President Loser-Picker
In the first debate, Mitt Romney called President Obama a loser-picker. From Forbes:
“In one year, you provided $90 billion in breaks to the green energy world,” says GOP-hopeful Mitt Romney, during the debate. “Now, I like green energy as well, but that’s about 50 years’ worth of what oil and gas receives … I had a friend who said you don’t just pick the winners and loser, you pick the losers. So this is not the kind of policy you want to have if you want to get America energy secure.”
Today, President Obama chose another loser. From Bloomberg:
A123 Systems Inc. (AONE), the electric car battery maker that received a $249 million federal grant, filed for bankruptcy protection after failing to make a debt payment that was due yesterday.
The filing may fuel further political debate over government financing of alternative-energy and transportation businesses. Federal grants and loans to companies including A123, Fisker Automotive Inc. and Tesla Motors Inc. have drawn scrutiny from congressional Republicans following the September 2011 bankruptcy filing of solar-panel maker Solyndra LLC two years after it received a $535 million loan guarantee from the U.S. Energy Department.
So the venture capital firm of Obama, US Taxpayers & Associates doesn't have a great record. Romney was right: Obama has a certain kind of magic touch.
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Comments:
Nov '10
Re: President Loser-Picker
Please remind me, someone, what do you call it when someone has the very opposite of "the golden touch"?
Dec '10
Re: President Loser-Picker
We all knew what his picks would be like after he picked the clown as his running mate.
Jun '10
Re: President Loser-Picker
Actually, he does. I'm not even going to look it up, but I have a sneaking suspicion that somewhere in the higher-ups of A123 Systems lurks an Obama bundler. So he does have a golden touch. He touches A123 and he gets gold!
Edited on October 16, 2012 at 7:40pmJul '12
Re: President Loser-Picker
Obama and King Midas were Siamese twins seperated at birth. King Midas had the Golden Touch. Obama has the Touch of Lead.
Jul '12
Re: President Loser-Picker
I think about how many small businesses like mine who work hard and as efficiently as possible to make a profit only to have our taxes payed handed to a company like A123. The A123's and Solyndra's have the connections and resources to lobby politicians who fancy themselves much smarter than the market. Romney points out correctly it's losers picking losers on our dime.
Dec '10
Re: President Loser-Picker
And then they rail against the free market as if that was the cause of the failures.
Aug '12
Re: President Loser-Picker
Does anyone know how many "ventures" have failed compared to how many were made as part of the stimulus and "green energy" push?
My liberal sister-in-law mentioned that (I think) 3 of 17 had failed.
Even if true - many of these "investments" went to cronies and are still propping up and encouraging bad business decisions and nonviable industries.
Jul '10
Re: President Loser-Picker
It's almost like the President has no previous executive experience. Weird.
Apr '12
Re: President Loser-Picker
Is there a trade one can buy that shorts the green companies that have federal loan guarantees? Could be arbitrage.
May '10
Re: President Loser-Picker
.
Jun '12
Re: President Loser-Picker
Speaking of "loser-picker," he picked himself as capable of being President and winning re-election, didn't he?
Re: President Loser-Picker
The biggest jerk I worked for in many years drove a Tesla roadster. I was in a meeting with him where he proudly told me that he had it washed once a week - waterless. I almost burst out laughing. But he was such a mean alcoholic leftie, I'm afraid he would have hit his assistant to get back at me.
Mar '11
Re: President Loser-Picker
I predicted this in my post some months back on the Death of the Electric Car. The bloodbath will clean out every "green" business that does not make business sense without government subsidies.
Sep '10
Re: President Loser-Picker
Why does he only pick losers? What's that they say about birds of a feather . . .
Aug '11
Re: President Loser-Picker
Sad part is, from early reporting, A123 had a promising technology. I'm guessing the huge govt cash inflow caused them to build too much capacity?