Obama: Let’s repeat auto industry success – POLITICO.com.

“I said, I believe in American workers, I believe in this American industry, and now the American auto industry has come roaring back,” he said. “Now I want to do the same thing with manufacturing jobs, not just in the auto industry, but in every industry.

He made the remarks while pushing for the renewal of a tax credit for wind energy manufacturing – something Romney opposes – and for the creation of credits for companies who bring jobs home from overseas, as well as the elimination of loopholes for offshoring.

“Gov. Romney brags about his private sector experience, but it was mostly invested in companies, some of which were called ‘pioneers of outsourcing,’” Obama said. “I don’t want to be a pioneer of outsourcing. I want to insource.”

Clarification: This post was updated to reflect the president’s intent to express his support for manufacturing success. An earlier version was unclear about his intent.

 

Obama’s failed energy loans

Evergreen Solar
SpectraWatt
Solyndra (received $535 million – now bankrupt)
Beacon Power (received $43 million)
AES’ subsidiary Eastern Energy
Nevada Geothermal (received $98.5 million)
SunPower (received $1.5 billion)
First Solar (received $1.46 billion)
Babcock & Brown (an Australian company which received $178 million)
Ener1 (subsidiary EnerDel received $118.5 million)
Amonix (received 5.9 million)
The National Renewable Energy Lab
Fisker Automotive

Abound Solar (received $400 million)
Chevy Volt (taxpayers basically own GM)
Solar Trust of America ($2.1 billion federal loan guarantee – now bankrupt)
A123 Systems (received $279 million)
Willard & Kelsey Solar Group (received $6 million)
Johnson Controls (received $299 million)
Schneider Electric (received $86 million)We also know that a massive amount of “stimulus dollars” went to failed foreign clean energy companies, too! (Fisker sent money to their overseas plant to develop an electric car.), and that 80% of the money went to President Obama’s campaign donors.

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Government Motors: GM Stock Hits New Low, Taxpayer Loss Hits $35 Billion

General Motors (GM) shares closed down 1.5% to 19.02 on Monday, hitting 18.85 intraday. That’s the lowest since the U.S. auto giant came public again in November 2010 at 33 a share. Update: GM shares early Tuesday fell 1.4% to 18.76, hitting a new low.)

That raises the taxpayer loss on the GM bailout to just shy of $35 billion. Here’s the math:

GM doesn’t have to pay back anything else, but taxpayers are still out $26.4 billion in direct aid. The Treasury still owns 26.5% of GM — 500 million shares. The stock would have to rise to about 53 to break-even on that direct aid. At the current price, the Treasury’s stake is worth just $9.51 billion. (Taxpayers lose $5 million for each penny that GM stock falls).

That would leave taxpayers out $16.9 billion. But the true cost is much higher.

President Obama let GM keep $45 billion worth in past losses to write off future earnings. These carry-forwards are typically wiped out or severely cut along with debts as part of bankruptcy. But in this case, the administration gifted huge tax breaks with an $18 billion book value. (That’s how GM avoided taxes last year despite a bumper $7.6 billion profit.)

Including those tax write-offs, taxpayers are sitting on a bailout loss of $35 billion.
http://news.investors.com/article/619424/201207241947/gm-stock-hits-new-low-bailout-loss-35-billion.htm


Posted by Jim Hoft on Saturday, October 22, 2011, 7:50 PM

Just in case you forgot.

As the War in Iraq winds down remember…
The entire cost of the Iraq War was less than Barack Obama’s failed stimulus bill.
Nice work, champ!
FOX News reported:

As President Obama prepares to tie a bow on U.S. combat operations in Iraq, Congressional Budget Office numbers show that the total cost of the eight-year war was less than the stimulus bill passed by the Democratic-led Congress in 2009.

According to CBO numbers in its Budget and Economic Outlook published this month, the cost of Operation Iraqi Freedom was $709 billion for military and related activities, including training of Iraqi forces and diplomatic operations.

The projected cost of the stimulus, which passed in February 2009, and is expected to have a shelf life of two years, was $862 billion.

The U.S. deficit for fiscal year 2010 is expected to be $1.3 trillion, according to CBO. That compares to a 2007 deficit of $160.7 billion and a 2008 deficit of $458.6 billion, according to data provided by the U.S. Office of Management and Budget.

 

 

 

http://www.thegatewaypundit.com/2011/10/flashback-obamas-failed-stimulus-cost-more-than-9-year-iraq-war/

 


The Solyndra debacle is not just Obama-style crony socialism as usual. It is a criminal fraud. That is the theory that would be guiding any competent prosecutor’s office in the investigation of a scheme that cost victims — in this case, American taxpayers — a fortune.

 

Fraud against the United States is one of the most serious felony offenses in the federal penal law. It is even more serious than another apparent Solyndra violation that has captured congressional attention: the Obama administration’s flouting of a statute designed to protect taxpayers.

read more

http://www.nationalreview.com/articles/277512/solyndra-fraud-andrew-c-mccarthy


GE Dumps Offshore Wind-Power Plans AFTER Collecting $125 Million In Stimulus From Taxpayers For Wind Projects

Source – Gateway Pundit

GE was awarded 44 contracts totaling over $46,000,000 and 44 grants totaling more than$79,000,000 from the Obama-Pelosi $757 billion dollar stimulus package. Millions of dollars in stimulus funds were used by GE in green energy projects.

Today GE announced that it was going to gut its offshore wind-power plans.

Forbes reported:

General Electric, the U.S.-based industrial giant and leading manufacturer of wind-power turbines, is scaling back efforts to expand its presence in the offshore wind power market.

http://dailybail.com/home/ge-dumps-offshore-wind-power-plans-after-collecting-125-mill.html


http://abcnews.go.com/Blotter/obama-officials-sat-solyndra-meetings/story?id=14476848


Obama still featured on Solyndra’s website

byCharlie Spiering Commentary Staff Writer
Follow on Twitter:@charliespiering
Charlie Spiering

September 2, 2011 12:06pm 5 Comments

byCharlie Spiering Commentary Staff Writer
Follow on Twitter:@charliespiering

Solyndra might be bankrupt, but their website is still up:

http://campaign2012.washingtonexaminer.com/blogs/beltway-confidential/obama-still-featured-solyndras-website

NBC and MSNBC Completely Ignore Solyndra Bankruptcy

By Noel Sheppard | September 03, 2011 | 15:21

So, a now bankrupt company whose officials gave campaign funds to Obama in 2008 received a half a billion in stimulus moneys pushed through with assistance by the White House, and CNN, MSNBC, and NBC News don’t consider it newsworthy.

To put a finer point on the absurdity, imagine if George W. Bush had taken money from officials at an oil company start-up only to push through a federal loan to the organization before it eventually declared bankruptcy.

Can you imagine the coverage this would have gotten as Bush sought reelection?

But up to this point, CNN, MSNBC, and NBC News have yet to fully report Obama’s Solyndra scandal.

Just how do these entities get to call themselves news outlets?

Readers are advised MSNBC does not transcribe all of its programs making it possible the network did report this matter outside of prime time.

Read more: http://newsbusters.org/blogs/noel-sheppard/2011/09/03/nbc-and-msnbc-completely-ignore-solyndra-bankruptcy-filing#ixzz1X0r3wg5w

Greenjobs-Gate House Probes Obama’s Connection to Failed Solar Company

Greenjobs-Gate: House Probes Obama’s Connection to Failed Solar Company Solyndra’s Massive Federal Loan

House investigators said they have uncovered evidence that White House officials became personally involved in an Energy Department review of a hot-button $535 million loan guarantee to the now-failed California solar company Solyndra.

http://www.breitbart.tv/greenjobs-gate-house-probes-obamas-connection-to-failed-solar-company-solyndras-massive-federal-loan/

Solyndra Debacle Spotlights Obama’s Folly

Solyndra Debacle Spotlights Obama’s Folly
Townhall.com ^ | September 4, 2011 | Salena Zito

Posted on Sunday, September 04, 2011 7:30:09 AM by Kaslin

Last year, President Barack Obama came to the Bay Area to tout “green jobs” at an event at solar panel manufacturer Solyndra’s Fremont plant. Quoth the president: “The true engine of economic growth will always be companies like Solyndra.”

On Wednesday, Solyndra announced it was shuttering its remaining Fremont factory, laying off 1,100 workers and filing for bankruptcy. It was a sorry day for the Bay Area.

I remember the day Obama came, May 26, 2010, vividly. Then-Gov. Arnold Schwarzenegger came to greet the president and wave to the hard hats. Venture capitalists preened. Just to show how brainy and farsighted the solar crowd is, Obama reminded the audience that his energy secretary, Steven Chu, is a Nobel Prize-winning physicist.

Rube that I am, I didn’t understand what Obamaland was thinking. Solyndra had not turned a profit since it was founded in 2005. The plant in which Obama stood was bankrolled with a $535 million federal loan guarantee. Two months before, PricewaterhouseCoopers questioned Solyndra’s “ability to continue as a going concern.”

If the president wants to send a positive message on the U.S. economy, I wondered, then couldn’t his people have found a California company that doesn’t rely on a federal loan and actually makes money?

http://www.freerepublic.com/focus/f-news/2773381/posts

http://townhall.com/columnists/debrajsaunders/2011/09/04/solyndra_debacle_spotlights_obamas_folly



BP, Westar, and DuPont Among Companies Exempted from Environmental Law

By Kristen Lombardi and John Solomon | November 28, 2010

In the name of job creation and clean energy, the Obama administration has doled out billions of dollars in stimulus money to some of the nation’s biggest polluters and granted them sweeping exemptions from the most basic form of environmental oversight, a Center for Public Integrity investigation has found.

The administration has awarded more than 179,000 “categorical exclusions” to stimulus projects funded by federal agencies, freeing those projects from review under the National Environmental Policy Act, or NEPA. Coal-burning utilities like Westar Energy and Duke Energy, chemical manufacturer DuPont, and ethanol maker Didion Milling are among the firms with histories of serious environmental violations that have won blanket NEPA exemptions.

read more

http://www.publicintegrity.org/articles/entry/2565/