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President Obama has attacked Republican nominee Mitt Romney for his work as a venture capitalist, saying making a profit didn’t qualify him to be president.
We would say, however, being president doesn’t qualify Obama to be a venture capitalist.
Start with the automotive industry. President Obama bailed out GM and Chrysler at a cost of $80 billion and $24 billion of that is a paper loss, under water, likely never to be recovered. Our government gave Chrysler to a foreign car company. Part of that bailout included screwing a lot of retired people out of GM bonds they were holding and arbitrarily closing a lot of dealerships, costing as many as 100,000 jobs. The real capper was barring transfer to other plants of 2,500 non-union workers who had been laid off. That’s worse than Romney’s Bain Capital investing in a failing steel company and trying to make it work for several years before the Chinese flooded the steel market and the plant no longer was profitable and had to be shut down.
If only Obama had shut down Solyndra before his energy secretary subordinated the $535 million loan to the solar California panel maker, which declared bankruptcy soon after getting the government “loan.” Poof went 1,100 “green jobs.”
Or consider the $1 billion spent since 2009 subsidizing nine battery plants, including one owned by a Korean company. These are just outright grants. That’s a lot of battery plants to serve what has totaled about 17,000 electric car sales.
The plants have the capacity to produce 500 megawatt hors of lithium-ion battery capacity. That’s enough to supply 21,000 Nissan Leaf electric cars. Nissan has sold about 12,000 in the U.S. since 2010. General Motors had planned to sell 45,000 Volts but has only sold 5,700 n the first four months of 2012.
Toyota expects to sell 15,000 “plug-in” vehicles a year when it releases three models. It has sold 1,700 in April.
The battery plants were supposed to create 6,400 jobs, but only employ 2,000 currently.
The other investment wizard is the federal Human Services Department, which is shoveling out billions of Obamacare bucks to start up nonprofit insurance companies at a cost of $7.25 billion. No one who wrote insurance policies before 2009 can apply for loans to run a health coop. The result is the coops are being run by amateurs and defaults rates are consequently high. The Wall Street Journal pegged them at 91 percent so far, according to White House budget documents.
Dr. Steven E. Greer, who was asked to be a grant reviewer, highlighted some actions by the Center for Medicare and Medicaid Innovation. Among 26 grants from the CMMI in May were $1.9 million to George Washington University to reduce health care costs by $1.7 million. Or $4.5 million to the Center for Health Care Services in San Antonio to save $5 million. Or $5.6 million to the University of Chicago medical center to “train and create new jobs for an estimated 90 individuals from this high-poverty, diverse community.” That works out to $64,000 a job. For that price one could get a BA at a state college.
And why is our government spending Medicare money for another job training boondoggle when the Medicare “Hospital Fund” is forecast to be exhausted in 2024?
So Romney’s investment company had a 70 percent success rate, creating some iconic businesses, and he left that to save the Winter Olympics in Utah. Obama’s major success has been creating $5 trillion in deficits and $16 trillion in debt.
The Mountain Democrat does not necessarily condone the comments here, nor does it review every post. Read our full policy
RichJune 29, 2012 - 5:54 am
The Brain of Obama....Doctors have confirmed that Barack Obama has had brain surgery...... For the last three years many curious citizens have wondered about the long scar which goes up the side of Barack Obama head and over his crown. There were rumors that claimed that a long scar which goes up the side of Barack Obamas head are scars that you would see on someone who has had brain surgery. But without medical records (along with his school records and birth certificate) no one seems to be able to provide an answer as to the cause of the mystery scars. Sarah Palin has already jumped on this issue. “Whatever happened to create that scar, it was clearly something serious. Was it a brain operation? Has it affected his thinking? I think it has,” said Palin. “I think someone like George Soros implanted a brain chip in the President’s skull and his controlling his thoughts and actions,” said Glenn Beck on his Fox show on Friday.” Donald Trump had this to say about the issue. “No one is allowed to see his birth certificate. And nobody is allowed to see his medical records. But I have people down in Washington investigating this issue," Beck said. But many neurosurgeons across the U.S. and around the world are confirming, Obama had some kind of brain surgery. Without medical records or an admission from the White House, the public may never know the answer to the question, along with the contents of his birth certificate. What did they do to, THE BAIN OF OBAMA? Why?
James E.June 29, 2012 - 7:25 am
So much bitterness. With recent events, coupled with Mitt being a textbook example of the 1%, President Obama will be elected. However, you will only have to suffer him until 2016 when Mrs. Clinton will take over the White House.
who saidJune 29, 2012 - 8:41 am
"It is not our job to protect the people from the consequences of their political choices." (Chief Justice Roberts)
Tom GibneyJune 29, 2012 - 9:55 am
James you are funny! If we survive another 4 years of Obama it will be as a very destitute nation..a shadow of it's former greatnerss...be careful what you wish for..Romney is no hope Paul would be better...but he is shut out by the media and both parties ...As for CLinton she won;t make it ...if Obama does win...my stock in RUger and S$W will soar! LOL
James E.June 29, 2012 - 6:39 pm
Mr. Gibney, I always try to keep it light, as the future is always hard to predict given the multitude of variables.
Arnold LangeJune 30, 2012 - 9:43 am
If the right and romney think they are going to win the next election by only attacking our President without offering up any concrete solutions, or actually saying what they will do(instead of lofty but empty rhetoric), they are mistaken. I do realize of course with romney that is impossible as he changes(flip flop) his position on any given topic without warning.
DarrinJune 30, 2012 - 9:47 am
Arnold, what else do they have??? Attack, attack, attack. No position, not stand, no platform. Where is their plan, ideas, what do they stand for???
DarrinJune 30, 2012 - 9:53 am
Much to the bain of this Opinion Piece writer, it was Bush who got us into this mess... But it is easier to blame the other side.
DarrinJune 30, 2012 - 9:54 am
bain(sic)
Dink LaneJune 30, 2012 - 10:08 am
It would be sooooo nice if this Editor would READ or watch/listen to something besides the MURDOCH's media..... If Solyndra failed.... It can't be due to the FACT that China UNDER BID THEM on 3 contracts???? [China SUBSIDIZES solar energy over $1.3 Billion...that "B".... on the CONDITION that the company stays in CHINA... Surprise, surprise) ..... But MURDOCH's media will NOT report on that... DEAR EDITOR:...READ, READ, READ.... Turn off FOX and that bone-head Limbaugh.... [By the way...I met Limbaugh in 1990... He said he was surprised people REALLY bought into his act.... Wonder what he thinks now?]
Ken SteersJune 30, 2012 - 10:16 am
I would have to agree with Darrin, Bush did indeed facilitate get us into this mess. When will Republicans wake up and realize that the kinder gentler moderate Republican is just as responsible for our countries standard of living decline as the Democrat Party. We must learn to live within our means
James E.June 30, 2012 - 10:16 am
Mr. Lane, it has long been my belief that Rush in the 80s decided, for maximum ratings, to develop his act to appeal to the lowest common denominator. And, so his fortune was made and continues.
NancyJune 30, 2012 - 10:52 am
I agree that Bush had a lot to do with why we got Obama for president. However, Obama has had nearly four years to get us out of Bush's mess. Are you any better off today than 2008? How about your family and friends? What are Obama's plans to turn America around and get our economy on track? If he had any real solutions beside spending and having contempt for capitalism would he not have instituted them by now? Taking responsibility and stopping the blaming of Bush would be a good start. Americans are concerned about the present, not the Bush era which we would all like to forget.
Dink LaneJune 30, 2012 - 10:56 am
Ken -- I agree... this country will come back to what it was (The Conservative idea...Keep what you got...) if both parties THINK -- country first .... Republicans have gone off the cliff... Like the Democrats did a few years back.... We NEED two parties to counterbalance each other....
Dink LaneJune 30, 2012 - 11:07 am
Nancy -- How about 359 FILIBUSTERS that would NOT let a bill to even come to the floor for discussion??.....
James E.June 30, 2012 - 11:35 am
As I read Nancy's comment, I can see in my mind's eye Rush screaming Obama has done nothing, NOTHING, to create jobs. This then becomes a fact for his listeners. Of course, nothing about filibusters and the Party of NO, from the first day including Rush's own statement that he wanted the President to fail, saying that they would do nothing that would be favorable to the president. Nancy, could this be a reason that the economy continues to falter? And, Republicans, please put the ACA at the forefront of your campaign for the next four months -- it will hide all the other issues. Guessing that many Independents like the ACA, and that's where votes for President Obama are located. Thinking of the ACA, reminds me that Savage, on the day the Supreme Court announced, kept yelling "Who is going to pay for this?" Savage, the answer is simple. We (me, you, everyone) are going to pay for it just like we pay for the Defense Department and Homeland Security, et al. The price of citizenship.
finishedJune 30, 2012 - 12:24 pm
Ongoing excuses and distractions which mostly amount to "My team is better than your team" and we'd show you that IF ONLY the bad guys (you, of course) would just stop being so difficult, impossible, blind, stupid, etc. Bottom line: the system is broken and corrupt, the president is a figure head, and there is no Santa Claus for what is ailing this country.
Ken SteersJune 30, 2012 - 12:25 pm
Very few Americans actually "pay their fair share" anymore. Currently we spend 1.2 trillion dollars more than are taxed every year. From the left the answer is twilight the Obama tax cuts, in which will only increas tax revenues by roughly $200 billion. Still in the hole $1 trillion. Now with Obama care the annual federal deficit is expected to rise to over $2.5 trillion a year. If someone in charge, would actually propose what the tax percentage needs to be to afford our governments spending I'd listen.
Ken SteersJune 30, 2012 - 12:29 pm
Also to finished, I say that I refuse to listen or accept the nay Sayers. I know for a fact that there is indeed a Santa! The Easter Bunny to me so.
NancyJune 30, 2012 - 1:36 pm
What about the 30 some bills sent to the Senate by Congress that Harry Reid has shelved and will not bring up for a vote?
Arnold LangeJune 30, 2012 - 2:42 pm
Nancy/Pam wrote: "Hey whatever happened to the 30 plus bills the House passed..? Well Nancy/Pam, those bills were just republicans pandering to their base. They knew they didn't stand a chance in the senate. The party of NO is just that. no to progress, no to human rights, no to women being able to make there own choices regarding their health and no to fixing the economy.
BillJune 30, 2012 - 2:51 pm
What about the solar energy bills shelved even before they get to Washington by Congressman Tom McClintock (R-Elk Grove), which affect industry in our region. Bashing the solar industry in comments to the El Dorado County Chamber on June 14, whos members seemed to agree with him, our Congressman McClintock said, “Solar power is not new, not promising and certainly not cheap,” “Solar power has been sold to us as a great thing, ..... This new promising technology will lead us into a Valhalla of clean, cheap electricity,” he said. “That’s a lie.” “And it’s not just the panels,” he said. PG&E’s local government relations spokesman Brian Jensen (former John Doolittle aid) sat to the congressman’s left nodding in agreement.
Ken SteersJune 30, 2012 - 3:23 pm
Harry Reid said NO. Harry Reid and Nancy Pelosi said no to everything when Bush was president. And Arnie you can not list 1 thing that shows Harry or Nancy have any expertise or even a clue as how our economy works. If those two are your examples of American leadership at its finest then heaven help us.
Arnold LangeJune 30, 2012 - 4:07 pm
Ken Steers, I will make you a deal. In the interest of civil discourse, you address me as 'Arnold' or 'Mr Lange', and I will address you as 'Ken' or 'Mr Steers.
Dink LaneJune 30, 2012 - 4:29 pm
Bill -- Everyone knows McClintock [Mr. $44,000 in him pocket; Mr. I voted to protect oil subsides HR 1 (Adm 157); HR 1084; and HR 2150; HR 3548.....] does not support any SOLAR or WIND subsides because it is taking the taxpayers $$$$..... EXCEPT for the $785 Million to oil companies because they are STRUGGLING to compete. (Oh yes, Mr. McClintock got another $18,000 from Gas & Oil in this latest filing ... it must have the latest votes SB 33, SB 352, & SB 586)
BillJune 30, 2012 - 5:24 pm
I would guess it also has to do with billions to be made in S/W El Dorado County and the Sacramento White Rock Road area. By bashing solar power you create a demand for additional power from something like the Auburn Dam idea which McClintock is actively supporting. Mike McCarthy-Sacramento Business Journal Updated: 7:00 p.m. ET Jan. 8, 2006 Developer Angelo K. Tsakopoulos has bought 1,000 acres in west El Dorado County, part of 7,000acres.............. He has already scored big by developing homes in the El Dorado Hills area and could be expected to do it again with his new purchase, the Dunlap Ranch. The land is located roughly south of Wetzel Oviatt and Dunlap Ranch roads, which both feed into Latrobe Road. Dunlap Ranch sits between Latrobe Road and the Sacramento County line. Tsakopoulos has purchased the property but doesn't intend to apply for development rights at this time. All he needs is WATER, the rest can be bought like donations and or support to people like Ray Nutting.
NancyJune 30, 2012 - 8:08 pm
Regarding solar: IMO, solar panels on a house roof are an expensive scam. They cost many thousands of dollars and you don't even own them. (unless you want to pay a whole lot more $$). They require repairs and will be out dated in a few years as new technology enters the market. Plus, they are ugly and turn some homes into looking like an industrial building instead of a residential dwelling. A home owner will have to live in their house many, many years to recoup their investment. My PG&E smart meter works flawlessly and never needs repair. I will move out of this state taking my tax $$$ with me before I put a solar panel on my roof.
BillJuly 01, 2012 - 7:14 am
Regarding solar: The early generations of solar panels are as you described, but times have changed. A couple of examples are the “newer materials" that are being developed greatly reducing cost and durability and were enough to get Google to invest $280 million in the Sacramento region funding 15,000 homes with solar power. The new amorphous silicon and carbon fiber materials open up new areas in panel construction and areas where solar generation can be used, including within window glass, and on roofing tiles. McClintock is well aware of these advancements in solar power because they were recently introduced by the Obama Administration which may be another reason he’s bashing solar power. Additionally, McClintocks LA supporters would be more them willing to negotiate for any available water from our region as would the Central Valley farmers, but bashing solar power is not the way to get there because we will need both sources of power.
Ken SteersJuly 01, 2012 - 7:52 am
Arnie eliminates civil discourse? Well maybe having the last name of a castrated bull, I might be desensitized to calling someone Kenny or Billy or Arnie. So my dear Mr Lang to my question. Can you list the qualifications?