘Crony Capitalism
On August 2nd the House released an investigative report on Solyndra, the failed solar energy company, which shows beyond a doubt the Obama administration abused taxpayer dollars for political gain.
Solyndra received a $535 million loan, straight from our pocket, as part of Obama’s “green jobs” strategy. Indeed, Solyndra was considered one of the jewels in Obama’s green recovery crown. When Obama visited the plant in 2010, he highlighted Solyndra as an example of the “right thing to do for the economy,” claiming the plant would employ at least 1,000 high paying jobs.
As is so often the case with lofty oratory, the reality never lived up to the rhetoric.
First, the Obama administration pressured federal reviewers to sign off on Solyndra despite misgivings about the viability of the company and of the government’s loan model. Emails released by the investigators show the Office of Management and Budget responding to White House requests by saying “We would prefer to have sufficient time to do our due diligence reviews.” The loan was ultimately approved, clearly under political duress as an OMB staffer remarked “given the time pressure we are under to sign off on Solyndra, we don’t have time to change the model.”
Solyndra’s CEO at the time hailed the “Bank of Washington” for coming to their aid.
It quickly became clear that Solyndra was in peril as it began to miss payments on the loan. A government analysis warned that the company would run out of money in September of 2011 and recommended that the government simply cut its losses. Instead, the government chose to restructure the loan, ultimately wasting MORE of our tax dollars than if they had simply allowed Solyndra to fail.
The investigators released emails which clearly indicate the decision to restructure the loan – which inexplicably put taxpayers LAST to recoup losses – was made for political reasons. One government analyst remarked that a Solyndra failure “would likely be very embarrassing for DOE and the Administration.” Another commented that she was “vastly confused by DOE’s decision to negotiate away their senior position in this transaction.”
The final insult came when White House Chief of Staff Jack Yew, perhaps sensing that Solyndra was beyond saving, decided to wash his hands of any further involvement in the Solyndra restructuring. Let me say that again to be sure it sinks in:
Despite the administration’s self-proclaimed “quite active interest” in securing the loan for Solyndra, just months before it failed, the White House distanced itself from any further decision making.
No doubt so that when it finally failed, they could blame it on OMB / DOE / Bush (which is exactly what they tried to do).
Still undetermined is exactly what role Obama bundler Robert Kaiser played in securing Solyndra’s loan in the first place. Emails show Kaiser “advised associates” on how to secure federal assistance for Solyndra. As it turns out, Kaiser’s family also had a “substantial” financial stake in Solyndra. Coincidence?
This is an example of Chicago Politics at its finest. We have a choice in 2012. Are you voting for four more years of cronyism and abuse of our wallets? “Bank of Washington” my ass… it’s the Bank of We the People. I say we shut the damn doors. #ABO2012
It’s bad enough that General Motors agreed to accept $80 billion in taxpayer-funded bailout money. It’s bad enough that GM let the government become the de facto head of their own company. And it’s really bad enough that they allowed their bondholders to be completely hosed in favor of big payoffs to the UAW.
But today I find out that not only has GM been working with the government of China to move production lines and research and development to the red empire, they’ve also been sharing secrets and sponsoring Chinese government propaganda celebrating Communism.
And this isn’t even breaking news. Most of this happened a year ago or more. No surprise that, despite some outrage, the MSM didn’t cover it at the time (and won’t cover it now), considering it would obviously be damaging to the Obama administration’s narrative that the bailout worked.
I was clued in by a video that’s making the rounds. Watch if you don’t mind being irritated for the next 9 minutes:
Now I’m not so naive as to be ignorant of the realities of the global marketplace. Nor am I particularly critical of the necessity of the CEO to speak to his audience. Indeed, I understand that China is a huge market and I sympathize with the fact that Big Labor and progressive governance has made it extraordinarily difficult for multinationals to compete while using a primarily U.S.-based workforce.
But my sympathies with the reality of globalization ends when a U.S. company (especially one that received money from the U.S. taxpayer) starts sponsoring Communist propaganda. That’s enough to make me never buy another GM vehicle ever again.
My dad has a quaint saying that he picked up while he was serving on the aircraft carrier U.S.S. Forrestal: “Money Talks and Sh*t Walks.”
So, what does the money say about Cocktail Party Establishment pick Mittens Romneycare–annoined the “frontrunner” by the Government-Controlled Media? And, by way of contrast, what does it say about GOP Frontrunner Ron Paul, whose media coverage blackout is so comically biased that it inspired a segment on The Daily Show and a three-day “Black This Out” fundraiser?
A recent independent analysis of fundraising by OpenSecrets.org reveals an interesting contrast between the employers of the top 3 sources of campaign contributions among the Top Tier candidates (yes, Ron Paul is #3 in fundraising among all GOP candidates–betcha didn’t read that in the Government-Controlled Media.)
Mittens Romneycare’s top contributors are employees of Goldman Sachs, recipient of over $3.8 billion in U.S. taxpayer bailouts, Credit Suisse Group (recipient of $287 billion in secret bailouts from the Federal Reserve), and Morgan Stanley, recipient of at least 31 secret loans from the Federal Reserve totaling billions of dollars.
Mittens Romneycare is the status-quo choice of some of Wall Street’s worst offenders when it comes to sucking bailout money out of the pockets of U.S. taxpayers. Is it any wonder why the Government-Controlled Media is shoving this horror show of a candidate down our throats, while at the same time, gifting the Soros-Funded OWS Pee Party with 24/7 wall-to-wall “news” coverage?
It’s a SETUP, people.
The Government-Controlled Media is building up Mittens Romneycare knowing full well that it already has all the ammunition it needs to tear him right back down, using the Pee Party Pro-Testers complaints against Wall Street as “proof” that Mittens Romneycare is an evil, corrupt crony capitalist. (Which, incidentally, he is.)
Let me say that again. The top presidential candidate of members of our active-duty military is GOP Frontrunner Ron Paul. He beats ALL GOP candidates AND Barack Hussein Obama (who, incidentally, is not a Muslim.)
GOP Frontrunner Ron Paul has made a career fighting against federal government corruption and cronyism–particularly at the Federal Reserve. Most Americans think the Federal Reserve a government agency. But it’s actually a privately-owned central bank.
The Federal Reserve is allegedly supposed to regulate the value of the American dollar, and prevent booms, busts and bubbles. Like the mortgage bubble that has been destroying the U.S. economy for the past several years. But in reality, it’s simply a massive slush fund that facilitates massive corruption and intergenerational theft. It’s a tool of members of the Ruling Class like Barack Hussein Obama and Mittens Romneycare, whose campaigns are funded largely by banks whose employees sit on the board of directors of the Federal Reserve, as reported by ABC in a random act of journalism:
…the Federal Reserve consulted with [Obama donor] General Electric on the creation of a commercial paper funding facility and then provided $16 billion in financing to the company while its chief executive, Jeffrey Immelt, served as a director on the board of the Federal Reserve Bank of New York. Immelt is now President Obama’s “jobs czar.”
JP Morgan Chase could also have benefited from its chief executive Jamie Dimon’s position on the board of the Federal Reserve Bank of New York, according to the GAO. The bank received emergency loans from the Federal Reserve at the same time it served as the clearinghouse for the Fed’s emergency lending program.
The Federal Reserve gave JP Morgan Chase an 18-month exemption from risk-based leverage and capital requirements in 2008, the same year that the Fed gave it $29 billion to acquire Bear Stearns, according to the GAO.
Mittens Romneycare and Barack Hussein Obama are both cut from the same cloth. A Mittens Romneycare victory in November 2012 would be a continuation of the same crony capitalism that has bankrupted America and given real free-market capitalism a black eye.
So is it any wonder that the Government-Controlled Media (98% of whom are Democrats) gives Mittens Romneycare the label of “frontrunner” while giving GOP Frontrunner Ron Paul the least coverage of any candidate overall, according to the Pew Research Center?
Even GOP Frontrunner Sarah Palin supports Ron Paul in his bid to audit the Federal Reserve.
Once you understand the origins of the Federal Reserve, how the Fed benefits members of the Ruling Class like Barack Hussein Obama and Mitt Romney, government bailouts of top Democrat fundraisers on Wall Street, and “mainstream media” coverage, you get an entirely different picture of the GOP primary process.
Handpicked media darling Mittens Romneycare stands for the status quo–more bailouts, more crony capitalism, more Cocktail Parties. GOP Frontrunner Ron Paul want to slash the federal government’s budget by $1 trillion in his first year in office, end the Federal Reserve, and end the bailouts. And vastly different media coverage of both candidates is a direct reflection of this.
Learn more about the Federal Reserve here: