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Keyword: cronycapitalism

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  • First Solar's Crony Socialism is a Big Failure

    06/07/2012 1:18:44 PM PDT · by jazusamo · 3 replies
    National Legal & Policy Center ^ | June 7, 2012 | Paul Chesser
    Renewable-loving Los Angeles is showing that even the power of billions of dollars in taxpayer“stimulus” cannot overcome the dominant hand of government regulation, and ironically it’s costing President Obama more green jobs. One of the darlings of the Department of Energy’s Loan Guarantee Program,First Solar, has seen itsstock price take a drubbing, laid off thousands of workers, and left its leadership – with significant influence from Walmart’sWalton family – scrambling to save the company. The latest stumble has led to another setback of worker inactivity at First Solar’s Antelope Valley Solar Ranch One project in California, approximately 75 miles...
  • The Wright Brothers Didn't need Federal Approval to Fly - Cronyism in the Air

    06/06/2012 10:14:45 AM PDT · by wewillnotcomply · 2 replies
    This is an excerpt of a new article explaining how federal regulations of the airline industry lead to cronyism, and how de-regulation was a success. By Billy Culleton Without needing federal approval, on December 17, 1903, two bicycle mechanics from Ohio made history by flying the first powered aircraft over the beaches of Kitty Hawk, marking the start of modern aviation. In the decades following the Wright Brothers’ breakthrough, commercial airline carriers emerged across the United States, saving people from the hassles of boarding dirty rail road cars and avoiding deadly automobile accidents. Recognizing the increased popularity in air travel,...
  • Why are taxpayers paying for professional sports?

    06/03/2012 3:45:28 PM PDT · by wewillnotcomply · 21 replies
    Professional sports teams are getting money from taxpayers, and it isn't anything new. The Minnesota Vikings will receive half a billion dollars from Minnesota taxpayers, as Tim Carney highlights here. Samuel Staley at the Reason Foundation's Out of Control Policy blog writes about the cronyism occurring when professional sports teams are subsidized by taxpayers, and gives several examples: Professional sports continues to be crony capitalism at its worst, using its oligopoly status to extract rents from taxpayers through elected officials. The reality is that precious little evidence exists suggesting that professional sports teams boost economic growth for cities, let alone...
  • Video: More Stuff Cronies Say

    06/01/2012 6:03:20 PM PDT · by wewillnotcomply
    New jobs report is terrible, but the cronies are doing just fine! Here's a new video showing you:
  • Solyndra --- Symbol of Failure --- new Romney Ad

    06/01/2012 11:42:04 AM PDT · by Ernest_at_the_Beach · 33 replies
    mittromney ^ | June 1, 2012 | Romney Campaign
    Published on Jun 1, 2012 by mittromney Two years ago, President Obama went to Solyndra and touted it as an example of his initiative to create jobs. Today, the company is bankrupt and the building stands empty as a symbol of the failure of President Obama's
  • Democrats squirm at Solyndra vs. Bain questions

    05/30/2012 5:46:45 PM PDT · by mandaladon · 15 replies
    The Daily Caller ^ | 30 May 2012 | Neil Munro
    Republicans are scoffing at Democrats’ attempts to explain why President Barack Obama’s failed green-tech investments are unimportant but Mitt Romney’s few failures at Bain Capital, an otherwise wildly successful private equity firm, are a scandal. Obama deputy campaign manager Stephanie Cutter tried out the new tactic during a May 30 appearance on MSNBC’s “Daily Rundown,” when she was asked about the president’s support for Solyndra. “The president’s not picking winners and losers, he’s making strategic investment to promote clean energy,” she said. “Mitt Romney’s role at Bain Capital was to make profits for his investors and for himself. … There...
  • SOLYNDRA - For Sale 47488 Kato Rd., Fremont CA (On The Chopping Block)

    SOLYNDRA For Sale Property Size Total building area is approximately 411,618 square feet (excluding mezzanine) o Manufacturing area: 287,448 square feet single story o Office building: 37,210 square feet two-story o Mechanical Electrical and Plumbing (MEP) area: 86,960 square feet usable o Expandable to 739,232 square feet Building Highlights • Highly visible world class manufacturing facility • Frontage along Interstate 880 and Kato Road • Headquarters style office area constructed to LEED Gold Standards • Construction completed in October of 2010 • The total electrical service: 22 Megawatts • Facility is backed up by 2 diesel generators each with 2...
  • Looks Like Subsidized A123 Execs Want to Cash In

    05/18/2012 11:39:25 AM PDT · by jazusamo
    National Legal & Policy Center ^ | May 18, 2012 | Paul Chesser
    As taxpayer-backed electric car battery-maker A123 Systems reported a $125 million 1st quarter loss this week and its stock price dipped to near its 52-week low, the executives that were just awarded big raises and parachutes look like they want to cash in and sell the company. Officials with the Massachusetts-based manufacturer, which received a $249.1 million grant from theDepartment of Energy but this week said the ability for the company to continue is a “going concern,” also announced they retained an outside adviser for “evaluation of strategic alternatives.” Translation: they’re looking to sell. If they are successful, A123...
  • How the Feds Created a Cronyism Car Wreck

    05/15/2012 4:05:43 PM PDT · by wewillnotcomply · 3 replies
    In 2008, the federal government bailed out two major automakers – General Motors and Chrysler, along with their financial groups that offered loans. At the time, it was said that these bailouts needed to happen to prevent a crisis, and that these auto companies would pay back the taxpayers in time.The companies got tens of billions of dollars to keep operating. Disaster averted? No. Chrysler and GM certainly benefited, but the taxpayers are now footing the bill. The Treasury Department has admitted that taxpayers will lose a staggering $14 billion from the bailout. At least, that was what they said...
  • Taxpayers Subsidize Forbes 'Green' Billionaires' Schemes

    05/15/2012 12:17:40 PM PDT · by jazusamo · 7 replies
    National Legal & Policy Center ^ | May 15, 2012 | Paul Chesser
    The three top U.S. tycoons on Forbes’s “Green” billionaires list have received billions of dollars in taxpayer subsidies for their clean technology companies, after they spent hundreds of thousands of dollars for political campaigns and lobbying. Two of the moguls, Elon Musk and Vinod Khosla (in photo), are technology pioneers based in California with net worths of $2 billion and $1.3 billion, respectively. The third, Christy Walton, is the widow of the late John Walton who was an heir to the Walmart fortune. Forbes says she is “the world’s richest woman” is worth $24.8 billion. Significant percentages of Musk’s...
  • Crony Baloney: No Free Cab Rides in North Dakota Town?

    05/12/2012 3:01:34 PM PDT · by wewillnotcomply · 13 replies
    The following is a story from Crony Chronicles, if you want similar stories updated daily visit here: story begins with two entrepreneurial women in Williston, North Dakota, who noticed that there was a shortage of cabs in their town because of the recent oil boom in the area. They decided to start two small shuttle services, with some service for locals. As the Williston Herald reported on April 2nd: “We initially intended to do the shuttle service, but until that really gets built up and people are aware, if people need rides home, we’re giving them rides home. We’re...
  • Where does government control of the economy lead? (Historical long-term unemployment)

    05/12/2012 12:30:30 PM PDT · by Jim Robinson · 39 replies
    Posted to fb by FReeper Joe Wierzbicki | May 12, 2012 | Pew Research
  • USPS's Business Failures Might Have Something to Do With Political Connections of Competitors

    05/08/2012 7:24:47 PM PDT · by Colonel Kangaroo · 19 replies
    Business Insider ^ | 4-22-2012 | Dean Baker
    A NYT article on the financial difficulties of the Postal Service concluded with a comment from Art Sackler, the chairman of the Coalition for a 21st Century Postal Service: "They haven’t had a good track record when it comes to developing new lines of business." This organization is identified as "a mailing industry group that includes companies like FedEx, said the Postal Service." It might have been worth reminding readers that FedEx and UPS have in the past used their political power to limit the ability of the Postal Service to compete with them.
  • Someone is taking on cronyism, stories and videos here

    04/30/2012 11:49:47 AM PDT · by wewillnotcomply
    With all the cronyism occurring right now, it is good to see this site, which has dozens of specific examples of cronyism occurring between business and government, and breaks it down by local and state level too. For example, not surprisingly, California has quite a few examples. Here are some recent stories there: Missouri company walks away with $2.4 million from state, cuts jobsCronyism Undermines the Beneficial Role of Business in SocietyDodd-Frank and the expansion of crony capitalismIf you like the page there is a Facebook effort too, go and support it:
  • Solyndra Was Not The Only Failure

    04/30/2012 2:30:35 AM PDT · by Cincinatus' Wife · 15 replies
    The American Thinker ^ | April 30, 2012 | Warren Beatty
    ....Obama was emphatic about how recovery money was to be spent......Eighty percent of the Department of Energy's (DOE) green loans, loan guarantees, and grants went to Obama backers.... ...In March 2011, for example, the GAO examined the first 18 loans that were approved and found that none were properly documented. ... No notes were kept during the review process..... Schweizer concludes, "DOE Inspector General Gregory Friedman......testified that contracts have been steered to "friends and family." So with all that in mind, let's turn our attention to what has actually happened since Obama took office. * SunPower, after receiving $1.5 billion...
  • Localities Get Up to $33,000 in Subsidies per Chevy Volt (Outrageous tax dollar waste)

    04/23/2012 1:03:52 PM PDT · by jazusamo · 14 replies
    National Legal & Policy Center ^ | April 23, 2012 | Mark Modica
    A report gives a good explanation for why some Florida localities are purchasing Chevy Volts. When Jacksonville's chief of fleet management, Karim Kurji, was asked what the advantage of going green by purchasing Volts was he hit the nail on the head when he replied, "Federal money." The story goes on to reveal that the total federal taxpayer money used to subsidize one Chevy Volt purchased by Atlantic Beach was over $33,000. It now appears obvious that the Obama Administration and General Motors are willing to pay just about any price, even if the taxpayers are footing the...
  • Video: Stuff Cronies Say

    I'm pretty sure this is how DC people actually talk: Stuff cronies sayWe need to stop these cronies.
  • Energy Department prepares to approve more green loans

    04/05/2012 3:15:15 PM PDT · by jazusamo · 8 replies
    The Hill ^ | April 5, 2012 | Andrew Restuccia
    The Energy Department said Thursday it expects to begin tentatively approving new taxpayer-backed loans for renewable energy projects in the coming months. The announcement comes about seven months after Solyndra, the California solar firm that received a $535 million loan guarantee from the administration in 2009, went bankrupt, setting off a firestorm in Washington. “The Department expects to begin issuing conditional commitments over the next several months after completing a rigorous internal and external review of each application,” Energy Department loan program chief David Frantz wrote to the top lawmakers on the Senate Energy and Natural Resources Committee. Frantz...
  • Fed Audit Confirms Govt. Corruption In Solyndra Deal

    04/05/2012 1:20:18 PM PDT · by jazusamo · 5 replies
    Judicial Watch ^ | April 5, 2012
    The “serious concerns” of U.S. Treasury officials involving a risky $535 million infusion for a fly by night solar panel firm were ignored as the deal was fast-tracked by the Obama Administration, according to a federal audit released this week. Bankrolled by Obama fundraiser George Kaiser, the now-defunct northern California company (Solyndra) got more than half a billion dollars from the U.S. government to promote green energy. Instead, it abruptly folded last fall, stiffing American taxpayers and laying off more than 1,000 workers. From the start, it was a controversial deal that was suspiciously rushed through for a politically-connected...
  • Which Pays Fair Share of Taxes, ExxonMobil or GM?

    04/03/2012 11:52:14 AM PDT · by jazusamo · 2 replies
    National Legal & Policy Center ^ | April 3, 2012 | Mark Modica
    One thing that I have realized about the rhetoric surrounding green energy initiatives and the proclamations by Team Obama glorifying companies like General Motors while vilifying others like ExxonMobil is that the claims and the facts are worlds apart. Voters are led to believe that evil oil companies like ExxonMobil are getting a free pass and not paying their fair share while the supposedly patriotic GM is an American success story which now contributes to society and builds miracle cars like the Chevy Volt which will free the US from foreign oil dependence. One set of facts that is...