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Economy 'built to last'

Dickieboy

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It would appear the President’s plan is somewhat shaky:

We now face a make-or-break moment for the middle class and those trying to reach it. After decades of eroding middle-class security as those at the very top saw their incomes rise as never before and after a historic recession that plunged our economy into a crisis from which we are still fighting to recover, it is time to construct an economy that is built to last.
An Economy Built to Last and a 21st Century Infrastructure | The White House

But most of all, I want to congratulate and thank all the men and women of A123 Systems. You guys are making us proud. The work you’re doing will help power the American economy for years to come.
Remarks by the President in Phone Call to Recovery Act Advanced Battery Grant Recipient, A123 Systems in Livonia, MI | The White House

A123 Systems Inc. (AONE), the electric car battery maker that received a $249.1 million federal grant, filed for bankruptcy protection and said it would sell its automotive business assets to Johnson Controls Inc. (JCI)
Electric Car Battery Maker A123 Systems Files Bankruptcy - Bloomberg

'You guys make us proud'...Ooops...Economy ‘built to last’ indeed…what a charlatan…is THIS what we have to look forward to if he gets re-elected?
 
Really, again? The loan guarantee program has had a good success rate. No one ever expected it to be 100%. That would be ridiculously unrealistic. I believe it has a better success rate than Bain did under Romney.

In any case, most of A123's business is being taken over by Johnson Controls -- another US company -- so it should continue to produce US jobs.
 
It would appear the President’s plan is somewhat shaky:

To borrow Margaret Thatcher's observation, it will last until he runs out of other people's money.
 
Really, again? The loan guarantee program has had a good success rate. No one ever expected it to be 100%. That would be ridiculously unrealistic. I believe it has a better success rate than Bain did under Romney.

I feel your pain…yes, again! When will it end? Per the article this was not a 'loan guarantee' but rather a grant...for a quarter billion dollars, i.e. NEVER TO BE PAID BACK!...Whether it has a better success rate than Bain is irrelevant. Bain was not gambling MY (and other tax payers) money…

In any case, most of A123's business is being taken over by Johnson Controls -- another US company -- so it should continue to produce US jobs.

Speculate much?...we’ll see.
 
To me the issue isn't that we invested money and the company failed, it is the obscene amount of money we gave to these companies.
 
i'm for public investment in energy innovation. as with any emerging technology, some businesses will succeed, and some will fail. we should treat new energy technology and electrical infrastructure as the national security priority that it is.
 
i'm for public investment in energy innovation. as with any emerging technology, some businesses will succeed, and some will fail. we should treat new energy technology and electrical infrastructure as the national security priority that it is.

And I'm all for public investment in the R&D part of technology (e.g. NASA) but money going to manufacturing is just wrong. R&D typically has no profit motive hence its ability to garner 'seed money' is limited. Manufacturing on the other hand is typically based on sound technology discoveries. Its ability to succeed is dependent on many factors including market forces which the government has little control over. Chasing this with PUBLIC funds is foolish. Think about it...did NASA mass manufacture cordless tools or memory foam etal? Did government provide funds for the manufacturing facilities for these products?
 
i'm for public investment in energy innovation. as with any emerging technology, some businesses will succeed, and some will fail. we should treat new energy technology and electrical infrastructure as the national security priority that it is.

I agree with you but we should never write a billion dollar check to some iffy company and just hope against hope they come up with something. We need oversight on these things.
 
DANG! If my calculation is correct that's $10.23 BILLION in failures...now if Adam can come up with the list of 'Bain failures' we could compare...

Why should we, Bain didn't use tax dollars.
 
Why should we, Bain didn't use tax dollars.

I was somewhat sarcastic (or trying to be) but he did claim:

Really, again? The loan guarantee program has had a good success rate. No one ever expected it to be 100%. That would be ridiculously unrealistic. I believe it has a better success rate than Bain did under Romney.
 
It would appear the President’s plan is somewhat shaky:


An Economy Built to Last and a 21st Century Infrastructure | The White House


Remarks by the President in Phone Call to Recovery Act Advanced Battery Grant Recipient, A123 Systems in Livonia, MI | The White House


Electric Car Battery Maker A123 Systems Files Bankruptcy - Bloomberg

'You guys make us proud'...Ooops...Economy ‘built to last’ indeed…what a charlatan…is THIS what we have to look forward to if he gets re-elected?

Do you realize the load guarantee legislation was created by Republicans and signed into law by President George W. Bush? So you can't blame President Obama for all of this.



PolitiFact | Did the program that funded the Solyndra loan start under George W. Bush? David Plouffe says so


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...Program dates back to 2005

The Energy Department's loan guarantee program was created as part of the Energy Policy Act of 2005, passed by a Republican-controlled Congress and signed by Bush.

In his signing speech, Bush lauded the bill's support for clean technology, though he didn't specifically mention the loan guarantees.

The loan guarantees were designed to "support innovative clean energy technologies that are typically unable to obtain conventional private financing due to high technology risks."

Republicans, including Bush, emphasized the program's benefits for nuclear energy and biofuels. The president touted the new energy law in his 2007 State of the Union address. His energy secretary, Samuel Bodman, regularly mentioned the loan guarantees in speeches on renewable energy. The Energy Department issued its final rules for the program in 2007, along with a list of 16 companies that made the cut for to apply for its first round of awards, and Solyndra was among them.

House Republicans investigating Solyndra have claimed that the Bush administration ultimately rejected the Solyndra loan, but that's not quite the case. Democrats on the House Energy and Commerce Committee and news media point out that Bush energy officials wanted to get the loan closed on their way out the door — it was listed as the first of their "three highest priorities through January 15." (Obama took office Jan. 20, 2009.) But the Energy Department's credit committee held things up for more analysis. ...​
 
Do you realize the load guarantee legislation was created by Republicans and signed into law by President George W. Bush? So you can't blame President Obama for all of this.

Yes, I know that very well, in fact per the article 'The company also received a $6 million grant from the George W. Bush administration in 2007.'...but GWB is NOT NOW the president, is he? And $6m is WAY different than $246m wouldn't you agree? And I am not blaming 'President Obama for all this' but certainly WE can blame him for A123...can't WE?

Especially after he pontificated 'you guys make us proud'...proud of failure? I guess this is the justification for his re-election...:lamo
 
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More of that ‘built to last’ economy:

Workers at LG Chem, a $300 million lithium-ion battery plant heavily funded by taxpayers, tell Target 8 that they have so little work to do that they spend hours playing cards and board games, reading magazines or watching movies…
"We were given assignments to go outside and clean; if we weren't cleaning outside, we were cleaning inside. If there was nothing for us to do, we would study in the cafeteria, or we would sit and play cards, sit and read magazines," said Merryman. "It's really sad that all these people are sitting there and doing nothing, and it's basically on taxpayer money…

"This is a symbol of where Michigan is going, this is a symbol of where Holland is going, and this is a symbol of where America's going," Pres. Barack Obama told a crowd at the groundbreaking.
Volt no jolt: LG Chem employees idle | WOOD TV8

Symbol of where America’s going? Sit around playing cards and board games on the taxpayer’s money…’built to last’ indeed…
 
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