Yesterday, another shoe dropped in the chronicles of the Obama administration’s crony capitalism. A start-up electric car company with ties to Al Gore got a $529 million loan guarantee from Obama’s Department of Energy to build luxury electric cars...in Finland! Leaving aside the fact that to date only two of these $97,000 cars have been sold (one of them to a movie star), we might at least hope that this ridiculous exercise in the government picking winners minus any competitive, transparent process (Al Gore’s venture cap firm) and losers (the taxpayers subsidizing a car no one wants) would produce manufacturing jobs in the United States. Isn’t that the alleged purpose of Obama’s stimulus giveaways?
It’s bad enough that we borrow money from foreign countries to give to foreign countries. Now we borrow from foreign countries to finance jobs in foreign countries. (This kind of reminds me of the $2 billion assistance President Obama provided Brazil for their off-shore energy developments, while shutting down or blocking much of our own off-shore domestic drilling. He’s in favor of energy jobs in Brazil. But in America? Not so much.)
Do you think, as the President tours the country campaigning on the taxpayer’s dime, he understands that voters in Finland won’t get to decide whether or not he keeps his job in 2012, but voters in Michigan and Ohio sure will? In fact, I’m sure the millions of unemployed workers in every state will want to learn why the Obama administration gave half a billion dollars to finance “green” cars built in Finland.
While they’re at it, the geniuses in the White House could also explain the $1.2 billion they gave to SunPower, a company that makes Solyndra look like a blue chip stock. SunPower’s market capitalization is $800 million, but the company is in debt $820 million. What a great investment, huh? Your tax dollars at work, America! If President Obama wants answers about this, he better act fast because his Department of Energy was already caught revising history by scrubbing SunPower’s name out of old DOE press releases. The President should start by asking Democrat Congressman George Miller about the company. Rep. Miller was the leading advocate for giving money to SunPower, which hired his son as a lobbyist.
When President Obama signed his nearly trillion dollar stimulus boondoggle into law, he mortgaged our children’s future. And for what? Financing jobs in Finland? Propping up near bankrupt companies with connections to congressmen? For this we are burying ourselves in a mountain of debt?
This crony capitalism has to end. We don’t want it. We can’t afford it. And we must not tolerate it anymore. Wake up, America, before it’s too late.
- Sarah Palin