Tuesday, October 9, 2012

Obama Crony Capitalism - Another Deal Gone Bad

Socialist President Obama has provided $90 Billion in loan guarantees to various "green" companies, many of which are his supporters.   All of this is Corrupt Crony Capitalism at its worst.   Many of these companies, like Solyndra that got $500 million, have already filed for bankruptcy at tax payer expense.   Now we have another fiasco.   In 2010, Obama went to Michigan to herald the $150 million given to Compact Power to build electric batteries for the Chevy Volt.

What is interesting about this deal is that Compact Power is owned by LG, one of the largest, successful companies headquartered South Korea.  This Obama investment was supposed to create thousand of jobs in the US.  Oh really.   First, the Chevy Volt, at $40,000 a car, has been a disaster.   There is no demand for this car; hence Government Motors (GM) is closing down the assembly line.  As a result, there is no demand for these electric batteries made in Michigan.   What few batteries were needed were made by LG in South Korea.  

The plant in Michigan, which was supposed to produce 15,000 batteries a year, has never produced one battery.  And so now, the 200 employees working at the Michigan plant will be furloughed until there is demand for their batteries, if it ever happens.   First, why on earth would Obama give taxpayer money to LG, a very successful South Korean company, when they are very profitable and could easily have funded this plant in Michigan, if it made any sense. 

Second, the Chevy Volt has been plagued with defects and a price tag that makes it a loser.   There are many cars that can be bought for a lot less money that get great mileage with proven technology.   So why would anyone with a brain pay $40,000 for a car, with unproven technology, that doesn't get much better mileage.   Well dah!

Socialist President Obama is determined to push his "green" agenda, even when it makes no economic sense.   It is becoming clearer by the day as we near November 6, Election Day, that Obama makes no sense for a second term.   We have to make Obama a one term President to end this Corrupt Crony Capitalism.   We must elect Mitt Romney, the next President of the United States and gain Republican control of both Houses of Congress to end this Obama misery. 

We have to take back our country in 2012 and 2014 to sweep these Socialists, in all levels of government, including President Obama, out of office.   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.  We have to end Obama's Corrupt Crony Capitalism that is contributing to the bankruptcy of our country.  

P.S.  To donate to Mitt Romney's campaign to make Obama a one term President, just go to mittromney.com and click on Donate.  Once on that page, look for the line that says, I know my Referrers Information, click on that box and type in 8544, the National Freedom Forum Referral Number to make our voices heard.   Give as much as you can to take back our country. 

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