Posted on 09/14/2011 9:22:18 PM PDT by Bobbisox
Crony Capitalism on Steroids from GE to Solyndra .by Sarah Palin on Wednesday, September 14, 2011 at 10:25pm.In my recent speech in Iowa, some eyebrows were raised when I took on our government’s enormous economic problems caused by crony capitalism. As if on cue, just days later President Obama selected someone who exemplifies a major crony capitalism problem to sit next to the First Lady when he delivered his “jobs plan” speech before Congress. He selected General Electric CEO Jeffrey Immelt as his honored guest.
Having grown up with great respect for GE thanks to stories my grandfather shared with us about his days working for the company and even meeting GE spokesman-at-the-time Ronald Reagan during a company event, I am saddened at GE’s leadership evolution. This corporation is now the poster child of corporate welfare and crony capitalism.
This icon of American industry is a company full of good employees who make some good products (and is the parent company of a huge media outlet), but GE is also a large American corporation that pays virtually no corporate income taxes despite earning worldwide profits of $14.2 billion last year, $5.1 billion of it in the United States. In fact, they claimed a tax benefit of $3.2 billion, meaning they received more of our hard earned tax dollars than they contributed. How is that possible? It’s because not only do they shelter their money from taxes, but they also get many tax credits, loans, government grants, and other benefits from the federal government that our smaller businesses couldn’t even imagine being able to profit from.
Joining GE in the pantheon on crony capitalism is another Obama favorite that has been in the news of late: Solyndra. The President hailed this “green energy” company in a speech last May as “the true engine of economic growth.” When he announced the $535 million guarantee to Solyndra, Vice President Biden said that investments like this are “exactly what the Recovery Act is all about.” (Dear God…If the failed Solyndra venture has been what it’s “all about,” then that explains a lot.) As I pointed out in my speech at the Reagan Ranch Center last February: “History has proven again and again, when government picks the winners and losers, we’re stuck with the losers, and we the taxpayers subsidize failure!” And that’s what we’re seeing now, as the FBI raids the solar energy company’s headquarters to glean more information after the company was handed half a billion dollars in “green energy” Stimulus funds from the American taxpayer only to later declare bankruptcy. More than one thousand Solyndra workers lost their jobs. Now as the truth comes out, we discover that the White House was heavily involved in the Department of Energy’s rushed decision to give the Stimulus funds to Solyndra, and they tried to move the money through so quickly they seem to have ignored concerns that the company was not viable. Why would they do this? Perhaps it’s because a large investor in the company (about 35%) is Obama campaign bundler George Kaiser. And with the way the deal is structured, Kaiser will get his debts paid before we the taxpayers see any relief. That is sickening. And that’s how it works: workers lose their jobs, wealthy political cronies stand a good chance of getting their money back, and the U.S. taxpayer gets the shaft. Again.
President Obama has his sights set on raising $1 billion for his reelection campaign. Raising that money won’t be easy. But if you can hand out other people’s money to friends, it must get a whole lot easier. This crony capitalism and government waste is at the heart of our economic problems. It will destroy us if we don’t root it out. It’s not just a Democrat problem or a Republican problem. It’s a problem of our permanent political class. This won’t stop until “we the people” say enough is enough, and we retire the permanent political class that votes for this.
- Sarah Palin
.
bingo!
“This corporation is now the poster child of corporate welfare and crony capitalism.”
I agree. GE under the current leadership is sucking at the government teat.
Crony capitalism is but one facet of FASCISM.
It’s about time we took aim at the real crony capitalism in this Marxist administration, and laid off sniping at our leading candidate implying that he is corrupt. Bet it will be awhile before she throws that out there against Perry again, given that Bachman imploded after leading that charge.
Your boy will be eating Sarah's dust soon enough. The race will not begin until Sarah sees the right opening. This article by Sarah just may be a prelude to the next step in her strategy. Each of the current crop of candidates has one problem...they do not have the courage to run headlong into the battle by calling out their own.
KTRK TV is in Austin, I believe. Lucianne just posted up their story on the idiotic corruption implied by Bachman and more mildly by Palin. Nuff said. Surely it will make it’s way to FR.
Sarah did a marvelous job in Alaska, for the 18 months she served. She, however, isn’t running, and won’t be blasting the candidates anytime again soon. You are free to seek purity. Some of us prefer seeking a winner in the general election. Not interested in throwing log jams to that winner. Especially over a phantom. She just isn’t there.
Sarah Palin is coming, and she's bringing America with her. Time to clean our Houses.
;^\
Buh-bye...
;^\
The fact that Rick Perry hasn't violated any of Texas's nonexistent ethics laws doesn’t make him any less corrupt or unethical.
It stuns me that Tea Party Conservatives are all excited about a run-of-the-mill political hack like Rick Perry, when we have before us a true, once in a generation LEADER in Sarah Palin.
“You are free to seek purity.”
How about honesty?
She writes well and her coherent thought process shows in her writing. No matter what she decides to do, her voice will be helpful. No need for every mention of Palin or of Perry to become a VS. issue. I like her and I like him. How lucky we are to have so many good people willing to lend their time and talent. Look at the weak bench on the other side. There is talent galore for the good guys.
” How about honesty? “ <<<
How about booting Obama. That’s honesty. In spades.
How about booting Obama. That’s honesty. In spades.I don't think your idea of voting for the lesser of two evils is going to work this time around...Most people would probably not bother and just stay home.
If you think that's a vote for Obama then YOU should reconsider the "lesser of two evils" mantra.
OK so I suspect you are one of the “anybody but Obama folk”.
If I am wrong, apologies. If I am right, then what say we promote Hillary. Whether as center leftist or moderate.
As long as it’s not Obama.
Perry... not Obama!
Romney...not Obama!
Hillary... not Obama!
Nothing sickens me more than an establishment Republican quoting President Reagan to further Republican ideals.
His ideals were conservative!
Nothing more ...nothing less.
The Republican machine rejected Reagan until he overcame them, at which time he became their hero!
Conservatism is an ideal which those who purport to oust The Chosen One will not back, if it upsets the existing power structure at the upper levels of the staid class.
NO! Change is coming! And it’s not on the left.
>> Crony capitalism is but one facet of FASCISM.
Indeed.
Is crony capitalism a version of fascism?.. -OR-
Is fascism a version of crony capitalism?....
...Another version is corporatism, top down, bottom up. Government and labor combine to eliminate small business...
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