Gordon Bishop On The Issues
President Barack Hussein Obama is spending most of the $447 billion to bail out weak finances in Democratic states.
Under Obama, that's known as "Crony Capitalism."
So far, that's been a financial failure.
There was a loss of over 1,100 jobs when the now defunct solar panel firm Solynda, which received over half a billion dollars in federal stimulus, closed its doors.
For Obama, it's all about reckless spending feeding greedy Democrat companies to fill the coffers of his party's corrupt operations.
The bond market has concluded that the more unionized the state and the bluer its political coloring, the riskier it is to hold bonds marketed by that state, according to a study by two Harvard academics, Paul Peterson and Daniel Nadler.
They are of special benefit to states in the blue regions of the country where the president's most fervent supporters reside.
Those allegations come in the same week as a congressional probe coninued into loan guarantees given to Solyndra over the objections of Office and Management and Budget staff who warned the company had yet to demonstrate a viable business odel.
Congress's Oversight and Investigations subcommittee chairman Rep. Cliff Stearms said that Solyndra's enormous amount of expenditures would mean there's apt to be fraud, theirs apt to be shall we say, "Crony Capitalism," because a lot of people were moving too quickly and spending too much money and not carefully assessing its value and its importance to the development of the solar panel.
Conservative think tanks and pundits are positioning Solyndra testimony as just the tip of a much larger problem: An Administration all too eager to manipulate the levelrs of federal power and largess in order to reward its political supporters.
Among the examples being cited:
- The dual role of GE CEO Jefrey R. Immelt, whose corporation stood to benefit from the administration's aggressive development of green energy at the same time he advised the administration of job growth and global competitiveness.
Immelt, who has described GE's energy-efficiency products as an $18 billiion-a-year business, has been a heavy donor to both Repubicans and Democrats.
The green-energy endeavors, including GE's , are "totally dependent" on federal support and subsidies.
GE has received over $126 million in grants and contracts from various government departments, including $31 million from the Department of Energy.
Firms associated with venture capitalist John Doerr have received over a half a billion in grants and loans related to green technologies. Doerr and his wife have donated about $800,000 to Democrats since 2000. His firm has donated a substantial amount as well.
There is a clear relationship between recipients of economic stimulus funds and support for Obama's "clean energy agenda."
Welcome to Obama's corrupt world of government and private sector capitalists!
(Gordon Bishop is a 'Who's Who in the World' national award-winning author, historian, syndicated columnist and New Jersey's First "Journalist-of-the-Year?--1986/New Jersey Press Association, founded in 1845.)
