Wintery Knight

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Obama fundraisers got 80% of green energy loans ($16.4 billion)

Obama Economic Record November 2011

Obama Economic Record November 2011

From the Daily Beast, an article that explains how Obama rewarded many of his campaign fundraisers with green energy loans backed by taxpayer dollars.

Excerpt:

It would take an entire book to analyze every single grant and government-backed loan doled out since Barack Obama became president. 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. The grants were earmarked for alternative-fuel and green-power projects, so it would not be a surprise to learn that those industries were led by liberals. Furthermore, these were highly competitive grant and loan programs—not usually a hallmark of cronyism. Often fewer than 10 percent of applicants were deemed worthy.

Nevertheless, a large proportion of the winners were companies with Obama-campaign connections. Indeed, at least 10 members of Obama’s finance committee and more than a dozen of his campaign bundlers were big winners in getting your money. At the same time, several politicians who supported Obama managed to strike gold by launching alternative-energy companies and obtaining grants. How much did they get? According to the Department of Energy’s own numbers … a lot. In the 1705 government-backed-loan program, 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 backers—individuals who were bundlers, members of Obama’s 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. Their political largesse is probably the best investment they ever made in alternative energy. It brought them returns many times over.

Think of it as a welfare program paid by the middle class to enrich the secular leftist millionaires and billionaires. Taxing the poor to pay for the rich. That’s what the Democrats mean by stimulus spending. And that’s why we have been running trillion-dollar deficits for 3 years with an unemployment rate of 9% or more. They got elected in order to enrich themselves, because they are motivated by greed.

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One Response

  1. Mariangela says:

    Great post! I actually showed it to someone who said, “Well you can make numbers say whatever you want.” Excuse me?!! Who wants this?!! Yes, conservative right-wing America wants America to lose its AAA rating, of course that makes perfect sense. Oh, but this is just how much the US spends… Yeah right? The US spends as if it’s funding a war, except it cuts defense spending in favor of bailouts? That’s normal? Maybe if you’re a Keynesian Democrat who doesn’t believe economics is a science with predictable outcomes. I got a phone call from a friend of mine today, who was upset that her friend said that economics wasn’t a science because, “people are unpredictable.” I had to ask her if she was familiar with the concept of variables. I mean that’s like saying math is not a science or biology is not a science because we can’t predict the behaviour pattern of a paramecium. Give me a break. Not to mention the fact that people are very predictable as far as how they interact with the market. It’s consumption driven, need driven, and generally the best quality for the cheapest price. But it is precisely this variable that drives the market, because it is both supply and DEMAND.

    Sorry small economics lesson (Too much von Mises):
    Because we can’t measure objective exchange value we use something called money. So everything we purchase gets a price that the particular commodity can be exchanged for (which is not arbitrary, but based on its subjective use-value which is derived from the other commodities that can be exchanged for it), which means whether or not an individual may place a different value on said object that object has a market value. If it sounds confusing it isn’t, it’s just science.

    But the Democrats have long left the realm of science, in fact given the financial state of affairs, they’ve left the realm of reality. I feel like I’m lost in a Robin Hood novel where Prince John is taxing the poor to death so him and his friends can chill in a palace they have no business being, while the real King Richard is off fighting a war somewhere not noticing the mess going on at home. Well I think, so long as our boys are coming home, it’s about time we had a King Richard back in the Whitehouse!

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