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Old 02-25-2012, 07:08 PM
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More "green" crony capitalism

From the Washington Examiner:
(emphasis mine)
Quote:
Green company gets $390M subsidies, lays off 125
byJoel Gehrke Commentary Staff Writer


A123 Systems, an electric car battery company once touted as a stimulus "success story" by former Gov. Jennifer Granhom, D-Mich., has laid off 125 employees since receiving $390 million in government subsidies -- but is still handing out big pay raises to company executives.

"[T]he company has laid off 125 employees and had a net loss of $172 million through the first three quarters of 2011," the Mackinac Center for Public Policy reports, observing that the company's primary customer, Fisker Automotive, is also struggling financially. "Yet, this month A123’s Compensation Committee approved a $30,000 raise for [Chief Financial Officer David] Prystash just days after Fisker Automotive announced the U.S. Energy Department had cut off what was left of its $528.7 million loan it had previously received."

This month has seen significant pay boosts for other A123 executives, as well:

Quote:
Robert Johnson, vice president of the energy solutions group, got a 20.7 percent pay increase going from $331,250 to $400,000, while Jason Forcier, vice president of the automotive solutions group, saw his pay increase from $331,250 to $350,000. Prystash’s raise was 8.5 percent, going from $350,000 to $380,000.
"It looks like they are trying to pad their top people’s wallets in case something really bad happens," Paul Chesser, associate fellow for the National Legal & Policy Center, suggested.

The Department of Energy gave the battery company $249.1 million in grant money, while the Michigan government provided A123 with another $141 million in tax credits and subsidies, according to the Mackinac Center.
Please note that the $249.1 million from the DOE was a grant rather than a loan, meaning that it doesn't have to be repaid as a loan would.

Wheee! Free money from the federal government. (Let's see if there are any follow-up articles on coincidental campaign contributions to the DNC and Obama campaign.)

Full article. Comments and links here: http://campaign2012.washingtonexamin...ays-125/394051
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Old 02-26-2012, 11:06 AM
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You know, I can't get over how they keep handing out HUGE sums of money, without any strings attached. If you are going to do government bailouts (which I can't say I agree with ... decreasing national debt would be a better plan, IMO), then one would at least hope that the money was accomplishing a purpose.

It just reminds me of my 2nd semester at university, when I was denied the continuation of my tuition grant. I had a 4.0 as a more-than-fulltime student, was working to put myself through school at the same time, and the grant stopped because my family made $13K per year.

If they were as strict on the grants they are passing out now, the inflation rate would not be anywhere near what it is.

(BTW, I'm NOT arguing for entitlement for myself to attend university back then. I managed ... by paying an employment agency $1k for a full-time position at a private university, which got me free tuition as a job perk.)
 
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Old 02-26-2012, 11:43 AM
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That's pure Keynesianism, it is always easy to spend the money of others and never take responsabilities or accountabilities for the consequences.
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Old 02-26-2012, 12:16 PM
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Quote:
A123 Systems, an electric car battery company once touted as a stimulus "success story" by former Gov. Jennifer Granhom, D-Mich., has laid off 125 employees since receiving $390 million in government subsidies -- but is still handing out big pay raises to company executives.
You mean the white house is chummier with the 1% than they say?
You mean our tax dollars are being thrown away faster than dirty diapers?
You mean the only chance Obama has of becoming "the energy president" involves harnessing the power of hot air?

Here. Let me show you my shocked face.



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Old 02-26-2012, 07:00 PM
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Quote:
More "green" crony capitalism

Quote:
http://blog.chron.com/txpotomac/2012...-breaks-again/


Obama seeks to end oil industry tax breaks — again


The president’s budget would boost renewable energy in a number of ways, most notably by extending key tax credits for renewable-energy production and clean-energy manufacturing. And it significantly boosts funding for research and development into a range of alternative-energy technologies and advanced vehicles.
......................

“Many of these tax breaks that have been around which have created fossil-fuel preferences have been around decade after decade after decade,” Interior Secretary Ken Salazar told reporters, adding he wasn’t surprised that the industry would attack an attempt to roll them back.

Same old "black gold" crony capitalism


Actually speaking, the new Administration is just following suit with the previous one but with "yes" different contributors.



Quote:
NE: That's pure Keynesianism, it is always easy to spend the money of others and never take responsabilities or accountabilities for the consequences.
No, it is not Keynesian economics - and it is nothing dissimilar to either party other than the desired objective.
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Old 02-26-2012, 09:25 PM
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Originally Posted by Breeze Wood View Post
No, it is not Keynesian economics - and it is nothing dissimilar to either party other than the desired objective.
If is not Keynesian economics, please tell me what it is because I am lost here.
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Old 02-26-2012, 09:35 PM
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It is just like when they bailed out all of those huge banks, and people's homes were still being foreclosed.

It is so funny how if someone wants to apply for food stamps or cash assistance, they want to know everything about you.

Yet when an organization asks for a handout, the government says sure why not, here is the money and we don't expect to monitor how you spend it either.

Just doesn't make sense, stimulating the economy or stimulating a certain sector does not just mean funding, it also means regulatory oversight and proper management.

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Old 02-26-2012, 10:12 PM
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Elevator economics......
The money goes to the top floor....

And....we get the usual shaft....
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Old 02-26-2012, 11:03 PM
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Quote:
Originally Posted by BiologyWebmaster View Post
It is so funny how if someone wants to apply for food stamps or cash assistance, they want to know everything about you.

Yet when an organization asks for a handout, the government says sure why not, here is the money and we don't expect to monitor how you spend it either.
Some outstanding points
Granted those are not entirely analogous, but it's odd nonetheless... the seemingly carefree nature with which BILLIONS are getting thrown at business ventures that are collapsing like dominoes.

I don't want ANY US administration micromanaging businesses, particularly not this one, that is running record deficits and still sees no need for actually getting a budget in place. Nevertheless they could at least do due diligence to find out why private enterprise hasnt chosen to fund some of these ventures before throwing a third billion here and a half billion there at every company with a green theme and a few fatcat DNC donors at the helm.

They might also get a few ground rules in place... such as:
-1- No raises for the management unless warranted by quantifiable success of the venture. Hell, this one isn't a lone example... Solyndra is in bankruptcy and they are giving BONUSES to the executives. They've MISPLACED the funds the handed them, have executives taking the 5th to avoid self-incrimination, and they're getting bonuses?

-2- No backtracking on the rule that if the money is in the form of a loan... the taxpayers are to have the first lien... not the venture capitalists. That rule is in place and it was not within the administration's purview to waive it for Solyndra's investors, but they did so anyway. I thought they didn't LIKE the 1%... so why did they give preference to them over the taxpayers?

-3- Not producing the product overseas... as Fisker did once handed US taxpayer funds.

-4- Don't invest in products for which there isn't a market. Another Fisker lesson. Who the hell did they seriously think was going to buy a $96,000 electric car?
But bottom line: The government should NOT be funding private ventures anyway
It just isn't their job. Even if it were their role, these guys suck at it. The funds are being used either:
  • (a) as a quid pro quo for high level donors and DNC insiders or
  • (b) for press value... ventures that sound good but have no commercial viability.
They apparently hand a half billion here and a half billion there with less forethought than most people put into deciding where to eat lunch. I have this mental image of Obama and Biden leaning over a green felt table with Biden blowing on the dice right before the Pres makes the next ill-fated roll with taxpayer funds piled on a high risk square.

Maybe we should just send them a Gameboy. It'd be a lot cheaper.
 
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Old 02-28-2012, 12:56 PM
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"Got to make sure the profit margins stay high by not having to pay those 125 people. So at the end of the week, we're laying them off........... Wait. What?..... We got our $390 million?...... That's great...... What should we do about the 125 people? ..... Continue with the plan to let them go. We need to maintain face and also we get to keep more of that 390 if we lay them off anyway.... Now prepare our newest press release. Make sure it includes many thanks to the government and also make sure to throw in some good press about how we're so troubled that we had to lay off those hard working people, but the 390 is just barely enough to keep us in business promoting Green energy in this troubled economy."
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Old 02-28-2012, 01:53 PM
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Quote:
Originally Posted by Natural Elements View Post
That's pure Keynesianism, it is always easy to spend the money of others and never take responsabilities or accountabilities for the consequences.

Quote:
http://my.earthlink.net/article/us?g...2-5192a9b6a142

Obama hails auto bailout, hits back at GOP critics


WASHINGTON (AP) — In a politically sizzling attack, President Barack Obama on Tuesday accused his Republican presidential challengers of abandoning the American worker and took credit for the auto industry's resurgence while singling out GOP opposition to the taxpayer-backed rescue of General Motors and Chrysler that he helped engineer.

Speaking to a raucous United Auto Workers audience, Obama said that assertions by Republican presidential candidates that union members profited from the taxpayer-paid rescue are a "load of you know what."
..........

Union president Bob King praised Obama as "the champion of all workers" who "saved our jobs and saved our industry," an introduction that elicited chants of "four more years!"

Obama's speech came as auto sales are surging, on a pace to exceed 14 million this year. Auto makers and parts companies added more than 38,000 jobs last year, with industry employment averaging 717,000 for 2011. And automakers have announced plans to add another 13,000 jobs this year.
Quote:
NE: That's pure Keynesianism, it is always easy to spend the money of others and never take responsabilities or accountabilities for the consequences.

Obama's speech came as auto sales are surging, on a pace to exceed 14 million this year ...



Oh, giving credit where credit is due ... the Obama Administration or Keynesian economics ???
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Last edited by Breeze Wood; 02-28-2012 at 01:56 PM.
 
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Old 02-28-2012, 02:48 PM
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Originally Posted by Breeze Wood View Post
Oh, giving credit where credit is due ... the Obama Administration or Keynesian economics ???
Dec 2011: Ex-auto czar: Auto bailout will cost taxpayers $14 billion
http://content.usatoday.com/communit...t-loss-obama/1

How can you give the credit? The government did sold yet the shares they are "owning".
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Old 02-28-2012, 03:09 PM
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Anybody wanna eat Russian Duck?

Every time I look at that article I am just dumbfounded.
125 workers got canned by guys that received taxpayer donated raises (despite leading the company to a net loss).

Has Obama said a peep about this?
Just kinda wondering if the fact that the A123 execs are openly doing the white collar correlary to a daylight robbery and nobody seems to care has anything to do with the fact that they're Democratic donors?

Meanwhile the Obama justice dept has sent guys with automatic weapons TWICE to raid the Gibson Guitar factory, alleging they broke the laws of India and Madagascar by illegally harvesting wood. Neither India nor Madagascar agrees... but the CEO of Gibson, a large donor to GOP candidates, has been unable to get his materials returned, despite the fact charges havent been filed in either case.

Martin Guitar uses the same wood, and the Obama Justice Dept has no beef with them. Then again their top guy is a DNC campaign donor.

Am I the only one that sees transparent bias by the Obama administration?

Oh wait. Obama promised he'd deliver "the most transparent administration in history".

It's always the fine print that gets ya.

Last edited by robjones; 02-28-2012 at 03:20 PM.
 
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Old 02-28-2012, 03:19 PM
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First I want to be nice for a change and say green is good and investing in it is commendable goal.

The problem comes when you have 'green horns' dealing out the dollars. People who know from a hole in the ground should be awarding the dollars based on merit not campaign contributions.
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Old 02-28-2012, 07:35 PM
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Quote:
Originally Posted by Natural Elements View Post
Dec 2011: Ex-auto czar: Auto bailout will cost taxpayers $14 billion
http://content.usatoday.com/communit...t-loss-obama/1

How can you give the credit? The government did sold yet the shares they are "owning".

who "saved our jobs and saved our industry,


What more service is there for a gov't than a sound economy ???

Really NE, The Obama Administration curtailed the Great Recession and prevented a World Wide Depression -

and no, the job is far from complete but at least the spiral is not "out of control" and it was the Federal Reserve and academic economic remedies - Keynesian - that put the Geni back in its bottle.
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Old 02-29-2012, 08:57 AM
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Quote:
Originally Posted by Breeze Wood View Post
who "saved our jobs and saved our industry,


What more service is there for a gov't than a sound economy ???

Really NE, The Obama Administration curtailed the Great Recession and prevented a World Wide Depression -

and no, the job is far from complete but at least the spiral is not "out of control" and it was the Federal Reserve and academic economic remedies - Keynesian - that put the Geni back in its bottle.
The Obama Administration curtailed the Great Recession and prevented a World Wide Depression, I will say yes and no.

The price is extremely high for the poor and middle class. The rich have already some fiscal paradise or assets overseas and they will be never be affected the same way.

There are two things we didn't pay yet, the whole consequences of inflation the good paying jobs lost, and the US deficit.

Where I disagree with the Democrats or Republicans is on the kind of employment created, because they are looking for low wage job quantity rather than creating wealthy wages.

Thousands of jobs in Papa Johns pizza, Walmart, McDonald food chains, you name it, will never really boost the economy because the buying power is still not there.

Many people critized the wages of Union workers when they were paid $24 an hour, but that's what boosted the economy because they can afford to spend money.

I have posted a video that explain in the middle of the video the bad effect of inflation destroying buying power on poor and middle class at: http://www.v7n.com/forums/1844064-post35.html

The top is getting the whole pie with no sharing.
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