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Second Obama Green Venture in Weeks Folds after Getting Millions

zimmer

zimmer

Educating the Ignorant
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Another one of President Obama’s brilliant clean-energy ventures has collapsed after taking tens of millions of dollars from American taxpayers, in this case to develop a special wheelchair-accessible “green” van.

The news comes just weeks after a separate company that got nearly $200 million from the government to develop hybrid vehicles folded. That fly-by-night company, Fisker Automotive, had been heavily touted by the administration as an innovator that would develop two lines of plug-in hybrid electric vehicles that could run up to 300 miles on a rechargeable Lithium-ion battery. Before doling out the cash, Obama’s Energy Secretary assured the cars “will save hundreds of millions of gallons of gasoline and offset millions of tons of greenhouse gas emissions by 2016.”


Instead the southern California startup manufactured a measly 2,700 vehicles, sold a laughable 2,000 and failed to build one for nearly a year before laying off three quarters of its employees. That’s after getting $192 million from Uncle Sam.

This week’s green-energy fleecing du jour is like a pathetic sequel to the Fisker scandal, except the hemorrhaging got plugged sooner, after only $50 million.

Second Obama Green Venture in Weeks Folds after Getting Millions | Judicial Watch
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Our Presidential Edsel at work.

AM4FD8.jpg
 
OPM (Other Peoples Money) is as addictive as a narcotic.
 
The nature of venture capital is that it is at risk, and sometimes is lost.
The question is, why is the government in the business of venture capital?
 
Dittohead not! said:
The nature of venture capital is that it is at risk, and sometimes is lost.
The question is, why is the government in the business of venture capital?
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Agreed - the government is far better off giving tax incentives for private individuals to risk capital or to reward successful risks with corporate tax breaks once up and running.
 
In the same vein, does the President not get credit for the success of Telsa? I mean, they too received an ATVM loan from the government and they are now finally posting their first gains.

zimmer said:
Our Presidential Edsel at work.

AM4FD8.jpg
Click to expand...
 
Chaddelamancha said:
In the same vein, does the President not get credit for the success of Telsa? I mean, they too received an ATVM loan from the government and they are now finally posting their first gains.
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How many people can afford its cars?
 
AlabamaPaul said:
How many people can afford its cars?
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Since they seem to be in the $100,000 price range, the average Joe on the street has to settle for less! Poor Joe! :2mad:
 
It's not just affording their cars. It's about Telsa being able to use that money to manufacture the cars, using other American companys, which helps improve the economy. That's what Fisker was also doing.

In the first stage of the program, Fisker Automotive will use a $169.3 million ATVM loan for engineering integration costs as it works with primarily U.S. suppliers to complete the company’s first vehicle, the Fisker Karma.
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https://lpo.energy.gov/us-energy-secretary-chu-announces-528-million-loan-for-advanced-vehicle-technology-for-fisker-automotive/

AlabamaPaul said:
How many people can afford its cars?
Click to expand...
 
Chaddelamancha said:
It's not just affording their cars. It's about Telsa being able to use that money to manufacture the cars, using other American companys, which helps improve the economy. That's what Fisker was also doing.



https://lpo.energy.gov/us-energy-se...ced-vehicle-technology-for-fisker-automotive/
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Note to Libs.

The job of government isn't to invest. It's to create fertile grounds so others come in and do so. Let them risk their money, not ours.

If Obama wanted to dazzle us with his investment skills he should have gone to Warren Buffett and Charlie Munger and asked if he could be their 14th employee; a wise guy that could allocate capital.

They would have asked... and what skills do you have? After he left they would have laughed their asses off... you see that guy... he's never done anything in his life except agitate, and he wants to "help" us allocate our funds? ROTFLOL...

Or...

He should have tried his hand at running a business himself. Perhaps a business that provides Michelle Obama Meals (MOM).

Obama... all for unlimited government.

Back in the 70's Carter should have told Iaccoca to shove it up his arse. Dodge/Chrysler should have figured out how to get their asses saved without government, and if they went bankrupt... too bad. It would have been a great wake up call.
 
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