Obama’s public-equity record is the real scandal
O is on the attack against Romney and Bain capital.
Let's set aside his ridiculously blatant misunderstanding of how capitalism is supposed to work while he attacks capitalism actually working as it should...taking companies the market doesn't value and getting the capital to where it can work.
Let's take a look at the market track record of The Speculator in Chief's '"investments" in the future'.
$33 million taxpayer-funded grant - bankrupt owes 1.5 million in back taxes
$126.2 million in taxpayer money in 2009 for. Obama hosts the company president at SOTU 2010. $45 million in losses ..“We may not achieve or sustain profitability on a quarterly or annual basis in the future.” Under investigation for insider trading.
Nevada Geothermal Power (NGP).
$98.5 million taxpayer loan guarantee in 2010. Auditors detemine company is at severe risk having blown it's entire cash reserve
$3 billion in loan guarantees. Fires 30% of it's workforce in a 400 million dollar 'restructuring'. Now there's some job stimulus!
Abound Solar, Inc.
$400 million loan guarantee. Halted production, laid off 180 employees.
$43 million loan guarantee. Delisted from stock market and filed for bankruptcy
$1.2 billion loan guarantee from the Obama administration..balance sheets show company now owes more than it's capital value.
Brightsource - One of the least bad
$1.6 billion loan guarantee, net losses so far $177 million.
$535 million in taxpayer-funded loan guarantees, bankrupt...taxpayers again liable
Obama wants to be Speculator Prime...and shows taxpayers on the hook by force, as he attacks private capital doing it's job actually creating wealth out of failure. Whereas O's team turns someone else's wealth into failure, greasing contributors along the way of course.
If you are going to talk about his record in this area, particularly with Bain, then the following must not be let to slide under the carpet;
"Obama’s campaign surrogates can’t provide an answer to the simple question of why Obama allows Blackstone to fund his campaign while he attacks Bain Capital for earning money in the same manner."
"Jonathan Lavine worked at Bain at the time of the plant’s closure. Who’s Jonathan Lavine? Why, just a managing director at Bain – and an Obama bundler in both the 2008 and 2012 cycles. Oops!"
O and all his handlers, voters, and fellow travelers should just be given whatever proportion of the nation they represent in proportion and told fare thee well and good luck. Then the rest of us could live in peace and get on with our lives without their interference, and we could see what a paradise their innovative and progressive modern methods result in. .
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