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All Da King's Men

Barack Obama, Venture Capitalist

By Da King Published: September 18, 2011

When you ask liberals if they believe in corporate welfare, they will overwhelmingly say 'no'. They are outraged over corporate welfare !!! I'm down with that...but then ask those same liberals if Uncle Sam should subsidize renewable energy initiatives, and the answer magically changes to 'yes'. Therefore, liberals are against corporate welfare, except when they are for it.

The country's head liberal, President Obama, is one of those who rails against corporate welfare while he pushes corporate welfare at the same time. As the Prez has told us countless times, he thinks green jobs are the future. That may be true, but Obama omits the part about American green jobs not being so much the NOW. Obama is all about subsidizing green companies at taxpayer risk. As we have seen from the collapse of Obama's favorite green-tech company, Solyndra, along with the collapse of other green companies that were funded by Obama's Stimulus plan, the President's wishes don't make things so. Obama can engage in all the hope and change dreams he wants, but somewhere along the line, reality must be taken into account.

Here was the reality of Solyndra:

An Associated Press review of regulatory filings shows that Solyndra was hemorrhaging hundreds of millions of dollars for years before the Obama administration signed off on the original $535 million loan guarantee in September 2009. The company eventually got $528 million.

Sounds like a great investment, eh ? But I want to be fair. Startup up companies sometimes do lose money initially. It's the profit potential that motivates investors. What were Solyndra's future prospects ?:

"We have incurred significant net losses since our inception, including a net loss of $114.1 million in 2007, $232.1 million in 2008 and $119.8 million in the first nine months of fiscal 2009, and we had an accumulated deficit of $505 million at Oct. 3, 2009," the company said in a December 2009 filing to the SEC. "We expect to continue to incur significant operating and net losses and negative cash flow from operations for the foreseeable future."

Hmmm. So, when the Obama administration looked at Solyndra, a company that had lost hundreds of millions of dollars from day one, a company that expected to lose hundreds of millions of dollars more in the "foreseeable future", a company that lost money on every single product it sold,...Obama decided to lend THAT company $535 million in taxpayer-guaranteed money and make it the highlight company for his green jobs agenda. That sounds more like a pipedream than hope to me. And then when Solyndra, as predicted, burned through it's cash like a Texas wildfire, the Obama administration restructured the loan so the private investors would be repaid ahead of the taxpayers....and one of those private investors just so happened to be a big-time Obama campaign contributor !!!:

Under terms of the February loan restructuring, two private investors — Argonaut Ventures I LLC and Madrone Partners LP — stand to be repaid before the U.S. government if the solar company is liquidated. The two firms gave the company a total of $69 million in emergency loans. The loans are the only portion of their investments that have repayment priority above the U.S. government.

Argonaut is an investment vehicle of the George Kaiser Family Foundation of Tulsa, Okla. The foundation is headed by billionaire George Kaiser, a major Obama campaign contributor and a frequent visitor to the White House. Kaiser raised between $50,000 and $100,000 for Obama's 2008 campaign, federal election records show. Kaiser has made at least 16 visits to the president's aides since 2009, according to White House visitor logs.

Ka-ching !!! That must be the 'Change' part of Hope And Change. Cronies get paid first.

This all sounds pretty bad. Why would the government do this ? Let's turn to the DOE for an explanation:

Energy Department spokesman Damien LaVera said Friday that the company's financial losses were not uncommon for a high-tech startup and were a major reason Solyndra applied for the federal loan. The loan program is intended to help promising companies that cannot receive financing through private banks because of high risk.

Okay, now it all makes perfect sense. You see, when the government runs across a company so risky and shaky that the banks won't lend it money, THAT'S when the taxpayers should be put on the hook for the dough...when it's likely the company will, you know, collapse. Sigh. This stuff is getting so outrageous that I can't even be outraged anymore. I'm getting numb to it. When did this country enter the Twilight Zone, and how do we get out ? Now we have the federal government gambling taxpayer dollars like it's playing roulette in Vegas. Only the "high risk" companies merit taxpayer investment ??? WTF ?!?!?!

I can't stand it anymore. Over and out.



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