Wednesday, January 26, 2011

Obama's Crony Capitalism

In Socialist President Obama's world, there are good corporations and bad corporations. Good corporations like GE and GM support Obama's Socialist Schemes. Bad corporations like banks, oil, coal, nuclear, health insurance and pharmaceutical companies, that employ thousands of Americans in the US, are evil in ObamaLand. Of course, both GE and GM have received billions in bail out money that is yet to be paid back so whose bread you eat whose song you sign. Banks also received billions in bail out money to save our financial system, which has been paid back.

President Obama just appointed Jeff Immelt, the CEO of GE, to head his Council on Jobs and Competitiveness. Since 70% of Americans work for small businesses, what does Jeff Immelt know about real world job creation in the United States? Of GE's 304,000 employees, thousands work overseas in countries like India and China with more GE jobs leaving the US every day.

Further, years ago many of us bought GE stock when Jack Welsh was the CEO. GE stock was always considered the gold standard and a wonderful place to invest for retirement.
That was before Jeff Immelt, GE's "green" CEO became Chairman. Immelt is green alright. Immelt has destroyed GE's stock value. Today GE stock sells for about $19.91 a share. It was often over $100 a share when Welsh, a Republican, was CEO. The 52 week low under Immelt was $13.75 and the high was just $20.28. Immelt is Obama's pal and supporter. Yet many agree that Immelt has made a real mess of GE and should be fired. This is the guy that Obama choose to head his Council on Jobs and Competitiveness even though Immelt has done a lousy job leading GE and 70% of jobs in the US are in small business not huge corporations. Maybe Immelt should focus on running GE to build shareholder value, the job he is paid millions to do. What a joke!!

President Obama is a supporter of crony capitalism where the government picks winners and losers by providing subsidies and bail outs to supporters deemed as "green" companies and then regulates to death other industries that are "evil" with the intent of destroying them. ObamaCare is designed to destroy insurance companies to eventually result in a single payer plan like government run Medicare for all Americans. The Environmental Protection Agency is using Executive Orders to virtually destroy the carbon based energy industry. Obama's financial regulations are making it very difficult for banks and mortgage companies to do business.

Crony Capitalism is a Socialist practice that ultimately never works and really is evil. Perhaps Obama should focus on running the government and getting spending under control rather than bankrupting our county. In other words, the President should mind his own business and let private enterprise succeed or fail based on a value proposition in accordance with free market capitalism, not government intervention or direction.

All of us support a clean environment; but not if government subsidies are needed to make things like ethanol, electric cars and high speed trains feasible. In a free market economy, these things will happen if and when they are economically viable and not before. The government needs to get out of the way and allow the free market to work. The last thing we need is the Crony Capitalism proposed by Obama. Government is rarely the answer and almost always the problem. We need to stop all of this by making Obama a one term President in 2012 before he bankrupts our nation.

We must sweep these Socialists out of office in 2012 and 2014 by electing Conservatives that support free market capitalism, limited government, lower taxes and less regulation, a balanced budget, term limits, real education, energy and health care reform, a strong national defense including securing our border and fighting Terrorism, the right to bear arms, the sanctity of life and family values that are the foundation of our nation. This is the platform supported by the majority of the American people and the only way to restore economic growth and job creation in America.

Most important, we must take back our country by electing Conservatives who will adhere to the Constitution, as written by our Founding Fathers, not as contrived by the left wing media, Socialists in the last 98 years, our current or former Presidents, Congresses or the Courts. We must take back our country to end Obama's Crony Capitalism and Socialist Schemes. We can do it. We must do it to preserve our freedom, our nation and way of life for the sake of our children and grandchildren.

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