Last week, a teleprompter-less President Barack Obama gave a rambling defense of collectivism with the punch line: “If you’ve got a business, you didn’t build that.”
The Romney campaign correctly saw this as a defining moment in the campaign and the GOP candidate immediately went on the attack:
Team Obama’s internal polling must have told them that Mr. Obama’s Freudian slip was hurting him badly with the voters because the President just issued a campaign commercial whining that he was taken out of context:
Mr. Obama’s commercial reminds some of 2010 GOP Senate candidate’s (in)famous “I’m not a witch” commercial:
I guess we can call this Barack Obama’s I’m not a socialist commercial.
In a Las Vegas, NV speech, President Barack Obama was bragging how he “bet” over $20 million of our tax money on the Amonix solar manufacturing plant in North Las Vegas, and this was just one of over 180 bets he placed across 40 states in his socialist “clean energy economy” program:
Just two weeks ago, President Obama hit the campaign trail again on the – you guessed it – “Betting on America” bus tour.
Unfortunately. Mr. Obama is a rather unsuccessful gambler.
As he did with Solyndra, Abound Solar, Evergreen Solar, SpectraWatt, Solar Trust and several other “bets”, Mr. Obama rolled snake eyes with Amonix. This week, Amonix closed their doors after only a year of taxpayer subsidized operations.
The beleaguered American taxpayer can only hope that Gambling Anonymous has a program for losing socialists.
In my book Never Allow A Crisis To Go To Waste, I describe German Zwangswirtshaft socialism where the government directs nominally private industries through regulatory decrees and bribes in the form of taxpayer cash. The latter inevitably creates a form of crony socialism where the socialist politicians reward their friends.
Barack Obama’s “clean energy economy” is a faithful implementation of Zwangswirtshaft with more than its share of crony socialism. The plan was to impose a cap and trade system where companies would have to pay the government to use oil, gas and coal, and the government would redistribute that money to “clean energy” producers of its choice. Obama never enacted cap and trade, but instead spent nearly $200 billion in borrowed money from TARP and the “stimulus” bills to make real his dream of a government directed alternative energy economy.
Today, Michael Hastings at Buzzfeed reported on just one small part of the resulting crony socialism:
In a video appearance from 2009, venture capitalist Paul Holland — who had given the maximum legal contribution to Obama, and whose companies received over 6 million in government dollars — described his feelings when heard about the billions up for grabs.
“He came in to do his talk and opened his talk with, ‘I’m Matt Rogers I am the Special Assistant to the Secretary of Energy and I have $134 billion that I have to disperse between now and the end of December,’” Holland told the audience. “So upon hearing that I sent an email to my partners that said Matt Rogers is about to get treated like a hooker dropped into a prison exercise yard.”
This is our government at work so long as we allow it.
Socialists believe that entretpreneurs do not create businesses, but rather businesses are made possible by the workers and government. Barack Obama is generally rather well disciplined in keeping his socialist points of view out of the public spotlight, but every so often he commits a Freudian slip on the campaign trail. This week in a Roanoke, Virginia speech, Obama let slip this interesting observation: “If you’ve got a business, you didn’t build that. Somebody else made that happen.”
The official transcript of Obama’s remarks can be found at the White House website.
The Obama administration has spent millions of dollars attacking Mitt Romney’s largely successful career running Bain Capital, a private equity firm which bought up nearly insolvent businesses, restructured them and then sold them off at a handsome profit. This is a curious line of attack given that Barrack Obama is the first American president to engage in a form of equity socialism. As I describe at length in my book, Never Allow A Crisis To Go To Waste, Obama used well over $400 billion to nationalize General Motors and Chrysler, quasi-natiomalize Fannie Mae and Freddie Mac, and invest in a wide variety of wind and solar businesses, often owned by campaign contributors.
This interesting point of comparison between the two candidates running for President begs the question of whether Barack Obama’s equity socialism was as successful making money for the taxpayer as Mitt Romney’s private equity was in making millions for himself and his clients?
Out of an “investment” of over $60 billion dollars in nationalizing General Motors and Chrysler, the Obama administration has lost roughly $35 billion, not counting the additional several billion dollars lost in illegal tax waivers the Obama IRS has provided “Government Motors” over the next decade.
The Obama administration has lost $317 billion taking over and bailing out the government created mortgage giants Fannie Mae and Freddie Mac with no prospect the companies will survive without further taxpayer losses.
Finally, the ranks of government subsidized “green energy” companies entering bankruptcy has increased from Solyndra ($528 million loss) to Abound Solar ($400 million loss), Evergreen Solar ($5.3 million loss), SpectraWatt ($500,000 loss), Solar Trust ($2.1 billion lost) and several others losing over $4 billion.
If Bain Capital had lost upwards of $50 billion of its investors’ money like the Obama administration lost taxpayer money in deals that largely benefited cronies, Mitt Romney would be under criminal indictment and facing dozens of shareholder lawsuits. Because Barack Obama is the President of the United States, however, the only justice he will face is at the polls in November.