Posted on 11/01/2012 11:29:18 AM PDT by Sub-Driver
Obama: ‘Some of the Businesses We Encourage Will Fail’ By Matt Cover November 1, 2012
(CNSNews.com) – President Obama told a campaign rally that “some of the businesses we encourage will fail” while talking about his plans for increased green energy subsidies in a possible second term.
“Today there are thousands of workers building long-lasting batteries and wind turbines and solar panels all across the country, jobs that weren’t there four years ago,” Obama said, touting his administration’s efforts to subsidize the green energy industry.
Obama then admitted that not everything the government will “bet on” will be successful, admitting that in fact some of the businesses he plans to give taxpayer funds will be sure to fail.
“And sure, not all of the technologies we bet on will pan out. Some of the businesses we encourage will fail, but I promise you this: there is a future for manufacturing here in America,” he said. “There’s a future for clean energy here in America, and I refuse to cede that future to other countries.”
Obama’s signature green energy subsidy program has been plagued by high-profile failures, most notably of solar-panel manufacturer Solyndra, which received $500 million in government loans and became the face of Obama’s green jobs initiative before going bankrupt in 2010, defaulting on its government loans after administration officials took extraordinary measures to save it, even subordinating those loans to those of private investors, making sure that taxpayers were repaid last.
Normally, government loans are required to be senior to those of private investors, ensuring that taxpayers are first in line to get their money back if the company fails.
Other high-profile green energy failures include Abound Solar, electric car maker Fisker, and the much-hyped electric Chevy Volt....
(Excerpt) Read more at cnsnews.com ...
Yea!Some Businesses may fail,but 100% of them?It seems like every business that received taxpayers dollars went bust.
There is a definite need for a criminal investigation for fraud here.Obama’s prints are all over it.
The 2009 stimulus set aside $80 billion to subsidize politically preferred energy projects. Since that time, 1,900 investigations have been opened to look into stimulus waste, fraud, and abuse (although not all are linked to the green-energy funds), and nearly 600 convictions have been made. Of that $80 billion in clean energy loans, grants, and tax credits, at least 10 percent has gone to companies that have since either gone bankrupt or are circling the drain.
See?!
Obama already had a built-in fall guy, “Biden was in charge” of the Stimulus book.
Obama then admitted that not everything the government will “bet on” will be successful...
Oh good God! What a colossal failure! Is that what government is for?...betting taxpayers money? This jackass must go!!! Remember to vote!
Sir Napsalot~: “ See?! Obama already had a built-in fall guy, “Biden was in charge” of the Stimulus book. “
Biden under the bus ?
Whoda thunk ?
Biden : Just another ‘pretty face’ to hope and despair ?
Third debate, Boca Raton, right after Romney stated to Obama, “Attacking me is not ... an agenda,” on the subject of the GM/Chrysler bail-out, then on to the topic of (”Some of the business ...” translated): “All of my cronies we throw money to will fail”:
PRESIDENT OBAMA: Governor, the people in Detroit don’t forget.
MR. ROMNEY: And — and that’s I have the kind of commitment to make sure that our industries in this country can compete and be successful. We in this country can compete successfully with anyone in the world. And we’re going to. We’re going to have to have a president, however, that doesn’t think that somehow the government investing in — in car companies like Tesla and — and Fisker, making electric battery cars — this is not research, Mr. President. These are the government investing in companies, investing in Solyndra. This is a company. This isn’t basic research. I — I want to invest in research. Research is great. Providing funding to universities and think tanks — great. But investing in companies? Absolutely not. That’s the wrong way to go.
PRESIDENT OBAMA: Governor, the fact of the matter is —
MR. ROMNEY: I’m still speaking.
PRESIDENT OBAMA: Well — (chuckles) —
MR. ROMNEY: So I want to make sure that we make — we make America more competitive —
PRESIDENT OBAMA: Yeah.
MR. ROMNEY: — and that we do those things that make America the most attractive place in the world for entrepreneurs, innovators, businesses to grow. But your investing in companies doesn’t do that. In fact it makes it less likely for them to come here —
PRESIDENT OBAMA: All right, Governor —
MR. ROMNEY: — because the private sector’s not going to invest in a — in a — in a solar company if —
PRESIDENT OBAMA: I’m happy — I’m — I’m — I’m happy to respond —
MR. ROMNEY: — if you’re investing government money and someone else’s.
PRESIDENT OBAMA: You’ve held the floor for a while. The — look, I think anybody out there can check the record. Governor Romney, you keep on trying to, you know, airbrush history here.
You were very clear that you would not provide government assistance to the U.S. auto companies even if they went through bankruptcy. You said that they could get it in the private marketplace. That wasn’t true. They would have gone through a —
MR. ROMNEY: You’re wrong. You’re wrong, Mr. President.
PRESIDENT OBAMA: I — no, I am not wrong.
MR. ROMNEY: You’re wrong.
PRESIDENT OBAMA: I am not wrong. And —
MR. ROMNEY: People can look it up. You’re right.
PRESIDENT OBAMA: People will look it up.
MR. ROMNEY: Good.
Weren’t some of the Fiskers cars blowing up yesterday? That’s really unfortunate.
The only lie I see in his statement is that some will fail. If there isn’t a market to support them, and the govt $$$ trough runs dry, they ALL will fail!
It is a fact that if there isn’t a market that exists, when the govt support runs dry, they will close the hell up, and the CEO aka Obama bundlers will pack up a couple of suitcases of stolen cash, and wait for the next green venture.
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